Auctions are common in Australian property markets, especially in Sydney and Melbourne. Unlike private sales, there's no cooling-off period—so thorough preparation is essential.
Before Auction Day
Get Finance Pre-Approved
Unconditional pre-approval is essential. Know your absolute maximum borrowing capacity and add a buffer for any adjustments.
Complete Due Diligence
- Building and pest inspection
- Contract review by solicitor/conveyancer
- Strata report (if applicable)
- Title search
Know the Property Value
Research comparable sales and set your firm maximum price before attending.
On Auction Day
- Register as a bidder
- Bring photo ID and deposit (usually 10% via bank cheque or EFT)
- Arrive early to observe other bidders
- Bid confidently but stick to your limit
- If successful, sign contract and pay deposit immediately
Bidding Strategies
Open confidently, bid in round numbers, and maintain momentum. When close to reserve, decisive bids can discourage competition. Never exceed your pre-set maximum.