Why Auctions Are Chosen as a Sales Method
Veronica and Meighan kick things off by explaining why auctions are often the preferred method of sale, especially in hot markets with high buyer demand. Sellers and agents use auctions to create competition, capitalise on emotion, and ideally, push the final sale price above reserve. It's not just about selling fast—it's about maximising value through strategic psychological manoeuvring. Understanding this can help you, as a buyer, prepare for the mindset of the seller and agent.

The Four Phases of an Auction Campaign
Many buyers think an auction campaign is a simple 4-week process. In reality, it's more like six weeks, with four key phases:

1. Pre-auction intel gathering (to set a compelling price guide),
2. Marketing campaign,
3. Auction day showdown, and
4. Post-auction negotiation (if it doesn't sell under the hammer).

Knowing where you stand in this timeline can help you better time offers, understand pricing shifts, and avoid common traps.

Understanding the Psychology of Quoting Prices
This episode reveals the inner workings of price quoting, including the phrase every home buyer should remember: "Quote it low, watch it go. Quote it high, watch it die." Agents often quote conservatively to attract more buyers. However, this can set false expectations for inexperienced buyers. Veronica and Meighan walk you through how pricing legislation varies between states like NSW, QLD, SA and VIC—and how to decode what a guide really means in your local market.

The Pre-Auction Dance Between Agent and Seller
Before a home even hits the market, there's a delicate negotiation between the agent and vendor. Sellers want top dollar, but agents need to attract buyers without scaring them off. This results in strategic quoting—and it's crucial for buyers to understand the motivations and tactics at play. The better you can see this "dance," the more realistic your expectations will be.

Decoding Auction Price Guides: The Real Meaning Behind the Numbers
Many buyers mistakenly add 10% to the price guide and hope that's enough—but it's not that simple. In some markets, properties sell for 20–50% above guide prices. The key? Don't base your bidding on what you hope to pay. Instead, anchor your limit to thorough price research, including comparable sales and market trends. This data-backed approach protects you from overbidding based on emotion or misleading guides.

How to Set a Smart Auction Limit—Not Just a Maximum Budget
Setting your auction limit isn't about maxing out your borrowing power. Instead, it's about defining what the property is worth to you—personally and financially. Meighan and Veronica explain how to ask yourself critical questions like: "What if it sells for $10,000 more—would I regret not bidding?" This forward-thinking mindset helps you walk away with confidence, whether you win or not.

Ego vs Emotion: The Psychology of Bidding Behaviour
One of the most insightful parts of the episode is the exploration of different bidder types—particularly the emotional bidder vs the ego-driven bidder. Emotional bidders fall in love with a property and lose financial discipline. Ego bidders, on the other hand, treat auctions like a competition they must win at any cost. Recognising these behaviours in yourself or others can be a huge strategic advantage.

On-Site vs In-Room Auctions: What's the Difference?
Not all auctions are created equal. The hosts outline the pros and cons of in-room versus on-site auctions. On-site auctions tend to be more emotional, with the energy of the crowd and the home itself creating an atmosphere of urgency. In-room auctions are more clinical and controlled, often used when agents want to limit distractions (like noisy neighbours or train lines). Understanding the setting helps you prepare accordingly.

Reading Auctioneers and Agents: Why Observation is Key
The importance of attending as many auctions as possible cannot be overstated. Doing so helps you become fluent in auction "language" and body cues. Veronica and Meighan advise listeners to study how auctioneers handle momentum, pauses, and negotiation cues. They also stress the need to communicate with the agent throughout the campaign—not hide your interest—so you're top-of-mind when negotiations begin.

The Knockout Bid: Bold Moves That Can Pay Off
One of the most powerful tools in your auction kit is the knockout bid. Done early and with confidence, a knockout bid can deter weaker competition and signal to the vendor that you mean business. But it must be used wisely. Veronica details how a poorly timed or overly high knockout bid can backfire—making it crucial to understand both value and vendor psychology.

Don't Play Games You Don't Understand
The episode shares a cautionary tale about a bidder who tried to game the system by bidding after the hammer had fallen—only to lose the property entirely. The lesson? Don't try to outsmart professionals with games you're not trained to play. Instead, focus on preparation, clarity, and realism.

What Happens When a Property Passes In?
If a property doesn't sell under the hammer, buyers often enter a murky post-auction negotiation. Contrary to popular belief, the highest bidder doesn't always have exclusive rights to negotiate. Veronica and Meighan stress that while you may have a good shot at securing the property, you still need to be strategic—and decisive.

Pre-Auction Offers: When to Make Them and What They Mean
Agents sometimes fish for pre-auction offers to test the strength of their buyer pool. If you're approached, it could mean the agent sees you as the strongest buyer—or they're unsure the auction will generate interest. Either way, Veronica outlines the risks, benefits, and tactics for making a strong pre-auction play.

Tactical Bidding Tips: Disruption, Confidence, and Momentum
Auctioneers thrive on rhythm and momentum. Disrupting that rhythm with bold moves or silence at the right time can work in your favour. The episode dives into how to break bidding patterns, when to bid with confidence, and when to pause—especially as prices creep up into smaller increments.

The Power of Walking Away
Perhaps one of the most powerful tools at your disposal is the ability to walk away. A confident buyer knows their limit and sticks to it. As Veronica says, "Walking is a power move—not a defeat." When you've done your research and preparation, walking away can feel like a win—because you didn't let ego, emotion or pressure derail your goals.

Final Advice: Don't Let the Auction Process Deter You
The ultimate takeaway? Auctions aren't something to fear—they're just another method of sale. Veronica and Meighan encourage all buyers to educate themselves, build confidence, and not write off a great property just because it's going to auction. With the right strategy and mindset, you can compete—and succeed.

👉 Ready to get started? Check out THE First Home Buyer Course.