An auction needs clear preparation and an understanding of the applicable rules.
Know the NSW rules
The auctioneer may make one announced vendor bid, not two. Dummy bidding is illegal. Buyers must register and prepare for an immediate commitment; there is no cooling-off period at auction or same-day exchange after a pass-in.
Plan for a pass-in
The reserve and campaign do not guarantee sale on the day. The highest bidder may be approached first but has no automatic statutory right to negotiate or buy on their terms. Finance, inspections and contract review should be completed before bidding. Sellers should discuss realistic next steps with the agent.
