Common questions, answered.

We are Melbourne based, and can travel across Victoria for on-site auctions. We also conduct boardroom and online auctions if an on-site auction is not practical. We are open to enquiry for interstate engagements.

We collate auction data for market analysis and confidential reporting to our auction clients. However, we do not publish individual results publicly, out of respect for the people involved in each transaction.

Get in touch with our team via our contact form and we'll respond within 1 business day. Please give us as much information as possible to respond with an accurate quote and guidance on how we can best assist you.

Success isn't only about selling under the hammer — it's about ensuring the team execute their roles effectively, all buyers and bidders are serviced, spectators leave impressed with the auction delivery, the vendor feels comfortable and that the correct strategy has been implemented to either sell for the highest price or setup the property for the best possible outcome afterwards. There are so many ways to measure success but of course where we can, pushing for the highest price is always at the centre of it all.

We act in their best interest, aiming to extract every bid possible and providing honest advice as required.

Specialisation. An in-house auctioneer may call a handful of auctions a month alongside other duties. We do it more. The repetition adds up - bidder psychology, presence and post-auction negotiation all sharpen with volume.

The Auction Company was established in 2017 to give Melbourne agencies and vendors a dedicated independent auctioneer service for both residential and commercial property markets. Our team brings together over five decades of combined industry experience and a passion for the craft of auctioneering.

Please get in touch with us at admin@theauctioncompany.com.au or call 9834 6034, and we'll be happy to help.

Yes. We provide our auctioneers with mentoring and ongoing feedback. Every auction is recorded and their auction performance is reviewed periodically. The Auction Company standard is high, and no auctioneer is exempt from the work required to maintain this.

If you'd like to recruit our services, head to our booking page and submit a booking request. Our team will get back to you within one business day. If you're someone looking to be an auctioneer with our team, please submit an inquiry form and one of us will contact you.

Our operations team works alongside our auctioneers to make sure they're fully prepared for every auction. They manage your booking, handle any requests after booking (e.g. rescheduling or cancellations), and collect core auction documents like contracts and vendor statements. This means your auctioneer can focus on the call, while our team looks after everything else.

Your auctioneer will be allocated at the time of booking. If a situation arises where your auctioneer cannot attend (e.g. your auctioneer is sick), we will advise you as soon as possible and work with you to allocate another auctioneer. Visit the "Our Team" section for more information on our auctioneers.

Your auctioneer will be allocated when your booking is confirmed. You are welcome to note a preferred auctioneer on your booking request and we will do our best to accommodate it, subject to availability. Whether you have a hand in choosing them or not, you can be confident that all of our auctioneers operate to The Auction Company's standard.

Yes, though this is subject to availability. The more notice you can give us, the better — last-minute additions can't be guaranteed.

Yes, we can facilitate an online auction for you. Simply indicate this requirement when booking (tick the relevant box on your booking form). Please note that additional fees apply for the setup and running of online auctions.

Yes. We are equipped to handle online auctions in certain circumstances. Please note online auctions incur an additional fee for technical setup and staffing. For more information contact the team.

Please get in touch with us directly to discuss your needs and we'd be happy to consider an arrangement that works in the best interest of both companies.

Yes. We auction both commercial and residential property. Commercial work includes office, retail, industrial, childcare, medical, mixed-use and development sites. Residential includes houses, apartments, townhouses, and rural/lifestyle.

Yes. We have the resource to handle setting up and running an online auction. Get in touch with us for more details. Additional fees may apply.

Yes. Some of our team have extensive experience with conducting mortgagee-in-possession and receiver or liquidator auctions. Notify us of the situation and we can allocate one of our specialists.

The minimum bid increment is normally set by the auctioneer on the day. They will guide bidders on the increment at the time and this can vary during the auction. Understandably, this is regulated based on the circumstance of the auction and our specialist auctioneers are well equipped to determine the appropriate increments to ensure the best outcome on the day.

Please indicate your AV requirements at the time of booking, so we can notify our AV team and ensure they have enough notice to resource your auction.

Your auctioneer will work together with the sale representative, considering feedback from interested buyers, to determine a fair and reasonable start. The auctioneer will typically provide a guide to the crowd, but if a buyer wants to start the bidding we will work with them to commence the bidding, so long as the opening bid is reasonable. Every auction is different.

Your auctioneer will work together with the sale representative, considering feedback from interested buyers and the vendor's reserve price, to determine a fair and reasonable start. Determining a starting bid cannot be made until all information has been collated towards the end of the campaign.

