Buyer's Agents Reveal Their Auction Day Tactics

Buyer's agents in Hawthorn secured four of the six properties that cleared at auction last Saturday by arriving at venues with pre-approved finance letters and detailed comparable sales folders for each lot.

Global market jitters from the NATO summit in Turkey and fresh US-Iran strikes have pushed some local vendors to list earlier than planned, lifting the number of auctions scheduled for the next three weekends to 28 across the suburb.

Agents report holding pre-auction walks along Glenferrie Road and Rathmines Road to note recent sales at 12 Lyndhurst Crescent and 45 Auburn Road, where a three-bedroom weatherboard sold for $2.35 million on 27 June. They also check records from the Hawthorn Ratepayers Association database for any heritage overlays that could affect bidding limits.

Pre-auction routines

One tactic involves parking two blocks away from the auction site at Hawthorn Town Hall by 8:30 am to observe vendor arrivals and gauge crowd size before registration opens. Agents then cross-reference the day's clearance target of 68 percent against the suburb's median price of $1.92 million recorded in the June quarter.

During bidding they limit their first offer to 5 percent below the advertised range and hold a second bid until the auctioneer drops the hammer twice, a move that worked at three separate sales on Burwood Road last month.

Next steps for buyers

Prospective purchasers should contact their buyer's agent by Thursday to lock in a finance pre-approval and share target streets. Agents advise reviewing the latest clearance data from the Hawthorn Property Report before the 11 July auctions begin.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.