Benefits of buying at auction

With more homes than ever selling via auction, it’s likely you’ll come across many auction properties when you’re house hunting. For some people, that can be a scary thought. But auctions are a great way to buy, providing many benefits over other methods of sale.

1. More choice

You want to buy a home that ticks all the boxes. And with auctions being one of the most popular methods of sale, the chances of finding that place are much higher for those willing to purchase at auction.

It doesn't matter what price bracket you are looking in, the area, or the property type - homes right across the spectrum are sold by auction, so chances are your next place might be too.

2. Quick and simple

Auctions can be a bit intimidating for first timers, but believe it or not, they are one of the simplest and quickest ways to buy. 

An auction has a set date of sale so you know when you have the chance to buy the property, and you know that you can buy it on the day to avoid any complicated ongoing negotiations.

With the right guidance from your real estate salesperson, you can have all the support and information you need to bid successfully.

3. Transparency

Auctions are one of the most transparent methods of buying a home. 

There are no hidden surprises - you know the terms and the settlement date in advance, you know that you’re bidding unconditionally, you know who your competition is and you know exactly what other buyers are willing to offer.

4. Security that you've paid the market price

Unlike other methods of buying a home, auctions give you the assurance that you've paid the right price.

You know exactly what other bidders are offering, that all offers are on an even playing field with everyone bidding unconditionally. And, when the house meets the reserve, you've also got the advantage of knowing the price at which the owners are willing to sell.

Extra benefits for our customers

Barfoot & Thompson sales people are experts when it comes to auctions, so they can guide you with all of the information you need to bid successfully. People who buy at a Barfoot & Thompson auction are also given the following added benefits:

Tracking interest

When you indicate your interest in a property, the real estate salesperson will register you on a centralised online database so that you can be contacted in the event of a pre-auction offer.

No vendor bids

At Barfoot & Thompson we guarantee that our auctioneers never make bids on behalf of vendors, accept bids they believe to be made on behalf of vendors, or knowingly accept any bid that is not genuine. It doesn't matter what you call them, they aren't real bids, which is why we do not allow that practice at Barfoot & Thompson.\