Home buyers tend to avoid buying at an Auction

Home buyers seem scared to bid at an auction and many are not confident they know what to do in an auction. More than half of prospective home buyers are too scared to buy at auction, and a big number don't know the meaning of basic mortgage and real estate terminology. Research conducted by Westpac revealed that 56 per cent of next home buyers admitted to being too intimidated to purchase real estate at auction, and 46 per cent were not confident they knew what to do.

Data suggests there were fewer property auctions in capital cities last week compared to a year ago. (AAP) Source: AAP