If a dispute or conflict arises, the auctioneer together with the sales team will look to find a resolution for all involved. Penalties apply for anyone who deliberately disrupts an auction and if for any reason there is a disputed bid, the auctioneer may elect to reoffer the property at the last undisputed bid or restart the auction.

We engage with you and the team from the time we are booked to provide support right up until auction day. For a detailed understanding of what your booking includes please go to our 'Auctioneer Services' page or contact us directly for more information.

Refer to your service agreement otherwise get in touch via our contact form for more information.

Please visit our Auctioneer Services page for a breakdown of inclusions or contact us by phone and one of our representatives can step you through each item.

We recommend booking at least 4 weeks in advance. We accept shorter timelines where capacity allows.

Your auctioneer should arrive at least 20 minutes before auction, unless alternative arrangements have been made.

If you are a vendor or agency selling a property, choose the residential or commercial auction type. Select the other auction details and add-ons that fit. If you are running a fundraiser, the charity auction type is for you. Otherwise, contact us directly for more information and we would be happy to help guide you.

Yes, your auctioneer is available for vendor meetings by phone or video call. Please liaise with them directly to arrange a time.

All of our auctioneers are skilled in post auction negotiations. If you'd like support, simply let your auctioneer know beforehand so they can confirm availability and allow enough time to assist

Where appropriate, yes. We offer reduced rates or pro-bono engagements for not-for-profits whose mission aligns with causes our team supports. The conversation starts with what you are raising for. Let us know more by filling in our Charity Auction Enquiry Form.

A good live auction has a well curated set of items/experiences. See our resources page for general advice on curation. We don't pick what you auction, but if you give us a list, our auctioneers can help your decision making process.

For events, ideally six to eight weeks in advance.

Get in touch with us to discuss your event needs and how we can accommodate.

One of our team will contact you to discuss your needs further and recommend a program for you.

We recommend booking at least 4 weeks in advance. Last-minute bookings are accepted where capacity allows.

Please get in touch with us so we can explore possible solutions together.

Refer to your service agreement otherwise get in touch via our contact form for more information. See our Booking Terms & Conditions.

Our operations team checks auctioneer availability against your date and time. We come back within one business day with availability and confirmation. Once confirmed, you will receive an email confirmation and calendar invite, and your allocated auctioneer will contact you.

Our standard service terms require full fees to be paid if a cancellation occurs within 28 days of the booked auction date, for any reason — including selling prior to auction.

Simply contact our operations team at admin@theauctioncompany.com.au or call us on 9834 6034 to let us know your requirements. We'll do our best to reschedule to a date and time that works for you, and we'll always try to keep the same auctioneer where possible. If that's not achievable, we may need to allocate a different auctioneer. Depending on the circumstances, a rebooking fee may apply. Get in touch with us to discuss.

We recommend booking at least 4 weeks in advance. We accept shorter timelines where capacity allows.

Fees are due seven days prior to your auction date

Real estate agents can book our independent auctioneers to work alongside their agency team. Vendors can also book an auctioneer directly, whether selling through an agency or independently. If you are selling independently, additional fees may apply if extra support or advice is required from the auctioneer during the campaign. Please contact us for more information.

We strongly recommend confirming dates at least four to six weeks ahead during peak periods, and we will always do our best to ensure you have an auctioneer available to you.

In most cases, the auctioneer's fee is paid for by the vendor. We strongly recommend including auctioneer services in your marketing schedule so funds are accounted for and your vendor is aware of the cost upfront. Ultimately, the party who books the auctioneer is responsible for the fee, so we encourage clear communication with your vendor well ahead of time to ensure funds are secured.

In-room portfolio events sometimes feature multiple agencies. We handle the call with strict neutrality and confidentiality between agencies. We work for multiple agents and if requested will represent those who want us. That being said, different auctioneers could be selected for individuality.

By default, our auctioneers wear a dark suit and red tie in line with our company image.

Generally, all bidders are required to adhere to the terms and conditions of each sale, which includes being able to pay a deposit on the day (normally 10% of the purchase price) and settle within a period of time governed by the seller's instructions. We recommend you speak to the sales representative beforehand for all relevant information.

The terms and conditions of the sale are contained in the contract of sale and any questions pertaining to the property should be directed to the associated sales agency.

It's not up to us, the sales team overseeing the process will determine who can and who cannot participate. Generally though, if you can meet the terms and conditions of the sale, i.e. a deposit and settlement terms, you can attend the auction and bid. We recommend you speak to the sales representative beforehand for all relevant information.

