Understanding the bidding process
The auctioneer will start by asking for an opening bid and will then nominate the increments by which the bidding can be raised. For example, an opening bid is placed of $400,000. The auctioneer then nominates for the bid to be raised in increments of $10,000. The next person bidding will offer $410,000, and so on.
To place a bid, you simply attract the attention of the auctioneer by raising your hand, calling out your bid or nodding your head when you catch the auctioneer's eye.
Once bidding reaches the reserve price, the property is "on the market" and will sell to the highest bidder when the bidding stops. The reserve price is set by the client prior to the auction and is established as a result of feedback from interested parties during the marketing process.
Registering your interest
If you are interested in bidding for a property, make sure you register your interest formally with a Barfoot & Thompson salesperson. That way, if a pre-auction offer is made, you will be contacted and given the opportunity to submit your best offer.