Auction Ready - The Checklist Every Investor Needs!

Auction Ready Checklist

1. Pre-Auction Preparation

Market Research:

  • Analyze current market trends and property values in the desired area.
  • Attend auctions and consult with real estate agents to gauge market conditions.

Property Shortlisting:

  • Identify properties that align with your investment goals.

Legal Preparation:

  • Hire a solicitor or conveyancer.
  • Thoroughly review the Contract of Sale and due diligence checklist provided by the seller or agent.
  • Investigate any legal issues like easements or special conditions.

Property Inspection:

  • Conduct a detailed inspection.
  • Opt for professional building and pest inspections.

Financial Arrangements:

  • Secure loan pre-approval.
  • Ensure availability of the deposit (commonly 10% of the purchase price).

Understanding Auction Process:

  • Familiarize yourself with auction rules and norms.
  • Review the auction information statement and Sale of Land (Public Auctions) Regulations 2014.

Budget Setting:

Bidding Strategy:

  • Plan how you will approach the bidding process.

2. Considering Pre-Auction Offers

Making Pre-Auction Offers:

  • Understand the process for making offers prior to auction.
  • Remember, if accepted, there is no cooling-off period if less than three clear business days before auction.

3. Auction Day

Early Arrival:

  • Do a final check of the property.
  • Verify any last-minute changes.


  • Register as a bidder and get your number.

Understanding Auction Conduct:

  • Pay attention to the auctioneer’s announcements about auction conduct.
  • Remember, it’s illegal to disrupt the auction but permissible to ask reasonable questions.


  • Stick to your financial limit.
  • Understand the auctioneer’s method for handling bids.


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4. Post-Auction

Completing Legal and Financial Formalities:

  • Finalize mortgage details.
  • Ensure all contractual conditions are met.


  • Arrange for balance payment and transfer of title.
  • Ensure property insurance is in place from the auction date.

5. Additional Considerations

Vendor and Co-owner Bids:

  • Be aware of the rules and announcements regarding these bids.

Dummy Bidding:

  • Understand what constitutes illegal dummy bidding.

Auction Language Understanding:

  • Know what “on the market” and “passed in” mean.

When is the Property ‘Sold’?:

  • Recognize that the sale is only final when both parties have signed the contract and the deposit has been paid.

Paying a Deposit After Auction:

  • Be prepared for immediate deposit payment, typically 10% of the purchase price.
  • Check with the agent for preferred payment methods.

Post-Auction Negotiations:

Market Variations:

  • Keep an eye on any market changes between the auction and settlement.

Backup Plan:

  • Have a plan in case you don’t win at the auction.

Post-Auction Opportunities:

  • If the property is passed in, be prepared to negotiate directly with the seller.


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