- you cannot make the contract subject to conditions (eg getting finance) and
- there is no cooling off period.
- You can make an offer through an agent before the auction if the seller has agreed to consider pre-auction offers.
- Your offer will usually be in the form of a signed contract and the negotiation process is the same as buying by private sale.
- the auction will be conducted according to the auction rules
- the rules prohibit the auctioneer accepting bids after the fall of the hammer
- bidders will be identified on request
- it is illegal to make a false bid, hinder another bidder or in anyway intentionally disrupt an auction (substantial fines that apply)
- if there will be vendor or co-owner bids
- any additional conditions that apply to the auction.
Bidding at auction
- Auctioneers aim to encourage as many bidders as possible to compete in order to achieve the highest possible price.
- The auctioneer can set the amount by which the bids increase. These are called rises or bidding advances.
- You can bid at the amount stated by the auctioneer or offer an alternative amount.
- A dummy bid is either:
- a false bid made up by the auctioneer or
- a bid accepted by the auctioneer from a non-genuine bidder from the crowd.
This page has been produced and published by the Consumer Building and Occupational Services Division of the Department of Justice. Although every care has been taken in production, no responsibility is accepted for the accuracy, completeness, or relevance to the user's purpose of the information. Those using it for whatever purpose are advised to verify it with the relevant government department, local government body or other source and to obtain any appropriate professional advice. The Crown, its officers, employees and agents do not accept liability however arising, including liability for negligence, for any loss resulting from the use of or reliance upon the information and/or reliance on its availability at any time.