Private Treaty
A standard residential property transaction is known as a Private Treaty sale. This is when the vendor, or home owner, sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.
Buying at Auction
An auction is a public sale conducted by a licenced auctioneer and is governed by strict rules. There is a reserve price, which is essentially the minimum the home will sell for - if bids surpass the reserve and you are the highest bidder, you have to sign the contract right there and then.
Buying by Tender
An auction is a public sale conducted by a licenced auctioneer and is governed by strict rules. There is a reserve price, which is essentially the minimum the home will sell for - if bids surpass the reserve and you are the highest bidder, you have to sign the contract right there and then.
Buying property off the plan
An auction is a public sale conducted by a licenced auctioneer and is governed by strict rules. There is a reserve price, which is essentially the minimum the home will sell for - if bids surpass the reserve and you are the highest bidder, you have to sign the contract right there and then.
For more detailed information, the Housing NSW A-Z Guide to Purchasing Your Home is an excellent resource. Using a real estate agent is also an important part of this process - your local Innerwest Property representative is ready and willing to help you find your first NSW property.