In Australian, selling real estate via auctions is a popular channel to get a good price for one’s real estate property. It is a well-established practice with each state real estate institution having set guidelines and best practices to conduct real estate sales via auction. This proven practice for selling is also used in other items for sale such as valuable commodities, antiquities and live stock.
To prevent dummy bids – non-genuine bidders with no real intention to buy real estate – legislations are being put in place to prevent such misleading and deceptive practices. This ensure home vendors that they are protected of such purchases. In fact, most States and Territories in Australia already require that the identity of the bidder be declared before the auction start.
There is also a concept known as vendor bidding. This is a counter bid from the auctioneer to ensure the property reaches a price at which it can be sold. Unlike dummy bidding for the real estate property for sale, this is a legal practice. But, only the auctioneer or an identified person permitted to put in bids on behalf of the real estate seller must do the vendor bidding.
Another way to increase the value of your home during a real estate auction is to set it up such that it attracts more bidders. Make it stand out with lighting and colours. Make sure that everything is clean and well-kept. Do minor repair and maintenance work even before you put the property up for auction. The more bidders compete for the real estate property, the higher the price it will fetch.
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