Yes, we encourage it.

In the weeks leading up to auction, properties are typically open for inspection on various days. The property is also normally open to inspect 30 minutes prior to the auction start time. Please contact the sales representative directly to know more.

No, you must first apply for any amended terms before you bid at the auction. These must be approved prior to the start.

Yes, but please speak to your advisor (lawyer, conveyancer, mortgage broker, accountant etc.) to get advice prior to bidding at auction as everyone’s situation is different. You should remember that bidding under auction conditions means there is not likely to be ‘subject to finance’ or ‘cooling off’ available, so you should have your finances ready beforehand.

Yes, you can organise to bid by phone or online. Alternatively you may organise for someone to bid on your behalf with a power of attorney. Please speak to the sales representative to make appropriate arrangements and seek correct authority to bid.

No, but you should speak to the sales representative to understand more. Ultimately it is the vendor’s decision.

Yes. However, in some situations vendors instruct their sales representatives to not accept any offers prior to auction. Please speak to the sales representative directly for more information.

No. Once a bid is called and acknowledged by the auctioneer, it stands — a bidder can't withdraw it. If a bid was made in genuine error, the bidder can flag it immediately, but it's the auctioneer's call (not the bidder's right) whether to disregard it, re-open bidding, or resubmit the property at the last undisputed bid.

Yes, but someone will be required to sign the contract of sale if they are successful. Please check to make sure that the contract allows for the nomination clause to ensure you can nominate your name in place of the person bidding for you if they sign on your behalf. Alternatively you may make arrangements with the sales representative to sign electronically if you cannot attend or arrange a power of attorney on your behalf.

If you are required to register, normally the sales representative will require you to provide a copy of your driver’s license/passport. If you are a Director acting on behalf of a company, you'll need to provide proof as a Director, normally in the format of an ASIC company search. Speak to the sales representative directly for all relevant information.

In the state of Victoria, you are not legally required to register, however some sales representatives and the sellers require bidders to register to participate. Please speak to the sales representative directly for all relevant information.

Immediately after the conclusion of the auction you are expected to sign the contract and pay the nominated deposit.

Yes. If you are working with a real estate agency, ask your selling agent if they have used us before — we work with most of the established Melbourne agencies. If you are selling your own home via 'For Sale by Owner', please indicate this on your booking request form.

The GST payable (not payable) on a commercial property is specific to each property and circumstance. Always seek your own independent advice from your tax specialist and check the contract's GST clause before bidding on commercial property.

No. Under the Sale of Land Act 1962, purchases at a publicly advertised auction are exempt from Victoria's 3-business-day cooling-off period. The exemption also covers a sale signed within 3 clear business days before or after the advertised auction date.

Traditionally this is 10% of the purchase price. If you don't have the facility to pay the full 10% deposit on the day, a lower amount can be paid and the balance of the deposit on another day. Please check with the sales representative directly before bidding.

Traditionally this is 10% of the purchase price. If you don't have the facility to pay the full 10% deposit on the day, a lower amount can be paid and the balance of the deposit on another day. Please seek approval and check with the sales representative directly before bidding. Tip: contact your bank to increase your transfer limits before auction day.

If you are the highest bidder and the property has been declared ‘On the Market’, the property will be sold to you. You are required to sign the contract of sale immediately at the conclusion of the auction and pay the agreed deposit. If you are the highest bidder and the property has not ‘reached the reserve price’, the property is passed into you. You will have a short period of time to negotiate exclusively with the vendor. This period is deemed to be a 'reasonable amount of time' and could be up to 15 minutes after auction. Please note if you choose to not pay the vendor's reserve immediately after they may choose to negotiate with others.

If the reserve price is not met, the highest bidder will be given the first right to negotiate exclusively with the vendor after it is passed in, for a reasonable period of time. If there are no bids and the property is passed in, the property may be offered for private sale with an asking price.

There is no buyer’s premium.

Ask about all offers/rejections made during the campaign; use a pre-auction checklist (co-owners bidding, offers received, material facts) signed off by the agent; require any reserve change to be in writing and dated/timed; keep your own notes or recordings of the auction.

Yes. Under the standard auction rules, the auctioneer may at any time: refuse a bid set the amount by which bidding advances refer a bid to the vendor withdraw the property from sale re-submit the property at the last undisputed bid, or restart bidding, if there's a dispute

There's no rule against a genuine bidder raising their own bid if no one else is bidding — it's their own money and genuine intent, so it isn't dummy bidding.

