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BUYING AT AUCTION Auction is the most transparent way to purchase property, some of the benefits when you choose to buy at Auction include:
You may encounter less competition for the property If a buyer is in a position to purchase at Auction, they may actually find they have less competition than if they seek to purchase priced property. This is because some buyers are not in a position to buy under the cash-unconditional terms of an Auction. If a property is "passed in" at Auction (does not sell), often several buyers come forward afterwards seeking to buy with a range of special conditions attached to their offer eg. finance approval, building and pest inspections etc. This then places buyers in competition with each other post-Auction. Some buyers have secured excellent value at Auction simply because a cash-unconditional contract was a high priority for the seller who chose to take the highest offer under Auction conditions rather than considering conditional offers afterwards.
Competition at an Auction is transparent Property transactions are a process of negotiation and buying at Auction is no different. If you wish to alter the terms of settlement, deposit, inclusions or conditions of the contract of sale, just speak to the Listing Agent. However, ensure you do not wait until Auction Day as this may be too late, these conditions must be agreed upon by the vendor prior to you commencing bidding. Although you are at liberty to request variations you may not always get your way, especially if there is strong interest in the property. If your conditions are not agreed upon prior to Auction do not be deterred. If the property is not sold at auction the vendor is often more receptive to conditional offers subsequent to the day. Just as there are benefits to a seller who chooses to market their property by auction, astute buyers may also benefit by the process. With an Auction, offers and negotiations are public - out in the open. With a private treaty sale (sale by price), if two or more buyers want the same property at the same time, it is standard practice that each buyer will not be aware of the offer being made by other buyers, meaning all competing buyers are "shooting in the dark". At Auction all offers are made publicly (in the form of bids) and a buyer can choose to increase their offer only as much as they want to pay above the last highest offer. This buyer is free to withdraw from the bidding any time they feel the price has gone beyond the figure they are prepared to pay.
Things to consider The real estate agent can give you a copy of the terms and conditions before the auction date. Remember, when buying at Auction there is no cooling- off period. You need to view
the
property
and
do
all
the
necessary
checks
before
bidding.
Getting
an
independent professional valuation is also a good idea. If you are the successful bidder at the Auction, you will have to settle the contract even if the house is defective or you can't afford it. The terms of a residential auction sale usually require the buyer to bid on an unconditional basis. This means you cannot have any special conditions such as a finance clause or subject to the completion of another sale.
Before the Auction, make sure you: Inspect the property Do all the necessary checks such as a building and pest inspection Arrange your finance, keeping in mind the repayments you can afford now and if interest rates go up Do your own research of the market Set a budget and stick to it Ask the agent how much is needed for the deposit and how you need to pay it on the day Get a copy of the contract and think about getting legal advice about the terms and conditions of the Auction to ensure you understand what you will be bound buy if you are the successful bidder.
CONTINUED... On Auction day On the day get a copy of the terms and conditions of the Auction before the Auction begins, these should be read out to prospective bidders before the Auction starts. Check with the Auctioneer, make sure there are no changes to any contract you may have already been given. You can also ask questions about the property before the bidding starts. If you want to bid, register with the Auctioneer before the Auction starts. The Auctioneer will give you a unique identifier such as a numbered paddle. Only registered bidders can bid on the day. Set a budget before the Auction and stick to it. If you are the successful bidder, you must sign a contract immediately. There are serious legal ramifications if you cannot settle whether you had a loan approved or access to the money, or you may be asked to pay for the cost of re auctioning the property and any shortfall between your offer and the offer received at the next Auction. If you are the highest bidder and property doesn't reach the reserve price, you have first right to negotiate after Auction. If you agree to accept a contract after Auction, you do have the five-day cooling- off period protection.
Vendor Bids In Queensland, Auctioneers are allowed to accept 'vendor' (seller) bids up to the reserve price. The property is then 'on the market'. Vendor bids must be announced in the conditions of sale at the beginning of the Auction. It is illegal for Auctioneers to make "dummy bidding" or take false bids once the property is on the market and any bid where there is no genuine bidder is a false bid. The Auctioneer reserves the right to bid on behalf of, or accept, bids from the owners of the property.
