1. Plan ahead
When renovating, research the retail cost of each item you wish to purchase at auction. Familiarise yourself with the auction process and visit a home-improvement auction house at least once or twice so you can see the type, brands and cost of goods on offer. Armed with this information, set a realistic budget, feel confident and stick to it.
2. Register to bid
To bid at auction, you must register as a buyer and sign a Buyer's Registration Form which states you have read and understood the Terms and Conditions of Sale. Registration is free. You will need to provide proof of identity such as a current Australian driver's licence.
3. View the latest catalogues
You can view catalogues (listing goods in the order they will be auctioned) online. They give a brief description of the goods for sale, and are updated the day before the auction. Catalogues can be purchased on the morning of the sale.
4. Inspect the goods
Find out the auction house's viewing times, and check out the goods you want to buy.
5. Check the warranty
Many electrical items carry a manufacturer's parts and labour warranty. However, to be certain, check the warranty details in the description of goods in the catalogue.
6. Know the buyer's premium
A 12.5-15 per cent buyer's premium is added to the price of every item sold.
7. Pay for your goods
If you're a successful bidder, you may be required to pay a cash deposit (up to 25 per cent) for the goods once the hammer falls. The balance is usually paid by cash, bank cheque, direct deposit, Eftpos, Visa, Mastercard or Bankcard. Personal and business cheques are not accepted. Credit card payments must be made in person. All goods must be paid for and collected in the time specified by the auction house.
8. Buy after the auction
Goods must go to auction to give everyone equal opportunity to purchase them. Generally, unsold goods may be purchased the day after the auction.
9. Collect your goods
Arrange your own carrier to collect and transport your purchase(s) or check with the auction house for a list of reliable carriers.