Buying property at auction in Queensland

Buying property at auction in Queensland differs from other countries and even states. In Queensland, there is no cooling off period for buying at auction so it’s important you consider a number of things before bidding on a property at auction.

In Queensland, if you are the successful bidder at an auction you must go through with the contract even if:

  • You change your mind
  • The house does not pass inspections such as building or pest
  • You cannot afford the property.

In other words, the terms of sale will generally mean you are bidding on an unconditional basis.

Seen a property you like? Visit your local branch or phone 13 14 22 to get a FREE property report now.

To help you out, we've put together this handy infographic on what to do before you attend the auction:

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What to do before you attend an auction in Queensland

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* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

The information provided is intended as general information only. Blogs have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision.  Please consider the Guide to Heritage Deposit Products (available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. Conditions, Criteria and Fees apply.