Good luck!
Lot
1
3 bed
2
bath
2
car
27 Currumbin Chase, Currumbin ALL OFFERS CONSIDERED PRIOR TO AUCTION! Tucked away within the peaceful Currumbin Ridge, this modern 3-bedroom, 2.5-bathroom sanctuary features a dedicated study, surrounded by tranquil native bushland while sitting just moments from the sparkling waters of Currumbin Estuary. Stepping inside, you are instantly welcomed by a spacious open-concept kitchen, dining, and living zone. The contemporary kitchen centers around a generous island bench, equipped with premium appliances and sleek textural finishes. Living spaces extend seamlessly out to the alfresco entertaining area, ideal for unwinding against a backdrop of lush, leafy scenery. DEPOSIT: 50,000 SETTLEMENT: 30 - 45 DAYS FROM CONTRACT DATE
Dion Zorko
Daniel Tavener
0416 516 652
0431 837 814
dion.zorko@raywhite.com
daniel.tavener@raywhite.com
Lot
2
10 bed
4
bath
4
car
484 & 486 Coolangatta Road, Tugun PRIME TUGUN BEACHSIDE DEVELOPMENT & INVESTMENT OPPORTUNITY Offered to the market for the first time in 36 years, 484 & 486 Coolangatta Road present a rare, highpotential acquisition in the heart of Tugun. Located just meters from the sand and buffered from the Gold Coast Highway, these two adjoining 607 sqm freehold blocks offer an immediate, multi-stream holding income alongside exceptional future landbank or re-development upside. Flexible Purchasing & Auction Details Both properties are scheduled to go to Auction on October 1st. Buyers are presented with a unique "Buy One or Buy Both" opportunity, offering maximum versatility for every strategy. Purchase a single 607 sqm parcel to hold or build, or combine both sites to unlock a massive 1,214 sqm prime coastal development footprint with a broad 30.9 sqm street frontage. DEPOSIT: 10% SETTLEMENT: 30 DAYS FROM CONTRACT DATE
The John Parkes Team 0418 245 590 john.parkes@raywhite.com
Lot
3
5
car
14-16 Rivendell Drive Tweed Heads South RARE 2,261M² HOLDING | 2 FREEHOLD TITLES, 1 GENERATIONAL OPPORTUNITY An extraordinary, highly versatile acquisition opportunity in the tightly held heart of Tweed Heads South. Spanning 2,261m² across two contiguous freehold titles, properties of this calibre, scale, and strategic flexibility are virtually unheard of in the current Southern Gold Coast and Northern Rivers markets. Zoned E3 Productivity Support, this landmark parcel offers an array of permissible land uses, from immediate heavy-fleet usage to major redevelopment (STCA). Demand in the immediate street is proven: a nearby multi-unit industrial development currently has around 10 out of 15 units under contract months ahead of completion, demonstrating immense buyer appetite for modern, repurposed industrial stock in this exact pocket. DEPOSIT: 150,000 SETTLEMENT: 120 DAYS FROM CONTRACT DATE
Jacob Wallace
James Mulholland
0401 208 979
0431 397 129
jacob.wallace@raywhite.com
james.mulholland@raywhite.com
Lot
4
4 bed
2
bath
4
car
3 Beacon Court, Elanora COMFORT MEETS CONVENIENCE! This home really ticks all the right boxes! A well maintained single-level family home that combines modern comfort and easy living with an exceptionally convenient location. Positioned on an elevated 501 metre block to capture the cooling coastal breezes, the home has a practical floorplan ideal for relaxed family living. At its heart is a well-appointed kitchen where you're cooking on gas with generous storage and ample preparation space, flowing effortlessly into the living and dining areas. Step outside and the lifestyle continues, with a superb alfresco area providing the perfect setting for weekend barbies, family gatherings or just relaxing in the fresh coastal air. Just as impressive as the home itself is its superb location. DEPOSIT: 80,000 SETTLEMENT: 60 DAYS FROM CONTRACT DATE
