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In Queensland, an auction has no price guide by law

Agents cannot give you a price guide for a Queensland auction, and the seller can bid up to the reserve.

It is illegal for a seller or agent to give a price guide for a Queensland auction. Vendor bids are allowed up to the reserve and must be announced.

In Queensland, it is illegal for a seller or their agent to give you a price guide for a property going to auction, because nobody can know how high bidding will go.

So you have to work out the value yourself, from recent sales of similar homes nearby.

On the day, the seller or the auctioneer for them can bid up to the reserve price, and the auctioneer must announce each vendor bid. A bid for the seller after the reserve is reached is an illegal false bid.

There is no cooling-off period at auction, so your finance, inspections and contract review need to be done before the day.

Questions to ask

  • Will vendor bids be used, and will each one be announced clearly?
  • Can my solicitor or conveyancer review the contract before the auction?

Check it yourself

  • Research recent sold prices of similar properties nearby.
  • Watch a few Queensland auctions before you bid at one.

Source: Queensland Government: Buying property at auction

General education. Not legal, financial or engineering advice, and it says nothing about any specific property.

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