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
BUYING AT AUCTION Scan to watch
C O N T I N U E D . . .
Registering for an Online Auction
Enjoy a simple & stress-free registration process with our interactive online registration form. Simply scan the below QR code or insert rwte.auction/BiddersRegistration into your web browser to begin your registration process When registering, please keep the below important points in mind
REGISTERING TO BID Scan Here
Keep in mind
Every individual who would like to appear on the contract of sale will need to register If you are successful, the name you register with will be placed on the contract of sale
Please be sure to include middle names (if applicable). If you would like to purchase the property in a company name, simply insert the company name when prompted on your registration form
Please include a copy of BOTH SIDES of your ID & ensure the address on your ID matches the address you provide It is imperative that you provide details of your selected solicitor where prompted as we will need to write this on the contract of sale Please refrain from submitting your registration until you have your solicitor's details
The registration form MUST be signed by those registering If you submit an unsigned registration form you will be asked to resubmit the form Any bidder who has an unsigned registration form on auction night will not be allowed to bid
If for any reason our team requests extra information from you, the sales agent will reach out to you via phone or email Please ensure you are prompt with your response
Our Online Auctions give our buyers the advantage of being able to bid from anywhere in the world This is done by assigning you one of our friendly property consultants, who will bid on your behalf via telephone on Auction night
Once you have successfully submitted your registration, your assigned property consultant will be in touch to introduce themselves and answer any questions you may have This agent will be your point of contact herein It is important you discuss your bidding strategy prior to Auction so that your agent is on the same page
What happens next
On the 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 your bidding agent and 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
When the Auction commences, your assigned property consultant will call you and keep you on the line As you watch the Auction live on your device, you will need to be on the phone with this agent at the same time When you wish to make a bid, tell your agent, and he/she will place the bid on your behalf
Set a budget before the Auction and stick to it If you are the highest bidder and the successful buyer, the Auctioneer will sign the Contract of Sale on your behalf RWTE will then provide the trust account details so you can pay the deposit in accordance with the contract terms A receipt of payment must be emailed to caroline tymon@raywhite com by 11pm that day
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 reauctioning the property and any shortfall between your offer and the offer received at the next Auction
If you are the highest bidder and the 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.
C O N T I N U E D . . .
Livestreaming
Live streaming an Auction is a wonderfully simple and userfriendly experience. First, you will need to make sure you have the Auction bidding link ready to go on your laptop/computer/iPad Please see the Auction bidding link - rwte.auction/LIVEalternatively you may scan the QR Code
This Bidding Link will not go live until Auction Day We recommend you click on this 15 minutes prior to the Auction commencing to make sure you are logged in and ready
Then, simply register your name & email and click the submit button You will be redirected to our live-stream network Please do not watch the Auction on your phone You will need to leave your phone free for possible conversations with the Auctioneer or Agent throughout.
There is a 5-10 second delay in the live stream We recommend muting your live-stream device to avoid confusion when bidding on the phone with our agents
John Parkes
Stephen Hay
Now Selling
WITH RAY WHITE TUGUN
3 BED / 2 BATH / 4 CAR
Perched on an elevated 906m² block, enveloped by established gardens, this coastal hideaway offers a perfect blend of tranquillity and beachside living Enjoy sweeping views over Tugun to the stunning coastline from this serene sanctuary
SETTLEMENT: 22ND OCTOBER 2024 DEPOSIT: $75,000
5 BED / 3 BATH / 2 CAR
Elegantly poised on 17 meters of pristine waterfront, this distinguished former BoysTown prize home effortlessly blends luxurious living with the quintessential Palm Beach coastal lifestyle
SETTLEMENT: 90-120 DAYS
DEPOSIT: $150,000
4 BED / 2 BATH / 6 CAR
Nestled in a serene enclave where country charm meets coastal chic, 64B Trees Road invites you to experience the epitome of secluded elegance on 3 acres on manicured grounds with a dam and ducks included
2/18 WURUMA COURT
Elanora
Step into this delightful single-level home that oozes warmth and convenience. Nestled in a quiet cul-de-sac, this lovely 3-bedroom duplex possesses a light and airy ambiance, ideal for those seeking low-maintenance living without compromising on style Inside, there's a practical floor plan designed to maximize space and natural light
SETTLEMENT: 30 DAYS DEPOSIT: $60,000
3 BED / 2 BATH / 2 CAR
LAURA ROBINSON
17 CURRUMBIN CHASE
3 BED / 2 BATH / 2 CAR
Nestled discreetly in the heart of the tranquil Currumbin Ridge estate, discover this serene 3bedroom, 2 5-bathroom sanctuary offering modern comfort just moments from the pristine waters of Currumbin Creek
SETTLEMENT: 30 DAYS DEPOSIT: $60,000
3 BED / 2 BATH / 4 CAR
If you searching for a lovely, solid, lowmaintenance home that's incredibly convenient to all of our fantastic southern Gold Coast amenities, then look no furtherHere it is!
SETTLEMENT: 30 DAYS
DEPOSIT: $80,000
Discover serenity in this immaculate retreat nestled in the sought-after coastal suburb of Tugun Perched strategically on a hillside, it captures refreshing breezes and stunning natural vistas among the treetops 2 BED / 1 BATH / 1 CAR
SETTLEMENT: 30 DAYS DEPOSIT: $30,000
Discover the pinnacle of location, lifestyle, and luxury in this exceptional 3rd-floor apartment within Tugun's premier beachfront building, 'Tugun Sands.' Revel in abundant sunlight, refreshing sea breezes, and striking coastline views
2 BED / 2 BATH / 1 CAR
john parkes@raywhite com
hay@raywhite com
20/1263 GOLD COAST HIGHWAY
Palm Beach
2 BED / 2 BATH / 2 CAR
Step into paradise at the Periscope building, where this stunning 2-bedroom, 2-bathroom apartment awaits With breathtaking views from the glorious ocean to the majestic Hinterland, this beautifully appointed residence offers an unparalleled living experience
SETTLEMENT: 30 DAYS
DEPOSIT: $50,000
THE JOHN PARKES TEAM
Beach
3 BED / 2 BATH / 2 CAR
Nestled on Bali Avenue, a coveted location, this exquisite two-story duplex seamlessly blends modern comfort with coastal charm Offering three spacious bedrooms and two bathrooms, it's perfect for relaxed family living or stylish entertaining
SETTLEMENT: 120 DAYS
DEPOSIT: $60,000
DION ZORKO 0416 516 652
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
The property is offered for sale under the Margin Scheme – which means that the knockdown bid is the sale
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 10% of the selling price; or price and GST payable by the seller is 1/11 of the margin
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
