That doesn't mean that you necessarily end up with a bargain. However, you can. It is a case of being in the right place at the right time. What you need to remember is that unlike a private treaty sale, if there is no reserve price you might find that you just happen to be in the auction room with know real competition and where nobody wants to pay anywhere the real market price for the property. It cuts the other way too. I've been at auctions where there have been several bidders determined to buy the property at any price.
EIS which provides the data for all property auctions shows that October was a record month for auction sales. The overall lots climbed 20% with lots sold increasing 30% to a record for October of 3,064. This surpasses the previous high in October 2006.
Over the long-term their figures reveal that in the last 12 months over 1700 lots were sold up 7% on the previous year with revenues up almost 12%.
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