Property Auctions - How to Bid
Bidding in general
Get all the information
At the auction
- Auctioning in lot order - The properties will be offered for sale in lot order unless otherwise advised.
- Going for the highest bid - Bids will be invited and, normally, the highest bidder over the reserve will secure the property.
- The rights of the auctioneer - Colliers Auctions reserves the right to regulate the bidding and to refuse any bid at our sole discretion. We also reserve the right to re-offer a property at our sole discretion. The auctioneer is under no obligation to accept a bid and need not explain why a bid has been refused.
- Disputes - If there is a dispute over the bidding Colliers Auctions will resolve it and its decision is final.
- Finances - Ensure that you have the deposit (usually 5% or 10% of the purchase price) ready for payment on auction day and that you will have the remaining amount within 28 days. If you need a bond to finance the purchase of the property, it will be best to arrange this with your bank or bond originator beforehand. You need to pay the auctioneer’s commission and deposit on the day of the auction.
Get all the information
- Obtain documentation - Obtain a copy of the Conditions of Sale and the Bidder’s Pack prior to the auction or at the auction. Ensure that you inspect all documents.
- Ask questions - If you have any questions or are unsure about anything please liaise with Colliers Auctions’ representatives before the auction commences.
At the auction
- On arrival at the auction - Register as a bidder. Buyers need to provide proof of identity and we suggest your Identity Document, a driver’s licence or passport.
- How to bid - Lift your hand or buyer's card in the air. The onus is on the bidder to ensure that the auctioneer is aware of his/her bid and acknowledges him/her. If necessary, call out your bid.
- Declining a bid - If the bid exceeds your limit, decline by saying no or by shaking your head
- Accepting a bid - When your bid is successful and the hammer falls, you own the property and you have to settle the outstanding sum. You have now committed yourself to buying the property and this carries the same legal implications as a signed contract.
