When people think of property auctions, they picture bidders, a hammer, and a quick sale. But as Rick Meros of Professionals CPRE explains, there’s far more to the process. “There’s auctions and there’s auctions,” he says. Some are quick and transactional, others are slow and consultative, taking an hour or more as buyers and vendors negotiate in separate rooms. Either way, the value of an auction extends before and after the big day.

Finding the real buyers

One of the strongest advantages of auctions is that they draw out the most serious, unconditional buyers. These are the people ready to act, not just test the waters. With limited time and energy, focusing on genuine buyers prevents wasted effort. “If they’re there and raising their hand, they’re real,” Rick explains.

Preparing with clear feedback

In the weeks leading up to the auction, open homes and follow-ups generate vital feedback. Rick and his team use vendor reports to show how many people viewed the listing, how many attended open homes, and how many expressed interest. By the time reserve prices are set, decisions are based on real numbers rather than guesswork. Sometimes this means adjusting expectations upward, as buyers reveal stronger demand than initially expected.

When the hammer doesn’t fall

Not every property sells under the hammer, and that’s fine. Auctions still deliver clarity by showing exactly how the market values your home. If bidding stops short of reserve, you’ve gained a benchmark grounded in buyer behaviour, not speculation. From there, you can move into a multi-offer situation or list with a clear asking price, confident it reflects genuine demand.

Why auctions create leverage

Auctions put buyers in a competitive environment, which often draws out their highest offers. Even if the result is reached through post-auction negotiation, the process has already filtered and motivated the strongest prospects. Sellers can move forward knowing they’ve tested the full depth of the market.

Ending in confidence

Whether the outcome is a sale on the day or a clear price guide for what comes next, auctions provide certainty. As Rick puts it, the beauty is that “either sale, champagne, or no sale, price, and then champagne.” For homeowners, that means whatever the hammer brings, you walk away with valuable insight and a clear path forward.

Disclaimer: This article is based on a podcast featuring insights from experienced professionals and is intended for general information and inspiration only. While we aim to share valuable guidance, please seek personalised advice from qualified professionals before making decisions about your property, finances, or renovation plans.