Auction Index
First-time buyers find dream auction renovation project
Buyer perception remains one of the biggest barriers to auction adoption, but as this case highlights, it is often a barrier that can be quickly overcome with the right guidance.
Hollie and Alex, first-time buyers searching for a renovation project, initially dismissed a property purely because it was listed for auction. Like many buyers, their assumptions were shaped by outdated perceptions: that auction is high risk, suited only to cash buyers, or reserved for problematic stock.
“At the start, it did feel risky,” Hollie explained. “I was more comfortable with the traditional route because it felt more familiar.”
Despite this hesitation, the strength of the property itself prompted a viewing and from that point, their perspective began to shift.
IAP Auction Index - Web assets S1 - consumer view 1
What changed their mindset
Their initial concerns centred on the unknown, as auction felt unfamiliar and therefore risky. However, once they engaged with clear, accessible information on how the Modern Method of Auction works, that uncertainty was quickly replaced with confidence.
“The iamsold website was really helpful,” said Alex. “There were videos explaining everything – how bidding works, max bids and the process. It’s actually more like eBay than the kind of stereotypical auction you see on TV.”
The process became less about risk and more about structure:
- A transparent bidding system
- Clear timelines and expectations
- Defined legal commitments from both parties
Buyers increasingly respond to auction when it is positioned as a controlled and structured method of sale.
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Auction day
On the day of the auction, Hollie and Alex found that they enjoyed the pace of the auction.
“You don’t actually know how many people you’re bidding against – you just see the price going up,” Hollie explains. “It was definitely stressful, but very exciting at the same time.”
While the property had a competitive day of bidding, the structure of the process and tools like maximum bids and auto-bidding allowed them to remain in control and avoid overcommitting.
“The auction went on a bit longer than expected with back-and-forth bids,” says Alex, “but we understood what was happening, so it felt manageable.”
Certainty and speed: the defining advantages
Post-sale, the benefits of auction became even more apparent. Having seen friends experience delays and fall-throughs in Private Treaty transactions, the security of commitment stood out as a key advantage. The transaction progressed within expected timelines, even over the Christmas period.
“iamsold stuck to what they said they would do,” said Alex. “Everything around fees, timelines, and expectations was upfront.”
What this means for your buyers and your business
This journey reflects a broader trend across the market:
- Buyers are open to auction, but often lack understanding at the outset
- Confidence increases significantly when auction is clearly explained and contextualised
- Agent guidance plays a pivotal role in whether buyers engage or opt out
For agents, this presents a clear opportunity to:
- Introduce auction earlier in the conversation
- Position it as a strong route to purchase in the right circumstances
- Convert hesitant buyers into committed bidders
The takeaway
Auction is not just changing how properties are sold, it is changing how buyers experience the process. When positioned correctly, it offers what many buyers are actively seeking: speed, security and transparency. Agents who can confidently communicate this are not only overcoming perception barriers but unlocking new demand and delivering stronger outcomes for both buyers and vendors.