Buying at Auction

A property auction is a transparent method of sale where registered bidders compete on the auction date. The seller sets a reserve price, and the highest bid above that reserve can secure the property when the auctioneer declares it sold.

Buying at auction

Auction purchases are normally unconditional, so complete finance, legal and property due diligence before bidding. Ask your solicitor to review the auction documents and any proposed changes to the terms. Arrange building, insurance and other specialist checks early enough to make an informed decision.

Registering and bidding

Contact the listing salesperson for the auction documents, registration requirements and bidding options. Bring the required identification and make sure you understand the deposit and settlement terms before bidding.

Selling by auction

An auction campaign creates a defined marketing period and encourages buyers to complete their research by a clear date. The method can provide transparent competition and lets the seller consider market feedback before setting the final reserve.

Your salesperson will explain the campaign, reporting, auction-day process and the options available if the property does not sell under the hammer.

Upcoming auctions

View our Auctions Live page for scheduled broadcasts and contact Ray White Kaikohe on 09 401 0852 for details about a specific property.

Confirm the terms for the actual auction

Ask which documents apply, how to register, what identification is needed and which bidding arrangements are available. Have your lawyer review the deposit, settlement and any requested variations before auction day. Establish access to the funds required under the terms rather than assuming every auction uses the same amount or due date.

Set a maximum bid consistent with your finance and total purchase budget, including investigation and ownership costs. Confirm insurance and the property checks required by your advisers before you are committed to an unconditional purchase.

Ask what happens if the property is passed in

The seller may consider further negotiation, but the next process and terms should be explained for the property. Ask the listing salesperson what will happen and obtain advice before making a commitment. Sellers can compare the other methods of sale with their salesperson.