70. All Things Auctions!!!

70. All Things Auctions!In this episode, Chris and Kurt dive into the world of property auctions, breaking down bidding trends, agent strategies, and what buyers should really expect on auction day. Chris shares insights from Melbourne buyer’s agent Cate Bakos, who recently discussed the "Theory of Two" on The Property Trio podcast. In 2024, Melbourne agents might have reported five registered bidders, but on auction day, only three would show up—effectively reducing the active bidders to two. In 2025, however, she’s noticed a shift: when agents report five registered bidders, there often end up being seven people bidding on the day. Chris then compares this to Sydney, where he believes in the Power of Three: If an agent reports three or more registered bidders, multiply that number by three for a more accurate estimate of total participants. If an agent claims there’s only one or two bidders, simply add one or two more to that figure. Kurt shares his perspective on auction transparency, arguing that buyers deserve clearer information about competition levels. That said, once registrations exceed six to eight bidders, even he stops keeping count when informing buyers. Finally, Kurt explains why he never cancels an auction, even when no one is registered beforehand—because, in real estate, anything can happen at the last minute! #SydneyPropertyMuppets​ #Auctions​ #PropertyMarket​ #BuyersAgent​ #RealEstate​