Bidding at auction is not complicated once you know the rules, but you need to be organised. Do your due diligence before auction day, register on the day, and know your walk-away number. This is exactly what I tell buyers who plan to bid at one of my auctions.
What do I need to do before auction day?
Everything you would normally do inside a cooling-off period, done before the hammer falls. That means:
- Formal finance approval, not just pre-approval. Auction contracts are unconditional. - Building and pest inspection completed and reviewed. - Contract reviewed by your conveyancer or solicitor. - Deposit funds ready to transfer on the day (usually 10%). - Insurance quotes ready to activate on contract signing.
If any of this is not done, you should not be bidding.
How do I register to bid?
In Queensland you must register before you can bid. Turn up 20 to 30 minutes before the auction with photo ID. The agent will give you a bidder number. You cannot bid without one, even if you have signed the contract before.
You can also register to bid by phone or through a proxy. Talk to the agent at least a day before if you need this.
What is a bidding strategy that actually works?
Every buyer wants a magic tactic. The honest answer is that the buyer who has done the most preparation and set the highest ceiling usually wins, not the one with the cleverest bidding pattern. That said, a few things do help:
- Bid confidently and clearly. Hesitation reads as weakness. - Bid in the amounts you are comfortable with, not the amounts the auctioneer suggests. If they ask for $20,000 rises and you want to bid $5,000, bid $5,000. - Do not bid against yourself. If nobody counters, wait. - Know your ceiling before you arrive and write it down. Do not chase the property past that number.
What happens when the property is 'on the market'?
When the auctioneer announces the property is on the market, it means the reserve has been met and it will sell to the highest bidder. Before that point, the auctioneer may refer bids to the vendor or pause the auction. Once it is on the market, everything is real.
What if I am the highest bidder but the reserve is not met?
You get first right to negotiate with the vendor. This is called being passed in. It is a good position, not a bad one. Full detail is in What happens if I'm the highest bidder but the reserve isn't met?.
Is there a cooling-off period after auction?
No. In Queensland there is no cooling-off period on auction purchases (or on properties bought within two clear business days of an auction). Once you sign, you are committed. This is why the pre-auction due diligence has to be watertight. See Cooling-off periods in Queensland for the full picture.
Want to practise before bidding for real?
Try /guess. It is our weekly guess-the-price game and it is the fastest way to sharpen your read of the local market before you put real money on the line. Also read the seller side of the process in How auction works on Brisbane's south side so you understand what the vendor is being told.
What should you do next?
Have a look at what is currently for sale on Brisbane's south side over on /properties, or send me a buying question and I will give you a straight answer.
If you will be selling a home to buy your next one, find out what yours is worth with a free, no-obligation appraisal. That number is often the missing piece that turns a wish list into a real plan.
Frequently asked questions
Ready to have a proper look at the market?
Browse current listings, or ask Junaid a buying question and get a straight answer from someone who works the south side every day.
Know a mate house-hunting on the south side?
