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Skip to content Profile Avatar. Subscribe to Entrepreneur. Magazine Subscriptions. By Nichole L. Torres July 1, This story appears in the July issue of Entrepreneur. Subscribe ». With auctions becoming increasingly popular, know how to get in the game and win With Australians now moving freely, at least within their own cities, and the property market continuing to feast on low interest rates, the auction market nationally has been on fire.

Eight tips to increase your chances of winning at auction: Shortlist several properties By nature, auctions are fast-paced and can be emotionally driven. To minimise getting swept up in the action and paying more than initially planned, have a shortlist of several properties to fall back on so you have momentum, rather than just one.

Monitor the most recent property sales right up until the day of auction Looking at comparable sales the recent selling prices of similar properties in the area will provide a strong indication of the market value of a property. Many buyers are still taking the traditional approach of using the last three-to-six months of sales. In this hot market, using this approach will give you an inaccurate price guide that will be three to 10 per cent behind the accurate market price.

To ensure you have a realistic price guide on the day, continue researching right up until the auction. This might include calling agents to get a guide on a recent sale or one under offer. Compare apples with apples In doing your due diligence to understand market value, look into the specific details and features of a similar home. Ask yourself, are you comparing a property that might be flood or bushfire prone to another property in a suburb that might not be similarly affected?

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