Auction Purchase

What is a Property Auction? Property auctions create competitive bidding where the highest bidder secures the property on the day.

Key Benefits:

• Clear timeframe: 4-6 weeks to complete due diligence and arrange finance
• Transparent process: All bidding is open and competitive
• Immediate certainty: Know you've secured the property on auction day

Important Notes:

• Sales are unconditional with deposit required on the day
• Finance and inspections must be completed before auction
• No cooling-off period applies

Why Sellers Choose Auctions: Sellers set reserve prices and control terms like settlement dates. If bidding doesn't reach the reserve, there's still opportunity to negotiate post-auction.

Sellers Guide to Auction

Buying at Auction

Tender

How Tender Works: Submit sealed offers by a specific deadline, typically 4-6 weeks from launch. Combines auction urgency with private negotiation flexibility.

Benefits for Buyers:

• Structured timeframe: Clear deadline with adequate due diligence time
• Conditional offers accepted: Unlike auctions, you can include conditions
• Less pressure: Private bidding without public auction atmosphere
• Consideration period: Sellers evaluate offers for several days after closing

Why Sellers Use Tender: Ideal for complex properties (development sites, family trusts, estates) requiring extensive due diligence. No marketed price attracts wider buyer range.

Strategy Tip: Submit your highest and best offer - you typically get one opportunity.

For more information or advice, contact a Summit salesperson today.


Find a salesperson

Asking Price

How It Works: Properties are marketed at a specific asking price, allowing you to make offers anytime during the campaign.

Buyer Advantages:

• Price transparency: See seller expectations immediately
• Flexible timing: No pressure for rushed decisions
• Conditional offers welcome: Include finance and inspection conditions
• Negotiation opportunities: Room to negotiate below asking price

Seller Strategy: Properties with asking prices attract serious buyers within a specific range. Sellers have no set sale date but correct pricing often creates multiple competing offers.

Request an Appraisal