Buying by auction

A property auction is a fast-paced, public sale. The property is sold to the buyer with the highest bid after the seller’s reserve price is reached.

Summary of important things to know
  • Buyers should register their interest with the agent and ask to be informed if another buyer makes an offer before the auction date.

  • Auction bids are open so you know what everyone else is bidding. If you haven’t been to an auction before, it’s a good idea to attend one as a spectator so you can see how they work.

  • If you win an auction, you are committed to purchase the property. You will usually pay the purchase deposit on the auction day.

  • The auctioneer will not reveal the reserve price.

Decorative Image
Watch on youtube

Understanding how auctions work

Was this information helpful?

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.