1. When looking for properties study the area you are thinking of buying in. Look at the surrounding areas also as you may find the perfect the property in a suburb you may never have considered before.
2. Research different price brackets, so you understand clearly what you get for your money.
3. Work out your budget and once you find the property you want, decide what the property is worth to you. If you're buying an investment, do your sums! Get advice from an independent and knowledgeable source.
4. Ensure you have all your finances and any loans in order, so you are in a strong position to negotiate.
5. If you are buying at auction, go to a few auctions and get to understand how an auction is conducted. This will make you more confident when it comes time for auction day of your dream home. Organise an advisor or trusted family member or friend to bid on your behalf if you find an auction to overwhelming. Make sure they know your limits!
6. Research includes contract perusal. ALWAYS ensure that you have reviewed the section 32 (Vendors Statement) and Contract of Sale. Ensure that all the paperwork is in order before you buy.
7. Always ask! If you're ever confused or unsure during a property transaction ask for from your agent or an independent advisor.

Auctions are common practice in the Melbourne property market.

Tips for buying at Auction through Peter Markovic Real Estate -

When purchasing a property sold by Auction at Peter Markovic Real Estate you can be assured that our auctions are conducted clearly and responsibly in accordance with current legislation.

Every bid at Peter Markovic Real Estate auctions are entirely genuine and are conducted with total transparency.
The auctioneer has the right to place bids on behalf of the vendor and each vendor bid will be clearly identified by the auctioneer.
It is imperative to know that when a property has been declared "on the market", the highest bidder will be the purchaser of the property unless someone else places a higher bid before the auctioneer announces it is "sold".
Should the bidding not reach the vendor's reserve price, the property will be "passed in". The highest bidder of that auction has the first right to negotiate with the vendor. You must be the highest bidder to have this right.
Keep in mind you must "bid" to purchase the property!