Can I change my mind about the sale method after signing with an agent?

Yes. In most cases, the agency agreement can be amended if both parties agree. Changing from auction to private treaty is generally straightforward before advertising begins. Once an auction campaign is underway, changing methods is still possible, although it may require updated communication with buyers already engaged in the process.

What happens if my property doesn't sell at auction?

If bidding does not reach the reserve price, the property is passed in. The highest bidder is usually given the first opportunity to negotiate with the vendor immediately after the auction. Where the gap between the highest bid and the reserve is reasonable, a successful outcome is often achieved through post-auction negotiation. If not, the property typically transitions to private treaty and remains available for offers.

Is there a cooling-off period for auction sales in NSW?

No. Properties sold at auction in NSW exchange unconditionally at the fall of the hammer. There is no statutory cooling-off period. Private treaty sales generally include a five-business-day cooling-off period unless it is waived by agreement, during which a purchaser may withdraw and forfeit 0.25% of the purchase price.

What is the vendor's reserve price and how should I set it?

The reserve price is the minimum amount at which you are prepared to sell the property. It is normally finalised shortly before the auction, once buyer interest, registered bidder numbers and market feedback have been fully assessed. A reserve set too high can increase the risk of the property being passed in, while a reserve set too low may limit the benefit of competitive bidding. This is where an experienced agent's assessment of buyer sentiment and likely bidding behaviour becomes particularly important.

Auction or Private Treaty? Choosing the Right Selling Strategy for Inner-Sydney Properties

Auction vs private treaty for inner-Sydney property sales — which is better? Space Property Agency explains when each method works best for vendors in Surry…