Alan Riley,
Director at Fletcher Riley.
Understanding the Auction Process: A Guide for Buyers and Sellers
What does it mean to sell or buy via Auction?
Whether you’re buying or selling, the word auction can spark a mix of curiosity, excitement — and nerves. But when done right, auctions can deliver outstanding results for sellers and a clear, transparent pathway for buyers.
At Fletcher Riley Real Estate, we believe in demystifying the process. Here’s what you need to know about how auctions work — and how we help make them work for you.
FOR SELLERS: Why Choose Auction?
Selling by auction offers a structured, high-impact way to generate strong buyer interest and competition. It’s particularly effective in areas with high demand and during the constantly changing property market on the Sunshine Coast.
Key Benefits for Sellers:
- Set a deadline: The auction date creates urgency and motivates buyers to act.
- Let the market speak: No ceiling price means you could achieve a higher-than-expected result.
- Unconditional sale: If sold under the hammer, the contract is binding with no cooling-off period.
- Competitive bidding: With the right marketing and buyer engagement, multiple buyers can push the price up on auction day.
- Clarity and transparency: Buyers compete openly, creating a fair playing field.
What Fletcher Riley Does:
- Design a tailored, high-impact marketing campaign to reach the right buyers
- Run professional open homes with feedback reports after every inspection, communication is key
- Maintain regular contact with interested parties, answering questions and building buyer confidence
- Provide guidance on reserve price and strategy
- Host a professionally managed auction day with a licensed auctioneer
- Handle negotiations post-auction (if property is passed in)
FOR BUYERS: What to Expect at Auction
Many buyers are new to the auction process — and that’s okay! The key is preparation and understanding how the rules differ from a private treaty sale.
Key Things to Know:
- No cooling-off period: If you win the auction, the contract is immediately unconditional.
- Finance must be pre-approved: You’ll need to have your loan in place before bidding.
- Deposit is due on the day: Typically 5–10% is required immediately after the auction.
- No price guide in QLD: Agents can’t provide a specific price — but comparable sales are available to help guide your research.
Fletcher Riley Tip:
We’re always happy to help buyers prepare — even if you’re not quite ready to bid. We can connect you with finance professionals, share suburb data, and offer recent comparable sales to help you feel confident in your position.
What Happens on Auction Day?
Here’s how the day typically unfolds:
1.Buyers register: All interested parties must register to bid.
2.Auctioneer opens bidding: The auctioneer will outline the terms, then invite bids.
3.Competitive bidding begins: Bidders place their offers until the highest bid is accepted or the property is passed in.
4.Reserve met? Sold!: If the reserve price is reached (or exceeded), the highest bidder wins.
5.Reserve not met? We’ll negotiate with the highest bidder straight after the auction to try to secure a sale.
- After the AuctionSellers: If sold, the contract is signed and the sale is unconditional. If not, we negotiate with interested buyers or pivot to a post-auction campaign.
- Buyers: If successful, you sign the contract and pay your deposit immediately. If not, you can still make offers post-auction if the property is passed in.
🤝 Auction Doesn’t Mean Stress — It Means Strategy
With Fletcher Riley, auctions are never about pressure. They’re about creating the right environment, educating both sellers and buyers, and maximising the outcome with transparency, skill, and care.
Whether you’re selling and want to explore if auction is right for your home, or you’re a buyer with questions — we’re here to guide you every step of the way.
📞 Thinking of selling or bidding at auction? Let’s have a chat. We’ll walk you through it and help you move forward with clarity and confidence.
