Selling at auction in NZ: what you need to know

Selling your home by auction is a fast and popular method in New Zealand that creates urgency and competition among buyers. A key benefit is that bids are unconditional, simplifying the sale and making it legally binding once the hammer falls.

You will set a confidential reserve price with your agent. If bidding doesn't meet this, the property is "passed in," and you can immediately negotiate with the highest bidder. Attending is crucial for making these real-time decisions.