6 min read
All guidesHow auction works
Your home is marketed for a set period leading to a public auction date. Interested buyers bid openly and, if bidding meets your confidential reserve, the highest bid wins unconditionally on the fall of the hammer — with no cooling-off period.
Auctions create urgency and visible competition, which can drive a strong result for in-demand homes. They also focus serious buyers around a single deadline.
How private sale works
The home is listed with a price or price range and buyers submit offers over time, negotiated through the agent. It is a calmer, more flexible process, and offers can include conditions (such as finance or building inspection). Buyers may have a cooling-off period.
Which suits your situation?
As a rough guide:
- Auction often suits high-demand homes, unique properties, and rising or competitive markets
- Private sale often suits quieter markets, niche buyers, or sellers who prefer flexibility and privacy
- Your agent should recommend a method based on comparable recent results, not habit
This guide is general information for South East Melbourne, not legal or financial advice. Costs and rules vary and can change — confirm specifics with your agent, conveyancer or the relevant Victorian authority.
