Different Methods to Buy Property in Australia
                          WELCOME  
   TO
Different  Methods 
to  Buy Property  in 
Australia
Buying a property anywhere in the world is a lengthy process. Apart from emotional and 
mental  approval, you will have to go through various other major steps like extensive 
research, deep evaluation,  smart negotiation, and then finally making a purchase.
Oh! Wish the process was as easier as it seems in the first paragraph. But the 
reality is that buying a  home requires you to follow some steps in the order such 
as
Determining the 
budget  Saving for 
the house deposit
Finding the best 
home loan rate
Looking for the ideal 
property/house to buy  Negotiating
Making a purchase and settling 
down
Getting your house and your 
belongings insured
You can run through the above steps smoothly if you hire the right real estate agent. 
Having a real estate  agent by your side will prove to be a boon. One of the topmost 
benefits of hiring a real estate agent is  that you stay stress-free throughout the 
process. Everything from A-Z is handled by your real estate  agent. If you are thinking to 
buy a property in Australia, reach out to the licensed real estate agents in  Hampton 
Park
Selling Property Through Auction
An auction is defined as the event of a sale where potential buyers 
put  competitive bids on assets either in an open or a closed format.
This is one of the most famous methods of selling a 
house or any  other service.
Here the goods and services are sold to the highest 
bidder. In  simple words, the one who is up to pay the 
most takes over the  deal.
Many people prefer buying through auction because they 
believe  they will get a good deal on assets or homes 
they are looking  forward to buying.
As a first home buyer, here are some of the important 
things that  you must know:
Only a licensed real estate agent conducts an 
auction.  It is conducted following strict rules 
and regulations.
The rules are different for different areas. So, you 
must know  about yours.
The Auction Process
The auction process is carried out in steps.
As a buyer, you must reach out to your real estate 
agent and  ask him/her to make a pre-auction offer to 
the owner.
The auction offer will contain all the information like the amount you 
 are willing to pay. Then submit it a week or two before the auction  
day.
Register your bid on the auction day to start the 
bidding  process.
After registration, each bidder is given a bidder card 
with a  number that is used to identify all 
participants.
The owner or the seller will set a minimum reserve 
price for  the property.
Next, the bidders call out their bids. Each bid is 
higher than  the subsequent bid. The bidders raise 
their bid cards to  announce their bid price.
The one who agrees to offer the highest bid is given 
the asset.
Benefits of Buying a Home 
Through  Auction
Auctions are an efficient way to buy property at a 
competitive  and potentially highest price.
Saves time as you do not have to go through a 
lengthy sales  process.
Auctions are a good way to land a bargain.
Private Treaty
This is a type of selling where the owner of the 
property sets a  price they want for the property. The 
price is fixed after  conducting market research and 
discussions with the real estate  agent. For instance, 
the real estate agent in Narre Warren  negotiates with 
each and every party who shows interest in  buying 
the property. The owner closes the deal with the one 
who  is willing to offer a great price.
A private treaty is also called a ‘private sale’. In this 
method, the  property is open for sale on the market 
throughout the time  property is listed. This method 
enables the seller to get  interested buyers through 
the time the property is listed for sale.  The owner can 
also extend the time period.
Process of Private Treaty
This type of selling includes the following steps:
The seller or the real estate agent in Hampton Park will list the 
property for sale at a  predetermined price as said above.
Interested buyers make offers on the property.
The real estate agent or the seller will negotiate with the buyers for the right 
price and settle the  contract conditions.
Both seller and buyer agree on the price and the contract 
conditions.  Contracts are reviewed by conveyancers and 
solicitors.
The contract is signed by both the seller and the 
buyer.  The buyer pays a deposit and the cooling-
off period starts.
The cooling-off period is the time when both buyer and seller settle their differences before 
taking any  further action.
After the settlement is made, the cooling-off period ends and the contract is 
binding.
Benefits of Buying a Property Through 
Private Treaty
You or your real estate agent can make a conditional offer.
This may mean that you agree to buy the property, but your offer is subject to 
conditions
— like getting your finance approved, or the home getting a satisfactory 
building and a  pest report.
Selling Through Tender and  
Expression of Interest
These two selling methods are almost similar to 
the private  treaty. But these are usually used for 
premium properties.
Both these methods are formal and require written 
offers which  are passed through your real estate 
agent to the owner of the  property.
Expression of Interest
You must send an ‘expression of interest’ document to 
be sent in  by a specific date.
It is an opportunity to present yourself in a clear 
manner through  a professional document. It presents 
you with a chance to  provide information and 
demonstrate your interest, suitability,  and availability 
in relation to the position. In the EOI, the  property 
price is not advertised.
Tender
In the case of tender, the buyers or their real estate agents in Hampton 
Park need to  submit a formal proposal as a response to the seller’s 
tender price. In this method, the  buyers compete against one another 
and submit the offer. But neither of the buyers  knows what each of them 
is offering. This is also called a silent auction. In this case, too,  the 
property is sold to the highest bidder.
Looking for real estate agents in Hampton Park, or nearby suburbs? 
Contact the best real  estate agent, Manny Singh, and get all your real 
estate needs covered.
GET IN TOUCH  
3 Withers Ct, Pakenham VIC 3810, Australia
+61 423 277 447
[email protected]
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