Bidding at Auction

I bought 3 Kings Cross units at auction this evening. I’ll post the details tomorrow. I always get scared when bidding. “What if I this is all a very big mistake?” goes my self talk.

I’ve bid at more than few auctions, been under-bidder often but only won an Auction four times before this. Maybe it gets better with experience, but real estate is not the sort of investment people normally do hundreds of transactions in.

Now I’ve bid successfully at unclaimed jewelry auctions. The emotional roller coaster was the same. That’s good practice if I’m moving into an auction buying phase.

These auctions are advertised in Saturday’s SMH, pawn-brokers use them to clear unredeemed pledges. Most of the regulars are jewelers and traders so it can be fun. I have not seen screaming bargains but I did buy an electric guitar and and a swiss watch at good prices.

It’s been a year since I’ve been to these clearences. Time to find a SMH.

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  1. Auctions are a good thing if you are looking for a bargin.,but you have to be careful on what you buy ,you can get burnt easily,My mate became a auction addict and he lost allot of money.

  2. I agree that emotional roller coaster is probably as close as we will ever come to describing the thought process and emotions involved when we get involved, really involved, with our first few online auctions.

    My first time bidding on ebay was for a used 7inch DVD player-used. I bid on several different ones in an attempt to secure one. On one of them I came against the automatic ebay bidder tool that you can set with the maximum amount you are willing to bid. Each time I placed a bid I received a notice that I was outbid. I first thought the software was rigged cause no one could rebid that fast. Then I learned about the tool and know now it can be useful.

    I guess it is the same for all online purchases whether in stores or auctions, once you learn exactly how it works it can be a pleasant experience.

  3. I came across a new site being constructed that will hold legal binding online auctions for real estate all over Australia.
    At the moment they have a forum up and running while they complete some final touches.
    I feel this will really make a change to the real estate industry and being legal binding is what we all need.
    If you search the site look for the thread:
    Real Estate Cutting Edge Technology

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