No. Once a bid is called and acknowledged by the auctioneer, it stands — a bidder can't withdraw it. If a bid was made in genuine error, the bidder can flag it immediately, but it's the auctioneer's call (not the bidder's right) whether to disregard it, re-open bidding, or resubmit the property at the last undisputed bid.

Yes - a co-owner may bid personally or through an authorised representative, but never through the auctioneer. This must still be declared before bidding starts under the applicable Schedule.

Written is what matters, not physical presence. An initialled sale authority, text or email confirming a reserve change is binding (Electronic Transactions Act (Vic) 2000; Instruments Act s126). A verbal-only confirmation is not enough to act on — wait until you've actually seen it in writing.

Under current Victorian law, yes - reserves can be set or adjusted right up to auction day.

Yes. An unreserved (or "no reserve") auction is one where the vendor sets no minimum price — the property will sell to the highest genuine bidder on the day, no matter how low the final bid is.

If the executor wants to personally buy the property they're selling as executor, that's a conflict of interest: executors have a fiduciary duty not to profit from the estate, so this generally needs beneficiary consent, full disclosure, and independent legal advice (or court approval) to avoid the sale being challenged later.

This is not ideal and certainly not as something a bidder adds on the spot — a bid can only be made on the terms of the contract already displayed before the auction started, and those terms apply equally to every bidder. What the vendor can do is agree in advance to include a finance, building/pest, or other condition as a special condition in the contract of sale that's displayed before bidding begins — in that case, every bidder is bidding on that same conditional contract. This is uncommon (most vendors prefer unconditional auction sales), but it's legally possible if arranged with the vendor beforehand.

Yes, but foreign buyers should confirm before auction day whether Foreign Investment Review Board (FIRB) approval is required for that property, and be aware of the additional foreign purchaser duty surcharge and land tax surcharge that can apply in Victoria. These obligations exist regardless of purchase method (auction or private sale).

No. An agent (or anyone else, including a buyer's advocate) bidding on someone else's behalf needs clear written authority — typically a limited power of attorney or written authorisation specifying the property and bidding limit. Without it, the agent has no legal standing to bind that buyer to the winning bid, and the contract could end up unenforceable against the person they claimed to represent. It also raises a conflict-of-interest concern, since the agent is engaged to act for the vendor, not the buyer.

Yes, provided the contract is intended to be signed in the correct company/trust name and you have authority to bind that entity (e.g. as director or trustee). It's best to confirm the exact legal name and structure with the agent and your solicitor before auction day, since the contract can't be changed afterwards. If successful, you must then sign the 'Personal Guarantee' form in the contract.

Yes — there's no requirement to auction on the street. Indoor/backyard ("boardroom") auctions are legal and common, provided it stays a genuine public auction (open to all interested bidders) and the usual rules apply: auction rules and information statement displayed 30 minutes beforehand, no dummy bids, vendor bids disclosed. Just ensure the space can fit everyone wanting to attend and bid.

You can try, but there's no legal protection if it falls through - auction contracts are not subject to a finance clause. Buyers should have finance pre-approved (ideally unconditional) before bidding, since failing to settle due to lack of finance is treated as a default under the contract.

Yes, vendors can/may accept a pre-auction offer if they choose to. If accepted, the sale is generally brought forward and signed under the same auction contract terms (including no cooling-off, if signed within 3 clear business days of the advertised auction). The agent must still conduct the campaign in good faith and disclose the offer process to other interested buyers who have shown an interest or inspected the property to advise there is a favourable offer to the vendor on the table without disclosing the actual amount. It is up to an interested party to make a counter offer if the vendor hasn't already accepted the offer in writing and it is critical to amend all advertising to reflect the property is sold or under contract.

Any change to terms before the auction (e.g. accepting 5% deposit or varied settlement) must be offered equally to all bidders. Giving it to only one party risks creating an unfair term, and the bidder or buyer can take action against you for not making the same terms available to everyone. Be aware that all terms must be displayed for 30 minutes prior to the start of the auction. Making changes in the 30 minutes prior restarts the clock and may cause delay to the auction by additional 30 minutes from the time any changes are made.

Electronic signatures are legally valid in Victoria under the Electronic Transactions (Victoria) Act 2000, provided all parties consent and the method reliably identifies the signer and their intent. In practice, most agencies still default to a hard-copy signature immediately after the hammer falls, for certainty and speed on the day — but e-signing (including of the Section 32 vendor statement) is increasingly used and accepted.

