Buying at auction is the one part of the process where there's no going back. There’s no cooling off period, no finance clause and no changing your mind once the hammer falls. You're also bidding in public against an agent and auctioneer who've run hundreds, maybe thousands, of these, while it might be your very first. It's no wonder so many first home buyers find auctions scary, or rule them out altogether.Mortgage broker Jack Elliott brings buyers agents Veronica Morgan and Meighan Wells back for the final part of the Buyers Agent Series, and their message is simple: auction is just another way to buy, and preparation is what keeps you in control. They explain what really changes when a property goes to auction, why the work has to be done before the day rather than after, and how being the buyer who's ready to sign can put you in the box seat. Then they walk you through auction day itself, from setting your walk-away price to knowing how to bid when the room goes quiet.If you're buying in Sydney or Melbourne, where most homes sell at auction, or the right property for you is heading to one, this episode will help you walk in prepared and make your decisions with confidence, not under pressure.In this episode:🔑 What changes when you buy at auction instead of through a private sale, and why the rules differ state to state🔑 Why pre-approval isn't the whole picture, and why your broker should check the property before you bid🔑 Why an agent might push for a pre-auction offer, and what to find out before you make one🔑 The checks to finish before auction day, and the conditions you can ask to change, like a 5% deposit instead of 10%🔑 How to bid on the day, from watching the other buyers to why hanging back can cost you the propertyTimestamps00:00 - How to Buy a House at Auction in Australia03:07 - Auction vs Private Sale: No Cooling Off Period05:46 - Why Sellers Choose Auction in Sydney and Melbourne09:16 - Do You Need Pre-Approval to Bid at Auction?11:35 - Should You Make a Pre-Auction Offer?16:50 - Due Diligence Before Auction: What to Check22:00 - Can You Pay a 5% Deposit at Auction?24:02 - What Happens on Auction Day28:30 - How to Bid at Auction: Bidding Strategies30:43 - What Happens When a Property Passes In?32:41 - First Auction Tips: Watch Before You Bid35:48 - Common Auction Mistakes First Home Buyers Make40:25 - Final Tips and the First Home Buyer CourseReady to start your own first home journey? Book a Get to Know You Chat with Jack, mortgage broker and National First Home Buyer Specialist.More about Home Buyer AcademyHBA First Home Buyer CourseGet 50% off the course and access to the weekly Campfire sessions when you work with Jack as your mortgage broker: start hereHow to Price Property Like a ProfessionalHome Buyer Academy WebsiteYour First Home Buyer Guide PodcastConnect with VeronicaAuction Ready by Veronica MorganVeronica's WebsiteGood Deeds Property Buyers WebsiteVeronica's LinkedInConnect with MeighanProperty Pursuit WebsiteMeighan's LinkedInFind Out More About Alcove's Trusted Buyers AgentsAlcove Trusted Buyers Agent MapMentioned EpisodesEpisode 41: Unlocking Buyers Agents: What First Home Buyers Need to KnowEpisode 42: How to Choose a Quality First Home: A Buyers Agent's ChecklistEpisode 44: Price Guides, Off Market and Agents: How to Search for Your First HomeEpisode 45: Inspections and Due Diligence: What to Check Before You Buy Your First HomeEpisode 46: How to Make an Offer and Negotiate with Agents: A First Home Buyer's GuideWant to keep the conversation going? 👉 Join the First Home Unlocked Facebook Community📅 Book a chat with Jack for tailored support📱Follow Us on social media: Instagram, TikTok, Youtubefirsthomeunlocked.com.au
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46 Min.