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What is a public auction?

By

ali@alignedrealestate.com.au

Posted in On May 04, 2021

An auction is a public sale, usually conducted by an agent acting as auctioneer. The auction is advertised for a specific place, time and date. Prospective buyers bid and, if the property is declared ‘on the market’, it is offered to the highest bidder.

Common features of an auction:

• the price is determined by competitive bidding between prospective buyers
• the contract is unconditional
• you have no cooling-off rights if you buy at auction.

Source: Consumer Affairs Victoria

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