PHOTO: Auctioneer Andy Reid
- Auctioneer Andy Reid has revealed his top tips for becoming the best bidder
- The popular Melbourne auctioneer says bidding in random amounts is good
- He also recommends a solid game plan and for all involved to be across it
One of Australia’s most prolific auctioneers has revealed exactly how to come out of a bidding war with the keys to your dream home.
Speaking to FEMAIL, Andy Reid, from Melbourne, said random bids can be the key to success on auction day and those who don’t do it are making a grave mistake.
‘Go random with your bidding increments – offer random amounts other than 1,2,5,10,20 as it’ll throw off the auctioneer and confuse your competitors,’ he said.
These bids should be made with confidence, to shake your competitors.
‘Break down ‘whole numbers’, so instead of just offering $6,000, offer $6,500. 8 is also becoming a really common number (lucky for the Chinese) so try $8,800.’
However there are some rules when it comes to ‘being random’, he explained, and it is important not to take it too far.
‘I wouldn’t mess with a lower decimal than $100, so I would not recommend offering $82,’ he said.
Sticking to bid values in the 100s helps to keep you onside with the auctioneer and maintains your reputation as a serious buyer.
Andy says it is important not to get the auctioneer off-side but $100 interval bids are acceptable and can help confuse the competition
What are five of Andy’s most important auction day tips?
1. Don’t let other bidders control your destiny
2. Always bid with confidence
3. Don’t let agents hassle you too much
4. Always prepare a plan (bargain, fair and stretched prices, opening volley)
5. Always watch auctions on Facebook and YouTube beforehand to get a much greater feel around how it works
This is important, especially if you have your heart set on a property, and some of Andy’s other tips come into play here.
‘It isn’t good to say “I am out” too many times, it loses it’s validity,’ he explained.
It is also important to have a game plan including what you would consider to be bargain, fair and stretched price ranges.
‘I have seen many a strike on the arm so it is important you are on the same page as your partner,’ he said.
Andy said it’s best to get a babysitter on the big day if you have children.
‘I love toddlers running around but they do increase their parents’ anxiety which isn’t ideal when emotions are already heightened,’ he said.
‘Go random with your bidding increments – offer random amounts other than 1,2,5,10,20 as it’ll throw off the auctioneer and confuse your competitors,’ he said
What are the median house prices in Australia’s major cities?
April saw a ‘cooling’ of Sydney and Melbourne’s property market however prices went up in Adelaide and Perth.
SYDNEY: Down 0.1 per cent in April, down 0.3 per cent in the quarter to $1,416,960
MELBOURNE: Down 0.2 per cent in April, down 0.5 per cent in the quarter to $1,000,926
BRISBANE: Up 1.7 per cent in April, up 5.9 per cent in the quarter to $880,332
ADELAIDE: Up 1.9 per cent in April, up 5.6 per cent in the quarter to $676,546
PERTH: Up 1.2 per cent in April, up 2.5 per cent in the quarter to $578,751
HOBART: Down 0.4 per cent in April, up 1.4 per cent in the quarter to $793,723
DARWIN: Up 1.3 per cent in April, up 3.2 per cent in the quarter to $576,149
CANBERRA: Up 1.3 per cent in April, up 2.5 per cent in the quarter to $1,070,220
Source: CoreLogic median house prices in April 2022
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