New legislation which came into effect around this time last year requires all people bidding at an auction to provide their names, addresses and proof of identity before the auction.

This information must be provided for your bid to be accepted during the auction.

The auctioneer will record the details in a bidders’ register and provide you with a bidder number. This number must be displayed when you make a bid during the auction.

You do not have to bid just because you have registered, but you must be registered if you intend to bid.

Tips on how to bid at auction

• Make sure the auctioneer can see you. You should hold up your bidder number and call out your bid in a clear, audible voice.

• You can call out an exact amount (for example, $260,000) or indicate the amount by which you wish to increase the previous bid – for example, “Another $10,000”.

• If the auctioneer calls the incorrect amount or misinterprets your bid, call out to him/her and clarify the bid with them immediately.

Auctioneers are unable, by law, to provide advice to prospective buyers before the auction on whether a reserve price has been set or what that reserve price is.

At the start of the auction, however, the auctioneer will announce if the property is to be sold with or without a reserve price.

When bidding at an auction, remember that if you are the successful bidder, you will be required to sign the contract of sale and pay a deposit on the spot. There is no cooling-off period when you buy at auction.

For a full copy of the REIQ’s “A bidder’s guide for residential property in Queensland”, go to: www.reiq.com.au/buySellRent/sellMethods.asp.