PHOTO: Karina Durham was so nervous about the purchase of her Kirribilli apartment she put in an offer 24 hours before the auction was supposed to start.(ABC: David Taylor)
Karina Durham knows all too well how nerve-racking it is to bid for a property at a Saturday auction.
Key points:
- The COVID-19 pandemic has led to many properties selling before auction
- In early April 2020, 83 per cent of homes sold prior to auction
- The ABC understands some buyers are being pressured to waive their cooling-off rights
“The whole process of being so emotionally invested in a home, going through all the effort of getting the reports and all those emotions, and then to come to auction day and you’re completely unsuccessful [is difficult],” she said.
To remove her nerves, Ms Durham put in a strong offer to secure her apartment in Sydney‘s Kirribilli 24 hours before auction day.
“We were trying every way possible to work with the vendor more directly to try and come to some form of arrangement prior to auction,” she said.
“And that’s what we did with this place.
Data shows pre-auction sales on the rise
The fear of never owning a home is producing a spike in so-called “snap” or “on-the-spot” auctions.
It is where property sales are rushed through prior to auction day.
Research shows the number of pre-auction sales have surged over the past few years.
The latest data from CoreLogic show a spike in buyers snapping up properties prior to auction day.
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