For the contract of sale — yes. Under long-standing case law (going back to English case law such as Sims v Landray and applied in Australia) (and consistent with s.126 of the Instruments Act 1958), the auctioneer is treated as having implied authority to act as agent for both the vendor and the successful bidder for the limited purpose of signing the note or memorandum (aka contract) required to satisfy the writing requirement — because the auction process itself is taken to be sufficient authorisation. For the Section 32 vendor statement — no. This is the vendor's own disclosure document and must be prepared and signed by (or with specific written authority from) the vendor before the contract is signed; the auctioneer's automatic signing authority doesn't extend to it.

Technically yes, provided the Vendor has provided clear instruction — the standard auction rules give the auctioneer power to withdraw the property from sale "at any time," and no contract is formed until the hammer actually falls, even after "on the market" has been declared.

Unlike the auctioneer's automatic authority at the fall of the hammer, an agent has no automatic right to sign. Under s.126 of the Instruments Act, an agent can only sign the contract on behalf of the vendor (or buyer) if they hold specific written authority to do so. The same applies to the vendor statement — an agent can only sign it for the vendor with clear written authorisation. And since the agent is engaged to act for the vendor, signing on behalf of the buyer would also raise a conflict-of-interest issue unless properly authorised and disclosed.

A buyer may elect to utilise a strategy whereby two people connected to them (e.g. a spouse and child) bid against each other. When the property is knocked down to the highest bidder, the auctioneer will point to him/her to sign the Contract of Sale, notwithstanding the bidder may have been bidding for a family member. The successful bidder and the intended buyer can sort this amongst themselves via a Nomination Declaration.

No. An auction sale is unconditional - the contract of sale displayed before bidding is the contract you're bound by. Buyers should review it (ideally with a conveyancer/solicitor) well before auction day, since terms can't be changed once the property is knocked down.

Yes. The Rules for the Conduct of a Public Auction must be read out audibly and displayed in English, and made available for inspection at least 30 minutes before the auction starts. They must be stated as written and not paraphrased.

There's no separate "auctioneer's licence" in Victoria. To conduct a property or business auction you must be a licensed estate agent, an agent's representative, or a legally accredited auctioneer (a small, closed group approved for holding an auctioneer's licence between Feb 1994–95). The Auctioneer's licence was repealed in 2000 in Victoria.

It's not a legal requirement, but it's strongly recommended to have a solicitor or conveyancer review the contract of sale and Section 32 statement before auction day, since there's no cooling-off period to fall back on afterwards.

No. Unlike NSW and Queensland, Victoria has no mandatory bidder registration requirement. Many agencies still ask bidders to provide their name, ID and contact details voluntarily (good practice for verifying genuine interest and speeding up contract signing), but there's no legal obligation to do so. (Note: this has been a point of ongoing industry debate — REIV has called for reform.)

Yes. For Schedule 2, 3 or 4 or regulations to apply, the person bidding must actually be one of the registered vendors selling the property (i.e. on title, or the relevant company/trust). Family relationships alone don't make someone a 'co-owner.' Please note that a co-owner means a joint tenant, whether at law or in equity or a tenant in common, whether at law or in equity and consultation should always be made with the lawyer/conveyancer to ensure correct obligations are met for the auction.

No. The penciller (who records bids) is performing an administrative/clerical role, not "conducting" the auction, so they don't need to be a licensed agent or agent's representative.

Usually no for private residential sales (input taxed / vendor not registered for GST). Commercial and some rural property sales can attract GST, sometimes reduced under the margin scheme or GST-free as a 'going concern'. Always check the contract's GST clause and get tax advice before bidding on commercial or rural property. It pays to check with the vendor's/estate's lawyer or conveyancer.

There's no specific legislated wording requiring the auctioneer to say "on the market." It's standard industry practice (and good transparency) for the auctioneer to signal once bidding has reached the reserve and the property will definitely sell or respond accurately when asked by a bidder.

No strict rule requires a written reserve before you start — you can open the auction. But you must not release the property 'to the market' until you actually have a reserve, and it's best practice to have it endorsed on the authority (dated/timed) before you begin. Rule of thumb: no reserve, no auction.

Yes, still conduct it. Display and audibly read the auction rules regardless of turnout, call for bids (even to an empty room), and formally pass the property in if there are none. Skipping this risks invalidating your claim to commission or the 'no cooling off' auction clause applying to offers after, since no auction was actually held.

