How it Works

GUIDE FOR BUYERS

Auctions can be fast, furious and highly stressful - and for these reasons many buyers avoid them altogether, missing out on potentially perfect properties.

Time to bid. Time to decide.

auctionWORKSonline provides an alternative bidding platform to traditional onsite auctions allowing you, the buyer, increased comfort and control. auctionWORKSonline is geared to benefit the buyer.




1. Getting Started

Everything is transparent. Everything is regulated.

  • Like with any property for sale, you have to attend the open for inspections.
  • Then, if you like the property – simply register with the agent and satisfy the 100 point ID check (fulfilling the NSW Government regulations).
  • The agent will then enter your details into the auctionWORKSonlinesystem. At all times your information will be kept entirely confidential and your privacy protected.
  • A system-generated email will be sent to you. If you wish to participate in the auction you must then finalise the registration online so that you are permitted to bid. At no time are you obligated to bid.

2. The Auction Process

Bid in private, from the comfort of your home.

  • The agent will determine the length of the auction, between 1 and 14 days.
  • When the auction opens, there will be a starting bid (as per NSW Fair Trading guidelines). This is not a vendor bid, but rather a price guide for which offers under would not be considered.
  • All bids made online are recorded, and shown in real time on the screen along with the bidder’s ID number. Your name will never be shown. With each bid, the system will declare whether the reserve price has been reached or not.
  • Buyers will also be notified by email and SMS that their bid was successfully accepted by the system. You will be notified when you are the highest bidder and when you are no longer the highest bidder, if applicable.
  • An email and an SMS will be generated to all bidding parties to advise that the reserve has been reached.
  • All parties will be sent notificationsat the‘24 hours remaining’ and the‘1 hour remaining’ points of the auction.
  • Final call – any bids received within the last 5 minutes will push the clock out a further 5 minutes, for fairness.
  • If you are the highest bidder at the time the clock runs out – the property is yours, providing the reserve has been met.
  • If the reserve has not been met at the time the auction closes, the highest bidder will instantly be shown the reserve price

3. The Sale

No monies are transacted online.

  • If you are the successful bidder the next step will be to get in contact with the agent.
  • You and the agent will arrange to meet to exchange contracts.
  • At this time you will pay your deposit, as per normal auction process. You will never be required to pay for the property online.
  • Once the virtual hammer falls there is a binding contract in place. You will then need to arrange with the Agent or Vendor to sign the contract and pay the deposit within 24 hours of the auction end (as per registration conditions).

auctionWORKSonline.net.au is subject to the same stringent laws that apply to every Real Estate auction in Australia. Our online auction process has been carefully designed, using years of experience within the property industry, to give the same protection and opportunity that vendors and bidders experience in a physical auction. It is backed by the extensive knowledge of one of Australia's leading property auction experts. Our physical auction company, auctionWORKS is recognised as an industry leader nationally and conducts in excess of 2500 real estate auctions annually.