Auction

An auction is a fast paced, transparent method of selling real estate commonly used across Australia, especially in competitive markets. The process involves a set auction date where interested buyers gather on site or online to place bids under the guidance of a licensed auctioneer. Auctions create urgency because buyers must be financially ready and prepared to act immediately, often leading to strong competition. When bidding meets or exceeds the seller’s reserve price, the property is announced as “on the market” and sells unconditionally. If bidding falls short of the reserve, the property may be passed in and negotiations begin privately with the highest bidder. The success of an auction relies heavily on the agent’s campaign strategy, including pricing, marketing, buyer follow up and auction day management. A well run auction can result in a price significantly above expectations when multiple buyers compete emotionally.

Practical Example

You choose to sell your home through a four week auction campaign. Your agent begins by setting a strategic price guide, promoting the property through high quality marketing and following up with all interested buyers after every open home. As auction day approaches, your agent identifies several serious bidders and confirms they have finance ready. On the day, the auctioneer opens bidding confidently and three buyers compete strongly, quickly surpassing your reserve. The emotional energy builds as two final bidders push the price higher in rapid increments. The hammer falls at a result well above your expectations, driven by competition and expert auction management.

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