Buy Your First Home in Australia with VOXFIN

An auction is held at a specific place, time, and date, and the sale is completed only once a reserve price has been reached. Attending an auction can be daunting, especially if it’s your first time bidding, so it’s best to be prepared.

Before the auction day, ensure that you have funds available to pay the deposit if your bid is successful. This is usually 10% of the purchase price. A cheque or Deposit Bond is the most common payment method. It’s a good idea to check with your lender in preparation for the auction day.

On the auction day, you’ll need to register as a bidder. You can do this by contacting the agent before the auction day or when you arrive at the auction. You can also arrange for someone to bid and sign on your behalf.

1. If you want to win at auction:
2. Attend a few practice auctions to understand how they work
3. Research the selling prices of similar properties
4. Keep your bidding intentions private
5. Determine your maximum bidding price
6. Choose your bidding strategy and stick to it

It’s okay to ask for assistance. If auctions seem overwhelming, seek help from someone experienced. Consult with a friend or family member, or consider hiring a professional who can handle the intensity of the auction and has a good understanding of the market.

Private sales involve potential buyers submitting offers to the real estate agent, who then presents them to the seller. This process may take days or weeks due to negotiations. Once a sale price is agreed upon, the buyer signs the contract, pays a holding deposit, and may enter a cooling-off period. After this, the outstanding deposit is paid to complete the purchase.

In most states, the settlement period typically lasts between 30 and 90 days. The specific settlement date is mutually agreed upon and specified in the sales contract.

Here are the main steps involved in the settlement process:

Review the contract:
It’s important to carefully review the contract with your conveyancer or solicitor to understand the terms of the sale and avoid potential misunderstandings later on.

Conduct a final inspection:
You’ll have the opportunity to inspect the property prior to settlement to ensure everything is in order. This typically takes place a week before the settlement date and is usually organized by the vendor’s agent.

Prepare for settlement day:
On the day of settlement, both parties’ legal representatives finalize the transaction at the vendor’s bank. Once all necessary paperwork and checks have been exchanged, the vendor’s agent will be informed that the settlement is complete.

Upon completion of these steps, you can collect the keys from the vendor’s agent and officially take ownership of the property. Congratulations on your new home!