Insights

The Herald Sun investigated whether buyers would be wise to purchase property pre auction over the weekend and called upon Hodges for expertise.

Hodges’ Paul Bond suggested many buyers are looking to secure property before going to auction in a bid to land on the home of their dreams.

Writes the Herald Sun, “Homebuyers trying to gazump the competition with a pre-auction offer must weigh up whether they’ll end up paying too much for a property. As buyer demand increases in 2015, leading to more properties going to auction, more buyers are trying to circumvent the process with an early offer.

Paul suggested savvy buyers who knew the market well were more likely to secure properties pre auction.

“You’ve got to give the vendor the incentive to stop the auction and that’s a figure well in excess of the top end of the agent’s quote range,” he said. “If we have a buyer that’s substantially ahead of the pack then it would be foolish of us not to recommend that the vendor takes the offer prior to auction.”

Read the full piece here.