The auction rules must be made available for inspection at least 30 minutes before the auction starts.

There is no specified time. The answer is "a reasonable period of time". This is subjective. The passed-in bidder must have a genuine chance to negotiate before approaching the underbidder; once they've clearly refused and won't move, you're free to negotiate with someone else.

Typically 10% of the purchase price, paid immediately after the auction (cash, cheque, EFT or approved deposit facility). The exact amount and accepted payment methods are set out in the contract of sale on display before bidding starts - always confirm before you bid.

The company or trust itself (as the registered vendor) is what counts — not its directors, shareholders, or beneficiaries. Co-owner rules only apply if there are two or more separate registered vendors on title (e.g. two companies, or a company and an individual jointly). A sole company/trust vendor has no "co-owner"; if someone behind that entity wants to bid to buy from it, they're an ordinary bidder, not a co-owner under the Schedule rules.

Yes, always. Any future marketing or statement of the last bid amount must state it was a vendor bid — required in printed materials, and it should be volunteered verbally too.

Yes - if they have no genuine intention to buy and are just bidding to advance the price on the co-owner's behalf, this risks being treated as a dummy bid, which is illegal. Genuine intent to purchase is what matters, not just name being off the title.

You're in control. Auction rules let the auctioneer set and hold bidding increments and refuse bids, with no liability just for holding firm and selling on that basis. Best protection if a bidder pushes back hard: pause the auction and get the vendor's instructions before proceeding.

It's prohibited under section 55 of the Estate Agents Act 1980, unless strict conditions are met: the vendor gives written consent, the agent acts honestly and reasonably, no commission is payable on the sale, and the vendor ends up as well off as if sold to an independent buyer at fair market value. Breaching this is a criminal offence with significant penalties.

Generally, yes — an agent must pass on all genuine offers to the vendor, unless the vendor has specifically instructed the agent not to (for example, instructing the agent to negotiate exclusively with the highest bidder first). Your offer should still reach the vendor, but the vendor isn't obliged to consider it ahead of the highest bidder.

Yes. Live online/livestreamed bidding platforms are legal and widely used. The same auction rules — vendor bid disclosure, no dummy bids, no late bids after the hammer falls — apply regardless of whether bidders are in the room, on the phone, or online.

It's passed in. The auctioneer must then invite the highest bidder to negotiate directly with the vendor before the property can be offered to anyone else — this applies whether the last bid was a genuine bid or a vendor bid.

Same principle applies: the hammer drop forms a contract, but it needs to be signed to enforce directly. In practice, the vendor can re-offer to the underbidder (Schedule 1 allows reopening the bidding) or if there are multiple prospective buyers/bidders in situ, the auctioneer may reopen the auction. The Vendor may separately pursue the defaulting buyer for damages/loss through his/her lawyer to recover costs including all marketing expenses/auctioneers fees.

Text/email is binding — the Electronic Transactions Act (Vic) 2000 recognises written electronic communication. A verbal phone call alone is weaker evidence; best practice is to get it confirmed in writing before you act on it.

A bid is an offer, not a contract by itself. It becomes binding once the auctioneer accepts it — traditionally on the fall of the hammer (Payne v Cave; British Car Auctions v Wright) — but a signed written contract is still needed for full enforceability (Instruments Act s126).

No - that's a separate issue under section 55 of the Estate Agents Act (restrictions on agents/family buying agency-listed property). A co-owner means a joint tenant, whether at law or in equity or a tenant in common, whether at law or in equity.

To be enforceable it needs to be in writing and signed on a contract (Instruments Act s126). Although, the fall of the hammer does form a contract in principle (bid = offer, hammer = acceptance).

10% is the traditional deposit. It exists to protect the vendor — if the purchaser defaults, the vendor can forfeit the deposit (Sale of Land Act ss35, 35-4), and it's held in trust pending settlement (Estate Agents Act s59). There's no rule fixing it at exactly 10% (only off-the-plan sales are capped at a 10% maximum, s9AAA), but collecting a solid deposit on the day protects the vendor if the sale falls through.

Yes. Phone bidding is common and permitted, provided the person bidding on the absent buyer's behalf has clear written authority, and the auctioneer/agent is satisfied the bid is genuine. The same rules against dummy and late bids still apply.

Not necessarily, under current law. Agents must give buyers a price estimate based on three genuinely comparable sales, and can't advertise below that estimate (underquoting laws) — but the vendor can still set the reserve later, up to and including auction day, and it can end up above the quoted range.

