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Purchasing a property at auction can be an exciting yet high-stakes experience. Unlike private treaty sales, auctions in Queensland follow strict rules—once the hammer falls, the deal is final. Here’s what you need to know to bid with confidence and secure your next property.
How Auctions Work in Queensland
Auctions are a fast and competitive way to buy property. There’s no cooling-off period, so you need to be 100% ready before raising your hand. Bidding starts at a price set by the auctioneer, and the property is sold to the highest bidder once it reaches the seller’s reserve price.
Preparation is Key
Before auction day, do your homework:
✅ Finance: Get pre-approved so you know your limit.
✅ Due Diligence: Review the contract, conduct inspections, and check council regulations.
✅ Deposit Ready: Be prepared to pay the deposit (usually 10%) immediately if you win.
Auction Day: What to Expect
Arrive early, register to bid, and find a good spot where you can see and be seen. Auctions move quickly, so stay focused. Start with small, confident bids and avoid getting caught in emotional bidding wars.
Winning the Auction—What Happens Next?
Once you’re the highest bidder and the reserve is met, the property is yours. You’ll sign the contract on the spot and pay the deposit. There’s no renegotiation or cooling-off period, so ensure everything is in order beforehand.
Final Thoughts
Buying at auction requires preparation, strategy, and a clear head. If you’re ready to bid, understand the process, and stick to your limit, you’ll put yourself in the best position to secure your ideal property.
Need expert guidance? At Fisher Estate Agents, we help buyers navigate the auction process with confidence. Reach out for tailored advice on securing your next home or investment.
