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 at auction is an unconditional commitment to purchase. It's crucial to complete all your due diligence—including property research, legal review, and securing finance—*before* you bid.
Register your interest with the agent to stay informed about pre-auction offers. The property sells to the highest bidder once the seller's secret reserve price is met. If you win, you must sign the agreement and pay the deposit immediately. If the reserve isn't met, the property is "passed in".
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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