No. Under the Sale of Land Act 1962, purchases at a publicly advertised auction are exempt from Victoria's 3-business-day cooling-off period. The exemption also covers a sale signed within 3 clear business days before or after the advertised auction date.

The reserve should be recorded in writing on the vendor's signed authority, dated and timed.

Depends on how you're engaged. Fee/independent auctioneers not employed under the hiring agency's licence must hold their own professional indemnity and public liability insurance. Agents' representatives genuinely employed by that agency are typically covered under its policy. Rule of thumb: never conduct an auction without insurance in place. As an independent auctioneer, best practise also suggests that prior to the auction, request a copy of the certificate of currency of the Agency's Professional Indemnity policy who you are representing.

There's real exposure for independent/fee auctioneers. Ask the agent upfront whether any offers have been made or rejected, so you're not caught up in under-quoting or non-disclosure issues you weren't aware of. You also carry your own duty under s12 of the Sale of Land Act 1962, separate from the agency's conduct. The Auctioneer controls and is responsible for the auction from Conditions of Auction being made available before the auction starts to knocking down the property or withdrawing the property.

Display the auction rules for public inspection at least 30 minutes beforehand, audibly read the rules in English, and call for bids — then formally pass the property in if it doesn't sell. Skipping these steps risks the auction being treated as not properly conducted and if the property is sold post auction and there was no auction conducted, the buyer is entitled to Cooling Off.

For at least 30 minutes before bidding starts, at the auction site, the auctioneer must display: the correct set of auction rules (one of Schedules 1–4, depending on whether vendor or co-owner bids apply) + the prescribed information statement (Schedule 5) summarising the law + the contract of sale and any other special conditions

Under the Sale of Land (Public Auctions) Regulations 2024: Schedule 1 – General rules: no vendor or co-owner bids permitted. Schedule 2 – Rules where one vendor (co-owner) intends to bid to purchase. Schedule 3 – Rules where some vendors (co-owners) intend to bid to purchase. Schedule 4 – Rules where all vendors (co-owners) intend to bid to purchase. Schedule 5 – The prescribed information statement explaining auction laws to the public (not a rule set — it's the consumer information sheet). The auctioneer must select and display whichever of Schedules 1–4 matches the actual bidding arrangement for that sale, plus Schedule 5 in every case.

The buyer is already legally bound from the fall of the hammer, whether or not they physically sign. Refusing to sign is a breach of contract - the vendor can pursue remedies including keeping the deposit, suing for damages, or (in limited circumstances) reselling the property and claiming any shortfall from the defaulting buyer.

You risk losing some or all of it. Since auction contracts are unconditional, failing to settle is a default - the vendor can typically keep the deposit (or claim it via the stakeholder) and may pursue further damages if the shortfall on resale is greater than the deposit held. Default clauses can be found in the General Conditions of a Contract of Sale.

It is illegal to accept a late bid. The auctioneer must first invite the highest bidder to negotiate with the vendor. Only if that doesn't lead to a sale can the agent then consider offers from others, including someone who tried to bid after bidding stopped.

This is a genuine late bid, and it's illegal for the auctioneer to accept it. The Sale of Land Act prohibits an auctioneer from taking any bid or offer once the property has been knocked down — the sale to the successful bidder is already binding at that point. An agent or agent's representative who hears a late bid must not even pass it on to the auctioneer, the vendor, or anyone else. Note: if the successful bidder or the vendor then refuses to sign the contract of sale — at that point, the auctioneer can accept a late bid or the agent can pass it on for a private sale, or reopen the auction at the last undisputed, since there's no longer a binding contract standing in the way.

In Victoria, legal risk for damage to the property generally stays with the vendor until settlement, unless the contract's special conditions say otherwise (this differs from some other states). Even so, it's prudent for a buyer to arrange their own building insurance from the day of sale, since special conditions can shift risk earlier and disputes over damage before settlement can otherwise be complicated. Speak to your lawyer/conveyancer to get their advice.

A buyer's advocate (or buyer's agent) is a licensed professional engaged by a buyer to research, negotiate and/or bid on their behalf. They can bid at auction provided they have clear written authority from the buyer they're representing.

