Buying guide
Buying by auction
Property auctions move quickly, so it's best to go in prepared. Here are some tips from the team at Settled.govt.nz
AI summary
Buying a property at auction is a fast-paced, public sale where the highest bidder wins once the seller's reserve price is met.
Because sales are unconditional, thorough preparation is essential. Before bidding, you must get finances approved, have a lawyer review all documents, and complete due diligence like property inspections and title searches.
Winning an auction is a binding commitment to purchase, with a deposit usually required on the day. Register your interest with the agent beforehand.
Summary of important things to know:
Identifying properties for sale by auction
Before the auction
Auctions can be high pressure environments, so it's good to know what to expect
At the auction
After the auction
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