Buying A Strata Property At Auction

You’ve been looking at real estate for so long and you’ve finally found the strata property that you want to buy … but it’s an auction.

First of all, when buying your strata property at auction, your contract is unconditional.

This means that you can’t ask for standard conditions such as a strata report, pest report, building report or finance approval if you are the successful bidder.

There are numerous matters that you need to look at prior to auction to protect your interests.

– Contact your banker or mortgage broker. You will need unconditional finance before you even think of bidding.

– Get the contract reviewed prior to the auction date. You can order your FREE contract review here. Ask your conveyancer / solicitor anything you want to know.

– Order your Strata Inspection Report from us here.

– Order your Pest Report and Building Report here.

– Once you have all this information from your reports, you can make an informed decision whether or not this is the property for you.

– Contact the selling agent and register your interest.

– Make sure you set your maximum bid and stick to it, don’t go over it at the auction!

– First home buyers, don’t get caught up in the emotion of the day, stick to your maximum bid. You might miss out on the property but that’s nothing compared to a 30 year mortgage you can’t afford.

H A P P Y    B I D D I N G

Check out our Moving House Checklist.

For further information on buying a NSW strata property at auction, visit NSW Fair Trading.

For further information on buying a QLD strata property at auction, visit Queensland Government.