Section 32 vendor statement and contract of sale finalised and available for inspection (min. 3 clear business days before auction) Correct Schedule of auction rules (1–4) selected and printed, plus Schedule 5 information statement (displayed side by side) Reserve price confirmed and agreed in writing with the vendor Vendor/co-owner bidding intentions clarified (affects which Schedule applies) Auctioneer briefed on special conditions, title issues, and any building/pest disclosures Marketing and price guide checked for underquoting compliance On-site logistics: signage, PA/sound system, seating/standing space, weather contingency Staff roles assigned: auctioneer, agent, penciller/scribe, registration table (if used) Identification/registration process agreed (even though not legally mandatory) Phone/online bidder arrangements tested in advance, with written authority on file Crowd safety and traffic management plan, especially for street-front auctions Contracts, pens, deposit payment facilities (EFT/cheque) ready for immediate signing

A sale conducted by a lender (mortgagee) using their power of sale after a borrower defaults on their loan. The mortgagee is named as vendor instead of the registered owner. Properties are typically sold "as is," with no vacant possession or condition warranties.

A sale conducted by a receiver appointed over a company's assets (often by a secured creditor under a security agreement, or by a court) when the company has defaulted on its obligations. The receiver acts as agent for the company to sell assets — which can include real property, business assets, plant and equipment — to repay the appointing creditor. Like mortgagee sales, receiver sales usually have limited warranties/disclosure and are sold on an "as is, where is" basis.

It's a legally required disclosure statement covering title, zoning, easements, outgoings, owners corporation details and other key matters. The vendor must make it available to prospective buyers before the contract is signed, and it must be available for inspection at the auction site.

A bid placed by the auctioneer, on behalf of the seller, to help move bidding toward the reserve price. It must be clearly and audibly announced as a vendor bid each time it's made, and the auctioneer must have told the crowd before bidding started that vendor bids may occur. A property can never be sold on a vendor bid — it only exists to advance the price.(Invitation to TREAT)

An auctioneer's call for bids is only an invitation to treat — not an offer itself. The bidder's bid is the offer; it only becomes binding once the auctioneer accepts it, traditionally at the fall of the hammer.

An unfair term creates a 'significant imbalance' in the parties' rights — e.g. giving one bidder a 5% deposit or 120-day settlement and refusing the same terms to others. 'I was just following my vendor's instructions' isn't a full defence: agency conduct rules require instructions to be lawful, so you can still be exposed for creating an unfair term even where the vendor told you to.

A dummy bid is a fake bid made by someone with no genuine intention to buy, used to artificially push up the price. It's a criminal offence under the Sale of Land Act 1962, carrying significant penalties for the auctioneer, agent, or anyone who arranges it. This is distinct from a vendor bid, which is legal only when made by the auctioneer on the seller's behalf and clearly announced as such.

Under the Sale of Land (Public Auctions) Regulations, a "co-owner" simply means: where a property being auctioned has two or more vendors, each of those vendors is a co-owner of the property. If one, some, or all of those co-owners intend to bid at the auction to buy the property from their fellow co-owner(s), that's what determines which Schedule of rules applies (Schedule 2, 3 or 4) — and those co-owner bids must be made personally or through a representative, never through the auctioneer.

The auctioneer must display the correct Schedule (2, 3, or 4, depending on how many co-owners intend to bid) and announce, before bidding starts, that a co-owner intends to bid to purchase from their co-owner(s) - so other bidders know one participant has an ownership stake in the property.

Persistent, repeated low counter-bids against your stated increment can be treated as disruptive under s47, but it's a judgement call on the day — a single low bid isn't automatically disruptive, and genuine questions are protected (Sale of Land Act 1962 (Vic) s47(6)).

Land transfer duty is generally paid within 30 days of settlement (not the auction date) - in practice it's usually calculated and paid electronically by your conveyancer/solicitor as part of settlement via the State Revenue Office's Duties Online system.

The vendor (seller), under the agency agreement signed before the campaign begins - not the buyer.

Primarily the selling agency/auctioneer running the event, who owe a duty of care to attendees under general occupational health & safety and public liability principles — covering things like safe standing areas, clear sightlines, and crowd control, especially for street-front auctions. The vendor (as property owner) also carries some responsibility for the condition of the premises. For auctions affecting public land (footpaths, road closures), a council permit and, for large crowds, police notification may also be required.

Let's find out, send us an email. We have ongoing relationships with many established Melbourne agencies. Ask your principal or sales manager — they may already know us.

We welcome feedback from all of our customers. You can convey your thoughts and observations directly to your auctioneer or via The Auction Company administration team by phone or email. Your opinion matters and we welcome it.