Understanding how Auctions work
A property auction is a fast-paced, public sale. The property is sold to the buyer with the highest bid after the seller’s reserve price is reached. Auctions bids are open so you know what everyone else is bidding. If you haven’t been to an auction before, it’s a good idea to attend one as a spectator so you can see how they work.
You can visit settled.govt.nz and learn more about buying by auctions here: https://settled.govt.nz/auction
About settled.govt.nz:
Guiding Kiwis through home buying and selling
Settled.govt.nz is brought to you by the Real Estate Authority (REA), the independent government agency that regulates the New Zealand real estate industry.
Our aim is to promote and protect the interests of consumers involved in real estate transactions, and to promote a high standard of professionalism and service in the real estate industry.
Settled.govt.nz provides comprehensive independent information and guidance for home buyers and sellers. It'll help you feel more in control and help to get you settled.
You can visit settled.govt.nz and find out more about the home buying and selling process: https://settled.govt.nz/
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