How to Buy at Auction as a First Home Buyer: Prepare, Bid and Stay in Control

Buying at auction works differently to a private sale. Once the hammer falls and you're the highest bidder, the property is yours: there's no cooling off period, and you can't pull out if your finance doesn't come through. You're also bidding in public against agents and auctioneers who've done this hundreds of times, so it's no wonder so many first home buyers find auctions daunting, or avoid them altogether. Mortgage broker Jack Elliott brings buyers agents Veronica Morgan and Meighan Wells back for the final part of the Buyers Agent Series, and their message is simple: auction is just another way to buy, and good preparation keeps you in control. They explain why your finance and property checks need to be sorted before auction day, not after, and the terms you can ask the seller to change beforehand. Then they walk you through the day itself, including how to decide the most you're willing to pay before the bidding starts. If auctions are common where you're buying, or the home you love is heading to one, this episode will help you walk in prepared and bid with confidence. In this episode: 🔑 How buying at auction differs from a private sale, and why the rules change from state to state 🔑 Why pre-approval alone isn't enough, and why your broker should check the property before you bid 🔑 Why an agent might ask for an offer before the auction, and what to find out before you make one 🔑 The checks to finish before auction day, and the changes you can ask for, like a 5% deposit instead of 10% 🔑 How to bid with confidence on the day, and why waiting too long to bid can cost you the property Timestamps 00:00 - How to Buy a House at Auction in Australia 03:07 - Auction vs Private Sale: No Cooling Off Period 05:46 - Why Sellers Choose Auction in Sydney and Melbourne 09:16 - Do You Need Pre-Approval to Bid at Auction? 11:35 - Should You Make a Pre-Auction Offer? 16:50 - Due Diligence Before Auction: What to Check 22:00 - Can You Pay a 5% Deposit at Auction? 24:02 - What Happens on Auction Day 28:30 - How to Bid at Auction: Bidding Strategies 30:43 - What Happens When a Property Passes In? 32:41 - First Auction Tips: Watch Before You Bid 35:48 - Common Auction Mistakes First Home Buyers Make 40:25 - Final Tips and the First Home Buyer Course Ready to start your own first home journey? Book a Get to Know You Chat with Jack, mortgage broker and National First Home Buyer Specialist. https://calendly.com/jackelliott-alco... More about Home Buyer Academy HBA First Home Buyer Course: https://homebuyeracademy.com.au/YFHBG Get 50% off the course and access to the weekly Campfire sessions when you work with Jack as your mortgage broker: https://firsthomeunlocked.com.au/book How to Price Property Like a Professional: https://homebuyeracademy.com.au/minic... Home Buyer Academy Website: https://homebuyeracademy.com.au/ Your First Home Buyer Guide Podcast:    / @thefirsthomebuyercourse   Connect with Veronica Auction Ready by Veronica Morgan: https://gooddeeds.com.au/auction-ready/ Veronica's Website: https://veronicamorgan.com.au/ Good Deeds Property Buyers Website: https://gooddeeds.com.au/ Veronica's LinkedIn:   / veronicakaymorgan   Connect with Meighan Property Pursuit Website: https://propertypursuit.com.au/ Meighan's LinkedIn:   / meighanwells   Find Out More About Alcove's Trusted Buyers Agents Alcove Trusted Buyers Agent Map: https://www.alcove.com.au/core/buyers... Mentioned Episodes Episode 41: Unlocking Buyers Agents: What First Home Buyers Need to Know    • 41 - Unlocking Buyers Agents: What First H...   Episode 42: How to Choose a Quality First Home: A Buyers Agent's Checklist    • How to Choose a Quality First Home: A Buye...   Episode 44: Price Guides, Off Market and Agents: How to Search for Your First Home    • Price Guides, Off Market and Agents: How t...   Episode 45: Inspections and Due Diligence: What to Check Before You Buy Your First Home    • Inspections and Due Diligence: What to Che...   Episode 46: How to Make an Offer and Negotiate with Agents: A First Home Buyer's Guide    • How to Make an Offer and Negotiate with Ag...   Want to keep the conversation going? 👉 Join the First Home Unlocked Facebook Community:   / firsthomeunlocked   📅 Book a chat with Jack for tailored support: https://calendly.com/jackelliott-alco... 📱Follow Us on social media: Instagram:   / firsthomeunlocked