Private sale vs auction (and off market): what changes for you

Private treaty is the formal name for a private sale, and the Queensland Government describes it as the most common method there. The home is advertised, buyers make offers, and the price is negotiated, usually through an agent, with no fixed end date.

You decide the asking price, but how it is quoted is regulated. In Victoria, an advertised price must be a single figure or a range of no more than 10%, and not below the agent's estimated selling price or your asking price. In New South Wales, the agent's estimate must be reasonable and evidenced, a range can be no wider than 10%, and you can tell the agent not to disclose any price at all.

The buyer usually gets a cooling-off period after signing: three clear business days in Victoria, and five business days in New South Wales and Queensland. A buyer who cools off forfeits a small amount, such as 0.25% of the price in New South Wales. Western Australia is different: Consumer Protection WA says there is no mandatory cooling-off period for real estate contracts there.

An auction is a public sale at a set date, time and place. Before it, you set a reserve, the lowest price you are prepared to accept. In Queensland the reserve must be in writing, and if you set none you must accept the highest bid. What changes for you:

• No cooling-off. Victoria, New South Wales and Queensland all say buyers at auction have none, and each extends that to some sales just before or after auction day, such as a contract exchanged on the same day after a home is passed in, in New South Wales.
• A firm contract on the day. In Victoria the buyer cannot make the contract subject to conditions, and in New South Wales the successful bidder signs and pays the deposit, usually 10%, on the spot.
• Vendor bids are limited. In New South Wales the auctioneer can make one bid on your behalf and must announce it. In Queensland vendor bids can only be made up to the reserve and must be disclosed. In Victoria only the auctioneer can make a vendor bid.
• If bidding falls short. The home is passed in and the highest bidder generally gets the first chance to negotiate. In Victoria you would generally still pay the marketing costs and the auctioneer's fee, but not the agent's commission.

Price disclosure works differently too. In Queensland, an agent must not give buyers a price guide for an auction. In Victoria, for auctions held on or after 16 October 2026, the agent must publish your reserve as a single dollar figure at least 7 days beforehand, or the auction cannot go ahead.

So auction offers a deadline, a public contest and a firm result, while private sale offers time and flexibility on terms.

In an expressions of interest (EOI) campaign, buyers submit their best written offer by a closing date, then you consider them and accept one or none. Queensland describes the same idea as a sale by tender. Like an auction it has a deadline, but there is no public bidding, and you can weigh terms such as settlement date or conditions alongside price, rather than taking the highest bid.

The deadline now matters in Victoria. Consumer Affairs Victoria defines a fixed-date sale as any sale method where the seller sets a date and time by which buyers must make an offer, which describes most EOI campaigns, and the 7-day reserve publishing rule applies to fixed-date sales as well as auctions. Because an EOI ends in a private contract rather than the fall of a hammer, ask your conveyancer which cooling-off rules apply to the contract before you sign.

Mostly, yes. An off market sale is usually a private treaty sale without the public campaign: no portal advertisement, no signboard, inspections by appointment. The contract, cooling-off and disclosure documents are the same, and in Victoria the price rules cover what an agent tells a buyer, not just advertisements. More: How to sell your home off market in Australia.

• Who sees the home. On market, anyone can find it. Off market, it is shown only to the buyers your agent or platform approaches.
• What is published. In Victoria, homes advertised for sale by an agent need a Property Price Statement, and the sale price must be added to it 7 days after the sale becomes unconditional and kept public for at least 18 months.
• Competition. Fewer buyers usually means less competition. PropTrack estimated that houses sold off market in 2022 went for 4.3% less on average than comparable houses advertised on realestate.com.au, and units 1.2% less, though it counts any sale not matched to an advertisement there as off market.

If you are unsure whether there is demand at all, see Can you test buyer interest without listing your home?

Neither is better in general. Queensland's guidance notes that an agent will suggest a method based on the type of home, where it is and how the market is behaving. Questions worth asking yourself:

• Do you need a firm date, or would you rather take your time?
• How much do you mind a public campaign and open inspections?
• Would you rather choose between terms, or simply take the highest price?
• What will it cost? In Victoria, agreed marketing costs are payable even if the home does not sell, unless you negotiated "no sale, no fee".

Rules vary by state. Victoria's changed in October 2026, and New South Wales expects new underquoting and price advertising laws towards the end of 2026. Your state's consumer affairs or fair trading body is the place to check, and a conveyancer or property lawyer can tell you what applies to your sale; this is not legal or financial advice.

SecretHomes sits before any of these methods. Homeowners create a private property profile, buyers create briefs describing what they want, and the Human Alignment Engine quietly looks for alignment. Nothing is publicly advertised, nothing is shared without your consent, and an introduction is only made when both sides say yes. If you later choose a public campaign, that option stays open. It is free for homeowners and buyers.

SecretHomes matches and introduces. It doesn't act as an estate agent and doesn't give pricing or sale advice. If you want to take a match further, a licensed agent handles it from there.