In Australia, property auction rules differ by state. In Queensland, real estate agents who provide price guides for auction properties may raise concerns. Conversely, in Victoria, failing to provide a price guide for an auction property can result in significant fines. Australian state boundaries represent not only geographical divisions but also distinct legal frameworks for real estate sales.

The regulations governing property auctions vary across states, leading to different practices in each jurisdiction. Let's explore the specific rules for property auctions in Australia, noting the variations based on state or territory.

General Rules Across Australia:

• Auction sales are final with no cooling-off period.
• Dummy bids, or fake bidding attempts, are prohibited.
• When bidding reaches the seller's minimum (reserve) price, the property is considered "on the market."
• The top bidder gets the first chance to negotiate if the reserve price isn't met.
• A deposit is required, and contracts are signed immediately following an auction sale.
• Announcements are necessary for bids made on behalf of the vendor.

Queensland Specifics:

• There's no cooling-off period if a private treaty contract is signed within 48 hours of a passed-in auction or if the buyer was a registered bidder at that auction.
• It's unlawful for sellers or agents to provide price guides. Even if a property is listed with a price on a website, it must include a disclaimer stating that this isn't a guide.
• State laws mandate that buyers must register and receive a unique identifier, like a numbered paddle, to bid at the auction. Only registered bidders are permitted to participate on the auction day.