The Property Couch Why Auctions Are the Most Transparent Way to Buy Property | FUNdamental Fridays
Mar 6, 2026
Ben Thompson, a QPIA and auctioneer with 1,000+ auctions, shares why auctions are the clearest way to buy property. He explains auction transparency, the psychology behind bidding, common buyer tactics to sway outcomes, and why watching several auctions before bidding builds confidence. Short, sharp, and revealing about the mechanics of auction day.
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Auctions Provide Clear Competitive Transparency
- Auctions are the most transparent way to buy property because you can see who you compete against and what they pay.
- Ben Thompson says transparency removes hidden offers and guesswork that cause buyer remorse, unlike private EOI deals.
Have A Clear Auction Plan Before Bidding
- Do prepare a plan and strategy before attending an auction so emotion doesn't drive your bidding.
- Ben Thompson recommends learning the process and human behaviour around auctions to make them easy to handle.
EOI Example Where Hidden Bids Overpaid
- Ben Kingsley recounts losing an EOI where the winning bid jumped from 913k to 947k, showing hidden offers cost buyers extra.
- He uses a past Elizabeth Bay two-bedroom example to show non-transparent processes inflate final prices.