Buying at auction offers a transparent and competitive experience. Bidders know exactly where they stand, with clear sale terms and conditions, immediate ownership decisions, and no drawn-out negotiations. The competitive environment ensures properties are sold at fair market value, giving buyers confidence that their bid reflects real demand.
Success at auction starts well before the hammer falls. Attend open homes and private viewings to get a full understanding of the property. Obtain building or LIM reports if required, and ensure your finance is pre-approved so you can bid with confidence. It’s essential to set a maximum bidding limit and register as a bidder with proof of funds before auction day. Professional advice is equally important. Engage a solicitor to review the contract, confirm deposit and settlement arrangements, and fully understand the auction conditions. If necessary, arrange building inspections in advance to make sure you are fully informed and ready to act.
Arrive early to register and provide proof of funds or pre-approval. You’ll receive the auction conditions, ensuring you understand the rules before bidding begins. On auction day, a professional auctioneer manages the process, conducting open and transparent competitive bidding. The sale is confirmed instantly on the fall of the hammer, with no cooling-off period. If you are the successful bidder, you will need to sign the contract immediately, pay the deposit (usually 10%), and adhere to the settlement timeline. Ownership is clear and decisive, giving both confidence and certainty to buyers.
Set a firm budget before the auction and stick to it. Avoid getting caught up in the emotion of the moment and bid confidently when ready. Remember, if the reserve is not met, the property passes in and further negotiation may occur. Financial preparation is key. Ensure deposit funds are readily available, confirm your settlement capability, and understand all associated costs. Having your solicitor ready on auction day can save time and provide peace of mind, ensuring you are fully prepared for a smooth, confident purchase.
The auction process is great for genuine buyers, as it allows time to complete due diligence on the property prior to the auction day.
Auction registrations and approvals close when the auction starts. However, to ensure you do not miss out on the opportunity to bid, we highly recommend that you complete the registration form to ensure that you receive your approval well ahead of the start time of the auction.
Prior to the start of the auction, all prospective buyers will be informed by their salesperson as to how the deposit is to be paid, should they be successful in purchasing the property. Be sure to have the deposit accessible and in your bank account as it will need to be transferred in a timely manner. Note that banking institutions may have daily transfer limits.
Congratulations! Your salesperson will be in touch shortly to complete the contracts and arrange the deposit. The auction document will be sent to you for signing. Remember, all bids submitted via our online system are legally binding.
No, you are only required to register as an individual. Should you be successful in purchasing the property, be sure to advise the selling salesperson.
Yes, although these must be agreed by the vendor and confirmed in writing prior to commencement of the auction. Please speak to your Summit salesperson about this.
Simply contact your Summit salesperson and they will work with you to negotiate with the vendor.