There are two main sale methods used in NSW: auction and private treaty. Each has different timeframes, buyer behaviour and legal rules.
The right choice depends on the property, the market segment and how flexible you are on price and timing.
How auction works
An auction is a public sale on a fixed date, with a reserve price set by the seller. Buyers must be unconditional, there is no cooling-off period for auction purchases in NSW.
Auction campaigns are typically four to six weeks and include scheduled open homes leading up to the auction day.
How private treaty works
Private treaty (also called 'sale by negotiation') lists the property with an asking price or price guide. Buyers submit offers and the seller can accept, reject or counter.
Buyers in a private treaty sale have a five-business-day cooling-off period after signing the contract, unless they waive it with a Section 66W certificate.
Which suits your property
Auctions tend to suit properties with broad appeal, unique features, or in segments where there is strong buyer competition.
Private treaty often suits properties where price discovery is easier, where the seller wants more flexibility, or where the local market favours negotiation over public bidding.
References
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