Bidding at an auction can be both exciting and intimidating to the uninitiated. This guide seeks to demystify the auction process and provide clarification on the roles and responsibilities of auctioneers and bidders.
Register any time prior to the auction.
This can be at an open for inspection, or when visiting the listing agency prior to the auction. Registering early will save you the trouble of registering on Auction Day.
Provide your details and get your Bidder number.
Provide the agent with your name and address and some photo identification e.g. drivers license or passport. The agent will record these details in a Bidders Register and provide you with a Bidder number. This number must be displayed by you when making a bid during the course of the auction.
If you register prior to auction day, you will not receive your number. When you arrive at the auction, you will need to see the agent, provide them proof of your identity, and receive your bidder number at that time.
Auctioneers are not permitted to provide your information to any other person other than an inspector or the court. However, the auctioneer may disclose to the seller of the property the identity of a bidder if it is necessary for negotiating the sale of the property after the auction.
Remember: You do not have to bid just because you have registered.
Registering for a phone bid? – A letter of authority must be completed the day before the auction. Contact our team for more information.
Make sure that the auctioneer can see you.
Ideally, you should hold up your bidder number and call out your bid in a clear audible voice.
State your bid or increase the amount.
You can call out an exact amount – e.g. $260,000 or indicate the amount you wish to increase the previous bid by – e.g. “Another $10,000” or you can ask a sales agent to call the bid for you.
If the auctioneer calls the incorrect amount or misinterprets your bid – call out to the auctioneer and clarify the bid with them immediately.
Need for information?
The Office of Fair Trading can provide you with more information on the laws that apply to property auctions. You can contact them on 3246 1523 or check out their website on www.fairtrading.qld.gov.au