How to I buy at Auction?

Buying at auction can feel overwhelming, but having the right team behind you makes all the difference. Partnering with an experienced agent who understands the auction process ensures you’re well-prepared. They’ll guide you through key steps like researching the property, answering your questions (e.g., the home’s age, past renovations), arranging legal contract reviews, and organising building and pest inspections.

Some sellers may provide a pre-conducted building and pest inspection, which you can purchase for a small fee. Additionally, working with a finance broker is essential to securing pre-approval and setting clear bidding limits, so you can confidently participate on auction day.

Simple Steps to Buying at Auction:

1. Secure Pre-Approval – Work with a finance broker to understand your borrowing power and repayment commitments.
2. Inspect the Property Multiple Times – Get familiar with the home to ensure you’re confident about bidding.
3. Obtain a Building & Pest Report – If the seller hasn’t provided one, arrange your own inspection for peace of mind.
4. Have the Contract Reviewed – A solicitor or conveyancer should check the contract before auction day.
5. Meet with the Agent – Arrange a bidder meeting to understand the process, register to bid, and go over auction rules.
6. Auction Day – Attend the auction, listen to the auctioneer, and place your bids strategically.
7. Winning Bid & Signing – If successful, sign the contract and pay the deposit (typically 5-10% of the purchase price) within 1-2 business days. A smaller deposit may be accepted with prior seller approval.
8. Celebrate & Prepare for Settlement – The agent will send copies of the contract to you and your solicitor. Arrange property insurance, start packing, and get ready to move into your new home!

With the right preparation and expert guidance, buying at auction can be a smooth and rewarding experience.