How PropertyBid works

Auction types

There are 2 types of auctions. Online or Hybrid auctions

Online auctions are purely online timed listings where there would not be an auction taking place in person, and registered bidders bid only online, in the last 10 minutes of the auction time the platform will emulate an auctioneer and extend the timer if a bid is placed before the end of the timer. More details on auction end time here FAQ's

Hybrid auctions are a combination of in-person and online auctions, where a live video stream to the auction place can be viewed by online bidders who can participate in the auction by bidding online, the auction timing is managed by the auctioneer person in room.

How does online bidding work

As a bidder, once you are registered on propertybid.com.au, you will be required to verify your contact details and identity.

We respect your privacy and will keep your information confidential. For more information please refer to our privacy policy

Bidding Deposit

To make our platform reliable, unless auctioner chooses not to take deposits, most online bidders are required to put a 0.5% bidding deposit of their maximum bid amount as a bond on hold in our trust account, example a $4000 deposit will let you bid up to $800,000.

You can use the same deposit to bid on multiple properties as long as your combined winning bids do not go over the bidding limit of your deposit balance.

An example, if you put a $5000 deposit, your bidding limit is $1,000,000, if you place a bid of $600,000 on a property and you are the current winner, you can only place a bid of up to $400,000 on a different property. If you get outbidded on the first property $600,000 will be added to your bidding limit to be used on any property auction

You can view your bidding limit and how much you used on bids in your profile page

You can withdraw your deposit anytime if you are not the winner of an auction, by going to Profile > Deposit > Transactions History, and click on withraw next to the deposit that you wish to withdraw back.

After you win an auction

Once the auctoin ends, if you are the highest bidder you will be required to sign the contract of sale and put the purchase deposit as per the contract terms.