Buying Property at Auction: What To Do Before You Bid
No cooling-off, an unconditional contract and a deposit on the day
Top Rated
Service 20265.0 verified by TrustindexTrustindex verifies that the company has a review score above 4.5, based on reviews collected on Google over the past 12 months, qualifying it to receive the Top Rated Certificate.
If you are the winning bidder at auction, you sign the contract on the spot, usually pay the deposit the same day, and there is no cooling-off period. Everything you would normally check after making an offer has to be checked before the auction starts.
Optimum Lawyers is a property law firm in Parramatta Square, led by principal solicitor Wisam Assi. We act on purchases, sales, settlements and transfers in every Australian state and territory.

Send us the auction contract before auction day
We offer a free initial contract assessment. It is a brief first look at whether the contract appears ready for a full paid legal review. It is not the full review, and it is not free conveyancing.
Before auction day
- Contract review. Have the contract reviewed and ask the agent for any changes before the auction. Changes are rarely accepted afterwards.
- Finance. Get formal approval, not just pre-approval, and confirm your lender is comfortable with the property and the settlement date.
- Inspections. Get building, pest and, for units, strata reports done beforehand.
- The deposit. Usually 10% on the day. Ask the agent if they will accept a smaller deposit or a deposit bond, and get it in writing.
On the day
- Register as a bidder with the agent before bidding. In NSW you cannot bid without registering.
- If someone is bidding for you, they need written authority.
- Know your limit, including stamp duty and costs, before bidding starts.
Rules differ by state
In NSW, cooling-off does not apply to auction sales, and only one vendor bid may be made, which the auctioneer must announce. In Victoria, cooling-off does not apply at auction or to private sales in the days around it, and new rules on reserve prices apply to auctions from 1 October 2026. In Queensland there is no cooling-off for auction contracts. See cooling-off periods by state.
If the property passes in
If bidding does not reach the reserve, the highest bidder usually gets the first chance to negotiate. A sale negotiated straight after a passed-in auction may still be treated as an auction sale for cooling-off purposes, so check the contract before you sign.
What clients say
“He represented me through a time-sensitive property purchase and was exceptional from start to finish.”
Jarrod Oliver, Google review
Questions about buying at auction
Is there a cooling-off period at auction?
No. In NSW, Victoria and Queensland auction contracts have no cooling-off period.
Can I make an auction purchase subject to finance?
Usually not. The contract is unconditional when you sign it, so arrange finance first.
How much deposit do I pay at auction?
Usually 10% on the day, unless the seller agrees in writing to accept less or a deposit bond.
Can my lawyer review the contract before the auction?
Yes, and that is the time to do it. Changes are rarely possible after the hammer falls.
Related: Contract of sale review | Deposit bonds | Cooling-off periods
From Our Clients
We are the leading interstate Queensland conveyancing property lawyers in Sydney for a reason. Ethical, Trusted, Optimum Lawyers Parramatta at your service. Still unsure? We let our reviews do the talking.
Top Rated
Service 20265.0 verified by TrustindexTrustindex verifies that the company has a review score above 4.5, based on reviews collected on Google over the past 12 months, qualifying it to receive the Top Rated Certificate.



























