Rules
- Only licensed Agents can list on behalf of their vendors
- Property Developers can list directly
- All properties are reserved
- Reserve price is never disclosed
- Opening Bid Call is to meaningfully advise the market of where bidding will commence
- One (1) vendor bid permitted
- All bidders must be successfully identified and verified against secure government databases and pay a $1,000 bidders bond
- Bidding permitted 24/7
- Each bid made is binding for up to 24hrs
- Must at least bid at the next minimum bid amount
- Next minimum bid increases slightly each hour
- No exorbitant bids permitted
- A maximum of 5 consecutive bids permitted
- Auction ends when a bid stands uncontested for 24hrs
- We exchange on behalf of vendor and purchaser
- No cooling off period
- Purchaser to pay Agent required deposit within 48hrs of exchange
- Security and integrity of all listings
- Classified a commercial user
- Genuine commitment by Vendor to sell at a minimum price
- All bids are binding, so disclosure is irrelevant
- An early, meaningful guide as to purchase price
- Vendors right
- Only genuine bidders permitted
- Convenience
- Prevent anyone being outbid at an awkward time (ie early morning)
- Prevent irrelevant bids (ie $100)
- Encourage timely bidding and maintain momentum
- Security reasons
- End of auction is driven by extent of bidding, not a set date
- Legally binding contract must be created as soon as possible
- Standard auction rules and conditions
- Condition of registering to bid and contract condition