I went to six auctions in one day looking for the perfect home... this is the dodgy tactic that real estate agents are using to trick you

Desperate buyers are being tricked by real estate agents into paying more for homes than they're worth

I went to six auctions in one day looking for the perfect home. I was prepared to pay top dollar for the right property, but I quickly realized that something wasn't right.

At each auction, the bidding started off slowly. But then, out of nowhere, a mysterious bidder would emerge and start driving up the price.

I soon realized that this was a tactic that real estate agents were using to trick buyers into paying more for homes than they're worth.

Here's how it works:

• The real estate agent lists the property for a low price to attract buyers.
• On auction day, the agent has a friend or colleague bid on the property to drive up the price.
• This creates a false sense of competition and encourages other buyers to bid higher.
• The end result is that the buyer pays more for the home than they would have if they had known about the agent's tactic.

Here are some tips to avoid falling for this tactic:

• Do your research before you go to an auction. Find out what similar homes in the area have sold for recently.
• Don't get caught up in the excitement of the auction. Remember, you're not the only one who wants to buy the home.
• Be prepared to walk away if you're not comfortable with the price.

If you think you've been the victim of this tactic, you can report it to the Real Estate Institute of Australia (REIA).

The REIA has a code of conduct that prohibits agents from using deceptive or misleading tactics.

Don't let real estate agents trick you into paying more for a home than it's worth. Do your research, be prepared to walk away, and report any suspicious activity to the REIA.