Welcome to Auction FAQ
Vendors / Sellers
Can I sell my property prior to auction day?
Yes, it's actually quite common to do so. Generally your listing agent will encourage buyers to make offers where they see value. If an offer is presented that you're happy with, you can accept it, however be aware that offers subject to conditions aren't legitimate until they are unconditional, and should therefore be treated as such.
What if there are no registered bidders?
This situation does occur occasionally, however it's still recommended to run the auction as buyers are able to register on auction day. Sometimes buyers need conditions to their contract which prevents them from bidding. Your listing agent should encourage these buyers to attend the auction as they may be able to engage in immediate post-auction negotiations.
What if there is only one registered bidder?
In this case, the auctioneer will usually discuss this with the sole bidder prior to the auction. This is done so the bidder is on the front-foot and is encouraged to bid so a more private negotiation can occur under auction conditions. It's very common for property to sell at auction with only one bidder.
What if my property doesn't sell on auction day?
Don't stress; a large percentage of properties sell to conditional buyers within 14 days post-auction, or to buyers who entered late in the campaign. If the property doesn't sell, the auctioneer or agent will discuss the post-auction strategy immediately after the auction. It may be recommended that your property is listed as a private sale with your asking price advertised to further entice buyers.
Prospective Buyers
Can I make an offer before auction day?
Yes! Circa 50% of auction properties are sold prior to auction day. However, the decision to accept your offer is entirely up to the vendor.
What if my offer isn’t accepted prior to auction?
Expectations of the vendor differ from those of the market, or you may have underestimated the value of the property. Keep in touch with the listing agent as the vendor may re-evaluate their expectations after gauging the interest in the property.
Do I need to register to place a bid on auction day?
Yes! If you wish to bid on auction day, you must be registered. This can be done on the day or beforehand, just speak with the listing agent. Just because you’ve registered to bid, doesn’t mean you have to place a bid.
What if I can’t meet the standard terms and conditions of auction?
Speak to the listing agent prior to auction day to request alterations to the standard terms and conditions; including things like the settlement terms, deposit, inclusions or conditions of the sale contract. The alterations must be agreed upon by the vendor prior to commencing the auction, but keep in mind that the vendor reserves the right to decline your request.