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

Yes — your agency agreement can typically be amended to change the method of sale if both parties agree. If the auction hasn't been publicly announced and a date hasn't been set, changing to private treaty is relatively simple. Once auction advertising is in market, changing methods mid-campaign is possible but involves some disruption to the buyer communication that has already occurred. Discuss any change of method with your agent before making any external announcements.

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

If bidding doesn't reach your reserve price, the property is "passed in" to the highest bidder, who has the right of first negotiation. Your agent immediately begins negotiating with the highest bidder to close the gap between the highest bid and your reserve. In a well-run inner-Sydney campaign, post-auction negotiation typically produces a result within 24–48 hours when the gap is manageable. If it isn't, the property transitions to private treaty and all buyers can make offers.

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

No. Auction sales in NSW exchange unconditionally at the fall of the hammer — there is no statutory cooling-off period for properties sold at auction. This is one of the key advantages of auction for vendors: once the hammer falls, the sale is binding on both parties. For private treaty sales, a five-business-day cooling-off period applies (unless waived by agreement), during which the buyer may withdraw subject to a 0.25% penalty.

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

Your reserve price is the minimum price at which your property will be sold at auction — it is a legally binding threshold that the auctioneer cannot ignore. It should be set the day before or morning of auction, after the campaign is complete and you have your agent's current read of registered bidder positions and likely price range. Setting the reserve too high risks a passed-in result; setting it too low risks selling below where competitive bidding would have driven the price. Your agent's guidance on reserve is one of their most important pre-auction inputs.

Auction vs Private Treaty: Which Method of Sale Is Better for Inner-Sydney Vendors?

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 Hills, Darlinghurst, Paddington, Potts Point, and the inner-east suburbs in 2026.