Home buyers need to know what they're doing - expert

With a sharp rise in auctions and stiff competition for the same properties, buyers need to know what they're doing or they'll miss out, warned one real estate expert.

With such a high volume of properties being auctioned, Harcourts' chief Bryan Thomson said buyers need to understand the process and be in a position to bid and buy otherwise they risk missing out on some "stunning" property.

Auction numbers have soared in the past year. Alistair Helm of realestate.co.nz said last month 1331 listed properties were being marketed as auctions - a 180 per cent rise year-on-year.

Thomson said there were many "urban myths" about how to buy at auction but the reality was that it is a transparent process and buyers shouldn't feel intimidated.

"People like to tell you that when you go to an auction you need to be cunning and not disclose your hand," said Thomson.

To read the full NZ Herald article click here

Posted: 17 Aug 2009

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