Ask Michael Anything [video] – What strategy to use when bidding at auction?

What's the best auction strategy?

In this video series I answer your questions and this week watch I discuss my strategy to bidding at auction.

This week’s question: 

Hi Michael -  I’m looking to buy a property at auction and wanted to know the best bidding strategy.

• Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
• Also read:This week’s Australian Property Market Update – Latest Data, State by State April 23rd 2024
• Also read:Melbourne property market forecast for 2024
• Also read:Brisbane’s property market forecast for 2024
• Also read:Sydney property market forecast for 2024

I’ve heard conflicting idea, some say I that should bid contently from the start and make a high opening bid – But I’d rather wait to see until the property is “on the market” and then commence bidding rather than pushing the price up.

What are your thoughts?  - Elise, Hawthorn  

Please leave your question in the comments section below and we’ll answer it.

About Michael Yardney Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.