What are the benefits and drawbacks of buying at auction?

Read full article by Harrison Astbury here:

"One of the greatest advantages of buying at auction is the certainty that when the gavel falls, the property is yours," Mr Ellis told Savings.com.au.

"Compared to private treaty negotiations, there’s no risk of a last-minute buyer making the agent a higher offer before contracts have been exchanged.

"Another benefit is that you get to see what everybody in the market thinks the property is worth. Whether that works in your favour or not, you are not left in doubt as to whether you offered the vendor significantly more than anybody else has been prepared to pay.

"This is where the transparency of open competition provides both vendor and buyer with clarity.

"One of the great lessons from COVID is that, once again, Australians have fallen in love with their home. It doesn’t matter whether it is an acreage property, house or unit, our fascination is unique in the world. As a result – the price we can obtain in selling our castle is a national sport."

Ray Ellis, CEO, First National Real Estate