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Auction tips: Successfully purchase your own Carlton property

By Louise Morrin

As the number of auctions occurring nationwide increases, so too do you chances of coming across one when looking to buy your own property in Carlton. Therefore, having the know-how and can-do wits to make the most of the situation is important . Here are some tips to help you achieve property success at auction in the future. 

Research is essential

Having a decent idea of what the median sale price has been for real estate in the local community is a good place to start. Knowing the general amount you'll be expected to pay for the reserve can give you a good grasp on what your own financial situation should be before proceeding. 

Set an upper bidding limit

When it comes to bidding on a property, don't let yourself get caught up in the competitive cycle of pushing the price up beyond your financial means. There's nothing worse than being stuck with a commitment you're unable to comfortably pay back. 

Remember: There will always be more properties. So if the bidding goes above your upper financial limit, don't tempt fate and bid higher than you're capable of repaying. You'll suffer for it in the long run, considering mortgages often take years in the double digits to pay back. 

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