We’re currently in an opportunistic phase of a typical property market cycle and although I don’t expect it to last perpetually, it presents a wonderful window of possibility for homebuyers.
Quality of stock is not in abundance, however there’s enough on the market to reduce the intensity of competition around each individual listing, therefore providing an ideal playing field for strong negotiation.
Most auctions we attend are passed in and are later negotiated. Many people are completely unaware what a common occurrence this is seeing as they’re still listed as ‘sold at auction’ in the results. With a little preparation, a passed in auction can be the best chance to secure a property for a great price – but only if you’re aware of the rules of the game!