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Top tips on winning a real estate bidding war
Strategy can outmanoeuvre buckets of cash in real estate property sales.
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Delivering the knockout bid in tightly fought residential auctions sometimes requires tactics as much as money, say veteran property buyers.
A bucket of cash will win seven times out of 10, they claim. But for other auctions, the winning mix will be a combination of style, guile and savvy use of a smaller pile of savings.
‘You need to assert confidence, put the other bidders off their game and be ready to apply some intimidation,” says Cate Bakos, a buyers’ agent.
Auction clearance rates dip as housing boom slows
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Auction clearance rates dipped slightly in Sydney and Melbourne over the past week in a sign that the record-breaking housing surge may be slowing.
In both capital cities, lower auction clearance rates were recorded even though there were fewer homes listed for sale compared with a week ago.
This two-bedroom apartment in St Leonards sold $161,000 above the reserve for $1.656m
Sydney recorded a preliminary auction clearance rate of 82.1 per cent across 777 auctions, compared with last week’s preliminary figure of 84.8 per cent, later revised down to 81.5 per cent, according to CoreLogic.
A âperfect stormâ smashes auction reserves
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Four in five properties changed hands at auction over the past week, as buyers proved more than a match for a growing pool of listings and bid strongly past reserve prices.
Sydneyâs preliminary clearance rate on the weekend bettered the previous weekâs, hitting 87.4 per cent. Melbourne was at 80.3 per cent, pegging level with a week earlier even as listing volumes more than doubled.
Nationally, the clearance rate was a strong 83.2 per cent, with a total of 2232 auctions listed on CoreLogicâs preliminary tally. The volume of auctions expanded significantly on the week earlier, when 1587 listings had delivered a preliminary clearance rate of 84.5 percent. That result was later revised down to 80 per cent nationally.