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Buyers told to beware auction emotions

17/09/2009

High auction clearance rates should ring warning bells for many buyers who want to find a bargain priced home or investment property. Few buyers have the willpower to avoid getting carried away at auctions says property investment adviser and author Margaret Lomas, of Destiny Financial Solutions.

“If you're buying as a property investor, I really recommend against going to an auction,” she says. “It's highly likely that you'll pay more than your figures suggested you should pay. For some people that could be a financial nightmare.”

Property lawyer Carolyn Deigan, managing director of the firm Prudent Juris, thinks the only beneficiaries of auctions are real-estate agents. Deigan says “never, never, never bid until the property has reached the reserve”.

Source: Sydney Morning Herald

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