What is Auction?
A property auction is a public sale where buyers bid against each other until the highest bid wins. Successful auction purchases are unconditional — you sign the contract immediately, pay a 10% deposit, and must settle (no cooling-off period, no finance subject-to clause).
Why it matters for you
Buying at auction means you need unconditional loan approval before bidding, not pre-approval. A building inspection, pest inspection and legal contract review also need to happen beforehand. One missed step and you could lose your deposit.
Last updated: April 2026