Auctioneers aim to stir up as many people as possible to bid in order to achieve the highest possible price. If the bidding has reached or is close to the reserve price (the lowest price at which the seller will sell), the auctioneer will ask the seller if they are ready to sell the property at the highest bid. This is normally a short break, when the auctioneers goes inside the house and come back and continue the auction. If the seller agrees, then the auctioneer will announce to the crowd of bidders that the property is now ‘on the market’. After this stage, the bidders may continue to bid and because the property has been declared ‘on the market’ the highest bidder ‘wins’ the Auction and ultimately secures purchase. Then the Auctioneer calls it 3 times and announces SOLD.

If bids do not meet the seller’s price expectations or ‘sellers reserve’, the property is then ‘passed in’ or ‘withdrawn from Auction’. The highest bidder then gets ‘first right to negotiate’ a price with the seller. If the highest bidder and the vendor cannot agree on a price, the real estate agent may approach the other bidders to try and negotiate a sale for their seller client. If the seller is unable to negotiate an agreement with any of the other buyers, the property will then be referred to as “passed in” and real estate agents will start calling each bidders separately and it will become a sort of private sale listing.

There is no legally binding contract until both buyer and seller have signed the contract of sale.
If you are the successful bidder at Auction: you will be offered a contract in the same terms that was on display before the Auction. Please note that you cannot make the contract subject to any further conditions – for example, ‘subject to finance or different settlement period, unless the seller agrees to them
you will be asked to sign the contract to make your formal offer to buy the property. The seller accepts your offer by also signing the contract
you must pay the deposit specified in the contract (unless otherwise agreed)
there is no cooling-off period.
When you and the seller have signed the contract and the deposit has been paid, the property has been sold and the sale is binding and enforceable.

The sale is then finalised at settlement when:

All checks have been made
The title and transfer documents have been exchanged
The balance of the purchase price has been paid.

No. We have systems and processes to keep you informed and connected to what is happening during the Auction without you needing to be there. If you are local, we recommend you stay in your car and be available over the phone. In the situation, where you cannot attend the Auction yourself a Power of Attorney is required. This will allow the Buyers Agent / Buyer’s Advocate to sign the contract of sale on your behalf, without requiring you to be at the Auction. BuyersHUB always recommends obtaining independent legal advice when it involves preparing a Power of Attorney form as they can vary.We can recommend a very good and reliable legal firm who are extremely cost effective and highly personalised. They will provide a free review of the contract of sale and section 32 vendors statement, to make sure everything is in order, prior to the Auction or private sale negotiation.

If you are unsuccessful at securing your selected property at Auction it may be best to upgrade to one of our More Comprehensive Services where you will receive the right advice from the start. If you upgrade your service within 30 days from the date of the Auction or Negotiation, the Auction booking fee you have paid us to represent you at the Auction will be deducted from your total service fee for the upgraded service.

A ‘Pre-Auction’ strategy session can be arranged via telephone, Zoom or Skype meeting. Alternatively, we can have a one-on-one meeting with you onsite at the property, prior to the Auction commencing.

The auctioneer can set the amount by which bids increase. These are called ‘Auction bids’ or ‘Auction bidding advances’. You can bid at the amount stated by the auctioneer or offer an alternative amount but it is up to auctioneer whether or not to accept an alternative amount.
The auctioneer may:
1.Refuse an Auction bid at any time during the Auction, including when the Auction hammer is falling
2.Resume the Auction at the last undisputed bid or start the bidding again, if there is a dispute over a bid
3.Refer a bid to the seller at any time before the conclusion of the Auction
4.Withdraw the property from sale at any time.

No. Unlike other states of Australia including NSW, buyers do not need to register to be allowed to bid on Auction day in the State of Victoria – you can simply turn up at the appointed time and start bidding at the Auction. But, the great news is if you engage a Buyer’s Agent / Buyer’s Advocate to undertake the Auction Bidding on your behalf, it means you can remain 100% ANONYMOUS without any of your competitors or selling agents knowing. This is a smart strategy as it keeps the selling agents guessing. And it means you are a lot less exposed on the day in that event that you are the unsuccessful auction bidder – Remember the last thing you want is for any of the selling agents to know exactly what your maximum price limit is, especially if you are involved in a negotiation with the same selling agent on a different property.

Using a Proxy Bidder means that you appoint a licensed Buyer’s Agent / Advocate to bid on your behalf as a buyer when either you cannot physically attend a property auction, simply feel uncomfortable or hate the stress of the Auction bidding process, or have little to no experience with the auction bidding process. In order for the Buyers Agent / Buyer’s Advocate to act as your Auction Bidding Proxy, you will need to sign an Auction bidding service authority, plus provide written instructions of your maximum purchase price limit and proposed settlement term conditions, including any depot monies.
In the situation, where you cannot attend the Auction yourself a Power of Attorney is required. This will allow the Buyers Agent / Buyer’s Advocate to sign the contract of sale on your behalf, without requiring you to be at the Auction. BuyersHUB always recommends obtaining independent legal advice when it involves preparing a Power of Attorney form as they can vary. Luckily, we can recommend a very good and reliable legal firm who are extremely cost effective and highly personalised. They will provide a free review of the contract of sale and section 32 vendors statement, to make sure everything is in order, prior to the auction or private sale negotiation. They will also prepare the Power of Attorney (if required) at no extra charge, due to our current and ongoing relationship with them.

The initial engagement fee is $550 including GST
Only upon securing the property successfully, you pay a remaining $550(including GST) which is called ‘success fee’.