Auction day is easier to approach when the important decisions have already been made. Work out what the home is worth to you, understand the agreement and organise your checks before bidding.
Auctions are generally unconditional. Have your lawyer review the auction agreement and property documents, confirm finance for the particular property and complete the checks you need before bidding. Review the deposit and settlement terms. Any requested variation needs to be agreed in advance; do not assume you can add conditions after winning.
Register your interest with the listing salesperson and ask to be told about a pre-auction offer or a change of date. Settled’s auction guide explains the process, reserve, bidding and what happens if a property is passed in.
Set a limit that reflects the property, your available funds and the work you would need to do. Discuss that limit privately with anyone buying with you. Decide who will bid and how you will communicate. Attending another auction as a spectator can help you become familiar with the pace and language.
Write down practical details: the time and venue, who to contact, the deposit arrangements and any registration requirements. Leave time to ask questions before the auction begins rather than trying to resolve them during bidding.
You can watch our auction stream to see the event. Viewing a stream does not register you to bid. If you need telephone or remote bidding, arrange it with the listing salesperson beforehand and confirm the approved process, identification, authority and a backup contact plan. Allow for the possibility of a delayed or interrupted connection.
If bidding stops below reserve, discuss any further offer with your lawyer and the salesperson on terms you understand. If you are successful, follow the signed agreement and your lawyer’s instructions for the deposit and settlement. Keep your contact details available for the people assisting you.
See upcoming auctions or return to our buying guide. If you are deciding how to sell, read about seller marketing and sale methods instead.