Laura Robinson Daniel Tavener 0416 167 813
0431 837 814
laura.robinson@raywhite.com
daniel.tavener@raywhite.com
Lot
5
4 bed
1
bath
2
car
32 Zinnea Street, Elanora ALL OFFERS CONSIDERED PRIOR TO AUCTION! Tucked away peacefully at the end of a quiet cul-de-sac, this beautifully presented four-bedroom home offers the ultimate Gold Coast lifestyle. Inside, a bright open-plan kitchen, living, and dining area serves as the heart of the home, while four thoughtfully designed bedrooms are quietly positioned down the main hallway for total privacy. Outside, you will fall in love with the exceptional backyard space, complete with a sparkling in-ground pool and plenty of room for kids and pets to play. Beautifully maintained and ready to enjoy, this turnkey residence puts top schools, local shops, and pristine beaches right at your doorstep. DEPOSIT: 60,000 SETTLEMENT: 60 DAYS FROM CONTRACT DATE
Daniel Tavener
Dion Zorko
0431 837 814
0416 516 652
daniel.tavener@raywhite.com
dion.zorko@raywhite.com
CONDITIONS OF SALE BY PUBLIC AUCTION FOR REAL PROPERTY OF QUEENSLAND GST ANNOUNCEMENT AND CLARIFICATION At the auction, the Auctioneer will announce in clear terms: 1. If GST is to apply or not; and 2. One of the following applicable GST Clauses IF THE SELLER IS NOT REGISTERED FOR GST: • The property is offered for sale on a GST inclusive basis – which means the knockdown price is the sale price. IF THE SELLER IS REGISTERED FOR GST: • The property is offered for sale on a GST exclusive basis – which means the knockdown price attracts GST at
10% of the selling price; or • The property is offered for sale under the Margin Scheme – which means that the knockdown bid is the sale
price and GST payable by the seller is 1/11 of the margin.
CONDITIONS OF SALE - PUBLIC AUCTION 1. All Bidders must be registered. The Auctioneer may register a person as a Bidder only if the person has provided his/her name and address and satisfactory evidence of his/her identity. If the Bidder is successful, the name listed on the registration form will be the name of the Buyer in the Contract of Sale, unless the Bidder is bidding on behalf of another person in accordance with Conditions 9 and 10. 2. The highest approved Bidder will be the Buyer subject to: a. the reserve price, if any; and b. the Seller’s approval. 3. A cooling-off period will not apply to any Contract of Sale formed on a sale by auction or entered into, by no later than 5.00pm on the second clear business day after the property was passed in at auction, with a registered bidder for the auction. 4. The Buyer acknowledges that the Contract of Sale will not be conditional on any of the following: a. Finance; and b. Building and Pest Inspection Reports. 5. Bids will only be accepted from registered Bidders. 6. Bidders must use the numbered identifier provided by the Auctioneer to make a bid during the auction. 7. The Seller reserves the right to bid, either personally or by a representative. If the Seller or their representative bids for the property the Auctioneer must clearly announce to all other Bidders that the bid is made on behalf of the Seller. 8. The Bidder warrants its ability to enter and complete the Contract of Sale in accordance with its terms.
