Auctioning a property has a number of advantages for both buyer and seller.  The main advantage is that much of the trauma and delay associated with buying and selling property by private treaty is eliminated, as the dates of both the auction and completion are fixed.  Secondly, the transparency of auction means that a buyer can clearly see what is happening and can decide whether or not to bid, with all potential buyers having the same opportunity to acquire the property.  The contract becomes binding on the fall of the auctioneer's gavel with completion taking place normally within 28 days.

From the seller's point of view, if there is likely to be strong competition between would-be buyers, this method of sale is an excellent way of achieving a PREMIUM PRICE.

Although the auctioneer acts on behalf of the seller, to whom he owes a duty of care, best advice and confidentiality, he is also bound to provide accurate information to the bidders, keeping them informed of any changes right up to the moment of the auction.