"I can only say how fortunate I was that the house I wanted to buy was being sold through HUM & FEA Realty, and Ruth Fea was the person I worked through..." Jon Woods

How Are Auctions Regulated?

Auctions are a recognised and widely used form of selling. Not just property, but livestock, household goods and cars are auctioned, just to name a few. Each state and territory in Australia has their own set of regulations governing auctions, designed to protect both the vendor and purchaser.  When you purchase a property at Auction in Queensland the Terms and Conditions of Sale by Public Auction form part of the Contract of Sale.
The Real Estate Institute in each state and territory sets down guidelines detailing their code of practice for the industry. By ensuring your chosen agent is a member of the Institute, you can guarantee a high standard and an auctioneer who will adhere to each and every regulation.
Not many complaints are made about auctions in Australia, however if you do have any problems, contact the Real Estate Institute in your state who will be able to refer you to the relevant authority. To find your state’s Real Estate Institute visit www.reiaustralia.com.au.