Recent data reveals how home-buyers are bidding at auction. Data was taken from 2500 auctions between March and September last year by auctions experts gavl.com. They found buyers may need to reserve $10,000 for their final bid and bid in sizeable increments.
Most common winning bid was $10,000, close to average size of bid increments – $10,418 – after opening bid. Bidders may also need to develop a bidding strategy that can navigate up to 20 bids over a 15-minute auction period; 18 bids take place per auction over 15 minutes, 47 seconds. Average time between bids from first to final bid is 28 seconds. Gavl’s Joel Smith said: “Research auctions where you’re buying to develop a strategy.’
- Website: gavl.com.