One of the first decisions you'll make when selling is how to sell. In Brisbane, most homes are sold either by auction or by private treaty (a sale with an asking price or price guide). Neither is always better. The right choice depends on your home, your suburb and your situation.
How auction works
Your home is marketed for a set campaign, usually around four weeks, leading up to a public auction on a fixed date. Buyers bid against each other, and if bidding passes your reserve price, the highest bidder buys the home on the day.
Why sellers choose auction
- Competition. Buyers can see each other bid, which can push the price up.
- A firm deadline. The fixed date creates urgency and a clear timeline.
- Unconditional sale. In Queensland, a home sold at auction is sold unconditionally, with no cooling-off period for the buyer.
Things to consider
- Buyers need their finance and inspections sorted before auction day, which can reduce the number of bidders.
- Auction campaigns can cost more to market.
- If bidding doesn't reach your reserve, the home is passed in and you negotiate with the highest bidder.
How private treaty works
Your home is listed with an asking price or price guide, and buyers make offers. We negotiate on your behalf until you accept an offer. Contracts can include conditions such as finance and building and pest inspections.
Why sellers choose private treaty
- Flexibility. You can accept an offer at any time and negotiate terms like settlement date.
- More buyers. Buyers who need finance or inspections can still make an offer.
- Privacy. Negotiations happen one-on-one rather than in public.
Things to consider
- Buyers in Queensland generally have a cooling-off period after signing a contract for residential property, currently five business days for most sales.
- Conditional contracts can fall over if finance or inspections fail.
- Without a deadline, some campaigns can take longer.
Which is right for your home?
Auction tends to suit homes that are hard to price, unique or in high demand, where several buyers are likely to compete. Private treaty often suits homes with plenty of comparable sales nearby, units, and markets where buyers need more time.
We'll talk you through both options at your appraisal, using recent sales in your suburb to show how similar homes have sold.
This article is general information only and isn't legal advice. Speak with your solicitor or conveyancer about your contract.
