Making an offer

Buying at auction in Victoria

The VIC auction rules from registration to the fall of the hammer: vendor bids, the reserve, the deposit, cooling-off and what happens if a property is passed in, each cited to Consumer Affairs Victoria.

VIC auction rules at a glance

Cooling-off: None at auction, or on a pre-auction offer accepted less than three clear business days before it (Consumer Affairs Victoria, verified 30 Jul 2026).

Rules as at the date on each citation, from Consumer Affairs Victoria.

Registering to bid

Before bidding starts, the auctioneer must tell bidders that bids won't be accepted after the fall of the hammer, that bidders will be identified on request, that false bidding or disrupting an auction is illegal, and whether vendor or co-owner bids will occur (Consumer Affairs Victoria, verified 30 Jul 2026).

Consumer Affairs Victoria's auction page describes no step where you register before bidding.

The contract and its conditions

The auction rules and the auction information statement must be on display at the auction for at least 30 minutes before it starts (Consumer Affairs Victoria, verified 30 Jul 2026).

You can't make the contract subject to further conditions, such as finance or a longer settlement period, unless the seller agrees (Consumer Affairs Victoria, verified 30 Jul 2026).

From 1 June 2027, agents must make the Section 32 vendor statement available at least 14 days before an auction (Consumer Affairs Victoria, verified 27 Sep 2026).

The reserve price

For auctions and fixed-date sales held on or after 16 October 2026, the agent must publish the seller's reserve price at least 7 days before, as a single dollar amount; if it hasn't been published in time, the auction can't go ahead (Consumer Affairs Victoria, verified 27 Sep 2026).

The seller can still change the reserve, up or down, but any change restarts the 7-day period (Consumer Affairs Victoria, verified 27 Sep 2026).

These rules apply to residential auctions run by an estate agent, not to sales run by the owner without an agent (Consumer Affairs Victoria, verified 27 Sep 2026).

Once bidding reaches or is close to the reserve, the auctioneer may confirm with the seller that the property is 'on the market': it will now sell to the highest bidder (Consumer Affairs Victoria, verified 30 Jul 2026).

Vendor (seller) bids

A vendor bid can only be made by the auctioneer and must be announced when made; the arrangements must be in the auction rules on display and announced at the start (Consumer Affairs Victoria, verified 30 Jul 2026).

A co-owner who genuinely wants to buy may bid from the crowd, personally or through a representative, but not through the auctioneer (Consumer Affairs Victoria, verified 30 Jul 2026).

Dummy bidding

Dummy bidding, a false bid made up by the auctioneer or a bid accepted from a non-genuine bidder to influence the price, is illegal and attracts significant penalties (Consumer Affairs Victoria, verified 30 Jul 2026).

When the hammer falls: signing and the deposit

There is no binding contract until both buyer and seller have signed the contract of sale in the terms displayed before bidding (Consumer Affairs Victoria, verified 30 Jul 2026).

Victorian law sets no deposit amount, but it is usually 10% of the price (Consumer Affairs Victoria, verified 30 Jul 2026).

The deposit is held in trust by the seller's agent, conveyancer or legal practitioner until settlement, and can be released to the seller earlier only if the buyer agrees (Consumer Affairs Victoria, verified 30 Jul 2026).

Cooling-off

There is no cooling-off period for a property bought at auction, and none on a pre-auction offer accepted less than three clear business days before the scheduled auction (Consumer Affairs Victoria, verified 30 Jul 2026).

If the property is passed in

If bidding doesn't reach the reserve, the property is passed in. The highest bidder then gets the first right to negotiate with the seller; if they can't agree, the agent may approach another bidder (Consumer Affairs Victoria, verified 30 Jul 2026).

If the agent later advertises the property at the passed-in amount, they must disclose whether that was a vendor bid (Consumer Affairs Victoria, verified 30 Jul 2026).

For how auctions run everywhere, and every state side by side, see buying at auction in Australia. For cooling-off, the contract, the deposit and settlement on a private sale too, see buying a home in Victoria.

Common questions

Is there a cooling-off period at auction in Victoria?

There is no cooling-off period for a property bought at auction, and none on a pre-auction offer accepted less than three clear business days before the scheduled auction.

What do I sign and pay when I win an auction in Victoria?

There is no binding contract until both buyer and seller have signed the contract of sale in the terms displayed before bidding.

How do vendor bids work in Victoria?

A vendor bid can only be made by the auctioneer and must be announced when made; the arrangements must be in the auction rules on display and announced at the start.

Practical checklist

Before an auction in Victoria

• Finance approved for this property and your limit, not just pre-approval in principle
• Building and pest inspection, and strata records for a unit, done before the day
• Contract and vendor disclosure read by your conveyancer or solicitor, with any changes asked for in writing before the auction
• Your walk-away limit written down, and the bidding plan for whoever bids
• Proof of identity for registration, and a letter of authority if bidding for someone else or a company
• The deposit ready in a form the agent accepts, confirmed with the agent beforehand
• Arrive early to read the rules or conditions on display and hear the auctioneer's opening statements
• If you win: get a copy of the signed contract, tell your lender, and arrange insurance from the date your contract says

Questions for a professional

• Is there anything in this contract or the conditions of sale I should ask to change before the auction?
• What happens to my deposit if my finance falls through after I win?

Official resources

• Consumer Affairs Victoria: buying property at auction

Sources and methodology

• Buying property at auction — Consumer Affairs Victoria (retrieved 30 Jul 2026, last checked 7 Aug 2026). Licence: CC BY 4.0
• New changes to property sales and underquoting laws | Consumer Affairs Victoria — Consumer Affairs Victoria (retrieved 27 Sep 2026). Licence: CC BY 4.0
• Consumer Legislation Amendment Act 2026 (Vic), No. 36 of 2026 — Act as made — Parliament of Victoria (retrieved 27 Sep 2026). Licence: Victorian legislation — free reuse per legislation.vic.gov.au copyright notice
• Industry Q&As: New changes to property sales and underquoting laws | Consumer Affairs Victoria — Consumer Affairs Victoria (retrieved 27 Sep 2026). Licence: CC BY 4.0

Figures on this page are drawn from Delora's local knowledge graph, refreshed from these primary sources and checked for changes on a regular schedule. If a figure here looks out of date, the official source above is always the authority — please let us know.