Buying at Auction in NSW — The No Cooling-Off Checklist

Auction is different from private treaty

If you are the highest bidder when the hammer falls, you must be ready to sign the contract and proceed with the purchase.

NSW Government guidance is clear: there is no cooling-off period when you buy at auction. There is also no cooling-off period if contracts are exchanged on the same day after the property is passed in.

Before auction day

• Confirm with your lender what you can borrow and what your total buying budget is.

• Ask your solicitor or licensed conveyancer to review the contract.

• Inspect the property and organise building and pest reports where appropriate.

• For strata property, review a strata report as well.

• Know the deposit requirement. A successful bidder usually pays a deposit on the spot, commonly 10%.

Bid with a limit, not emotion

Set your maximum before the auction starts. Your maximum should come from your finance position and the evidence on the property—not from the last person bidding against you.

Australia Buyer Roadmap: https://www.eltnetwork.com/post/buy-property-australia-2026-buyer-roadmap

Message AUCTION with the property link before auction day if you want help organising the due-diligence checklist.

Thao Pham | Sydney | 0452 526 888 | info@eltnetwork.com | Class 1 Licensed Real Estate Agent — Licence No. 20375265

General property information only. Have your solicitor/conveyancer explain your contract and obligations before bidding.

Source

NSW Government — Buying property at an auction, updated July 2026.