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First Home Buyer Hub Buy at Auction Know the property’s value

Know the property’s value

Information is power in real estate, and spending the time to research a property’s value will help you determine the maximum amount you should pay when buying at auction (and save you from overpaying!).

According to the Queensland Government, it’s illegal for a seller or their agent to give you a price guide for an auction property. This is because they cannot know how high the bidding will go. A property may appear on a listing website when you search by price. This is only for the purposes of the web search and is not designed as a price guide.

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Property values across Australia have increased over the past few years, including Brisbane which has shown > 1% growth in the past 12 months.

Luckily for you (if you’ve been reading this book in order), you already know the best ways to value a property accurately. If you’re getting ready to buy at auction and haven’t done a valuation, head back to Chapter 6 (link) and do your homework!