Buying at Auction - Griffith Leeton Real Estate

What to Expect Before, During and After the Auction

Buying a property at auction can be thrilling — and a little nerve-wracking — especially if it’s your first time. The auction process is fast-paced and final, so understanding how it works is key to feeling confident and prepared. Here’s what to expect when buying at auction.

Before Auction Day

1. Do Your Research
Attend several auctions in advance to observe how they run. Understand the local market, get a feel for pricing, and inspect similar properties so you know how the one you're bidding on compares.

2. Arrange Finance and Legal Advice
Unlike private sales, buying at auction is an unconditional purchase — there’s no cooling-off period. That means:

Your finance must be pre-approved before auction day
A solicitor or conveyancer should review the contract of sale beforehand
Any pest and building inspections should be completed or sighted by your conveyancer prior to the auction

3. Register to Bid
In NSW, you must register on the day and provide valid ID before you can bid. You’ll receive a paddle with a number for identification during the auction.

On Auction Day

1. Arrive Early
Get to the property well before the auction starts to ask any final questions and settle in. If you’re bidding, confirm your registration and get familiar with the setting.

2. Understand the Bidding Process
The auctioneer will announce the terms and start the bidding. Raise your paddle and clearly call out your bid when you're ready to participate. The property is “on the market” when the reserve price has been met. If you are the highest bidder after this point, you’ll secure the property.

3. Stick to Your Limit
Have a firm maximum price in mind and don’t get caught up in the heat of the moment. It’s okay to walk away if the bidding goes beyond your budget.

If You’re the Successful Bidder

Congratulations! If you win the auction:

You’ll be required to sign the contract of sale immediately
A deposit (10% unless another agreement is made prior) is payable immediately
There is no cooling-off period — the sale is legally binding

Make sure your solicitor or conveyancer is ready to proceed with the transaction and that your finance provider has everything they need to settle the purchase.

At Griffith & Leeton Real Estate, we’re here to help you feel confident and informed when buying at auction. Whether you need advice on the process, access to a contract, or recommendations for local conveyancers, finance brokers and inspectors, our friendly team is ready to assist.

Contact us today to find out more about our upcoming auctions and how to prepare for your next big move.