CONDITIONS OF SALE BY PUBLIC AUCTION FOR REAL PROPERTY OF QUEENSLAND 9. Any person bidding on behalf of another person must provide the Auctioneer with a copy of their written authority before the auction; otherwise, the Bidder will be taken to be acting on their own behalf. The Auctioneer may register a person as a Bidder only if the person gives the Auctioneer the name and address of the other person for whom bids are intended to be made on instructions given by the other person by telephone. 10. If the Bidder is authorised to bid on behalf of another person and is the Buyer in accordance with condition 2, the Bidder warrants the other person’s ability to enter and complete the Contract of Sale in accordance with its terms. 11. The Auctioneer has the discretion to refuse to accept a bid from any Bidder. A bid will be taken to be accepted and irrevocable unless the Auctioneer refuses it. If the Auctioneer refuses a bid, the Auctioneer must announce to all other Bidders that the bid has been refused. 12. Without affecting condition 11, if there is any dispute over a bid or the result, the Auctioneer may: a. re-open the bidding; and/or b. determine the dispute in any other way the Auctioneer considers appropriate in his/her absolute discretion. 13. Immediately on the fall of the hammer the property is sold, the Bidder of the highest bid accepted in accordance with Condition 2, must sign, as Buyer, the Contract of Sale in the form displayed or circulated with these Conditions of Sale and pay the deposit to the nominated Deposit Holder. 14. The deposit payable under the Contract of Sale is 10% of the successful bid or any other percentage or figure nominated in the Contract of Sale. 15. The Seller and the Buyer agree to sign all documents and do everything else necessary to transfer the property to the Buyer. The Seller and the Buyer each appoint the Auctioneer their agent to sign the Contract of Sale on their behalf. This appointment is non-revocable. 16. If the Buyer does not pay the deposit, at the Seller’s option: a. the result of the auction will be treated as invalid and the property may be resubmitted to public auction at the risk and expense of that Buyer; or b. the Seller may affirm the Contract of Sale and pursue their legal and other remedies against the Buyer as they see fit. 17. The decision of the Auctioneer is final in all matters relating to the auction. 18. The Bidder consents to the use of electronic communication in accordance with the provisions set out in Chapter 2 of the Electronic Transactions (Queensland) Act 2001 (Qld) and Electronic Transactions Act 1999 (Cth). 19.If this document is signed using an electronic signature, the Bidder agrees to be bound by these conditions in electronic form and consent to signing this agreement using an electronic signature.
CONDITIONS OF SALE BY PUBLIC AUCTION FOR REAL PROPERTY OF NEW SOUTH WALES 1. The vendor’s reserve price must be given in writing to the auctioneer before the auction commences. 2. A bid for the vendor cannot be made unless the auctioneer has, before the commencement of the auction, announced clearly and precisely that a bid may be made on behalf of the vendor by the auctioneer. 3. The highest bidder is the purchaser, subject to any reserve price. 4. In the event of a disputed bid, the auctioneer is the sole arbiter and the auctioneer’s decision is final. 5. The auctioneer may refuse to accept any bid that, in the auctioneer’s opinion, is not in the best interests of the vendor. 6. A bidder is taken to be a principal
unless, before bidding, the bidder has given to the
auctioneer a copy of a written authority to bid for or on behalf of another person. 7. A bid cannot be made or accepted after the fall of the hammer. 8. As soon as practicable after the fall of the hammer the purchaser is to sign the agreement (if any) for sale. 9. All bidders must be registered in the Bidders Record and display an identifying number when making a bid. 10. One bid only may be made on behalf of the vendor by the auctioneer on behalf of the vendor. 11. When making a bid on behalf of the vendor, the auctioneer must clearly state that the bid was made on behalf of the vendor. 12. Bidding by a co-owner or executor must be identified in the auction conditions.
MEET GAVIN CROFT RAY WHITE QUEENSLAND CHIEF Joining the Ray White QLD team in 2021 in his role as Chief Auctioneer, Gavin principally works in the Auction Arena for Ray Whites network of offices throughout the state. The award winning Auctioneer & trainer is known for consistently achieving a clearance rate well above the industry average.
MEET CONNOR SUMMERS CLIENT ADVISOR AT LOAN MARKET GC Buy your new home sooner. Getting on the property ladder doesn't have to be daunting. at the same time we can provide you with important information on the suburbs and properties your interested in, our Loan Market Broker Connor can help you secure the right finance for your dream home. 0416 838 673
MEET SHANE SEGHERS INVESTOR SPECIALIST Maximise your investment returns! Sgane looks after our new business for investors, ensuring our clients enjoy a smooth and seamless transition. His drive for success helps to ensure that each of our new landlords receive the experience and commitment they deserve. 0420 301 605 shane.seghers@raywhite.com
connor.summers@loanmarket.com.au
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