Property Buying Methods

Auction Purchase

What is a Property Auction? Property auctions create competitive bidding where the highest bidder secures the property on the day. This transparent process is popular throughout New Zealand, particularly in Auckland, Wellington, and Christchurch.

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.


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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.


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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.

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