Another exciting Saturday for the Barry Plant Eastern Group team. Eighty percent (80%) auction success today with some properties selling more than $200,000 and in one case, nearly $300,000 over reserve. As I write this article, there is even a chance we could end up with 100% clearance today with post-auction negotiations nearing conclusions.

Auction is a way of life in Melbourne; often referred to as the auction capital of the World. Yet so many buyers are nervous, or worse still, ill-informed when it comes to bidding to buy! Many buyers seem intent on showing little or no interest during the auction, almost expecting the property to land in their lap. It is their lack of involvement that so often ends up in disappointment.

What do I mean?

Well, I think most know that if the bidding reaches the vendors’ reserve, the property is declared “on the market” and sold to the highest bidder. Buyers in this situation are not competing with the auctioneer or even the vendor. They are competing with other buyers to win the prize. The best tactic here, having called thousands of auctions, is to radiate confidence. Whether you bid loud or soft, fast or slow, high or low, you want your competitors to know that you are definitely here to buy. I guess that whoever has the deepest pockets (and is prepared to spend it) will win in this situation. Yet so many times buyers set similar limits and the price gets dragged up thousands, if not tens of thousands of dollars, with reluctant bidding from two or more parties. The advice here is simple. Plan for an eventuality that bidding will go past your limit and if you decide that you will bid further ….. then bid confidently! An opponent is much more likely to pull out if they feel you’ll buy it at any cost.

What is less known, is what rules govern a “pass in” below the vendors’ reserve. We commonly have auctions where there are 3-4 identified buyers in the crowd but none bid. Of course, they all approach the agent after the auction with a cheeky offer, only to be told that there are other interested buyers also making offers. This situation quite often ends like a tender where buyers are asked to make their best and final offer without knowing what the other buyers are putting forward. This could have easily been avoided by the buyer simply holding the highest bid. The law then states that they have the first and exclusive right to treat the vendor after the auction. This means that other buyers would be asked to join the queue until the first buyer has had their chance to secure the property. In my view, if you are going to pay the price being asked by the auctioneer, then you may as well have this first right of refusal.

Hopefully, that advice helps you if you are planning to make a real estate purchase soon. Remember, the Barry Plant Manningham team of auctioneers are always pleased to help buyers prepare for an auction or even to have an agent stand beside them to assist during the auction call. That’s what we do! After all, we’re just people helping people.

Please see below our impressive sales for the week!

• 17 McDowall Street, Mitcham sold for $1,900,000
• 64 Shannon Street, Box Hill North sold for $1,665,000
• 9 Hodgson Street, Lower Templestowe sold for $1,520,000
• 49 Beaver Street, Box Hill South sold for $1,475,000
• G03/1 Mitcham Road, Donvale sold for $1,330,000
• 4 Hogan Court, Box Hill North sold for $1,250,000
• 119 Altona Street, Heidelberg West sold for $1,026,500
• 1/3-5 Skeffington Street, Bellfield sold for $915,000
• 14 Orr Lane, Montmorency sold for $900,000
• 36A Cassowary Street, Doncaster East sold for $892,000
• 1/32 John Street, Templestowe Lower sold for $850,000
• 3/17 Emerald Street, Ringwood sold for $727,000
• 12/30 Mount Pleasant Road, Nunawading sold for $612,500
• 5/14 The Boulevard, Hawthorn sold for $522,000
• 2/4 Browns Road, Ringwood sold for $465,000
• 44 Winston Drive, Doncaster sold!
• 26 Lynette Avenue, Warrandyte sold!
• 103/195 Thompsons Road, Bulleen sold!
• 21/750 Doncaster Road, Doncaster sold!

Currently under offer and will be sold soon:

• 19 Monarch Ridge, Lower Plenty
• 10 Alan Place, Warrandyte
• 36/81-97 Mitcham Road, Donvale
• 6 Forest Court, Templestowe
• 25 Reserve Avenue, Mitcham
• Lot 10, 10 Oakdale Rise, Diamond Creek
• 63 The Bovelvarde, Doncaster
• 37 Culwell Avenue, Mitcham
• 32 Launders Avenue, Wonga Park
• 209/7 Berkeley Street, Doncaster
• 10 One Tree Hill, Donvale
• 1/38-40 Burnt Street, Nunwading
• 3/98-100 Carrington Road, Box Hill
• 32 Baird Street South, Doncaster
• 7/36 Mitchell Street, Doncaster East
• 2/314A Reynolds Road, Donvale
• 79 Jolimont Road, Forest Hill
• 58 Landscape Drive, Doncaster East
• 1/136 Parker Street, Templestowe
• 1/22 River Street, Briar Hill

Spiro Drossos

Managing Director

Barry Plant Eastern Group