What Happens After You Win at Auction in South Australia?

The hammer has come down, and the auctioneer announces you as the winner – an exciting milestone in the property-buying journey in South Australia. However placing the winning bid is just the begining. The real story unfolds in the steps that follow, as you transition from the high of the auction sale to the reality of moving in.

This guide aims to provide you with important insights on what to expect next and how to seamlessly navigate the post-auction process.

Step-by-Step Post-Auction Guide

Congratulations, you've won the auction! Feeling a mix of excitement and nerves? Perfectly normal. Here’s what you can expect next as you take these exciting steps towards owning your new home.

1. Signing the Contract of Sale

Immediately after the win, the agent or auctioneer will first congratulate you on this exciting moment. You’ll then proceed inside the property with them to sign the contract that seals the deal. This document is legally binding and sets the terms of your purchase, including the final bid price and the settlement date. It's important to note that the legalities begin from the moment you place your registration card in the air and bid at the auction. Although rare, we have had instances (2-3 times over our 39 years in real estate) where the winning bidder has refused to sign the contract. In these cases, the auctioneer is authorised to sign on your behalf, and you are still legally committed to purchasing the home.

2. Paying the Deposit

Typically, a 10% deposit is payable immediately after the auction. This acts as your commitment to the sale and secures the property. Ensure you have arranged the logistics of transferring this amount – whether it involves adjusting your bank’s daily transfer limit or confirming the ability to handle such transactions online.

3. Protecting Your New Home

As the property is now under your care post-auction, it’s crucial to arrange home and contents insurance to protect your new asset from any unforeseen circumstances.


What Can Wait Until Monday?

After the immediate excitement of the auction, you can catch your breath. Here’s what’s lined up for when the business week starts and the weeks leading up to settlement day:

4. Engaging a Conveyancer

A conveyancer is a specialist legal professional who manages the transfer of property from one person to another. They will handle all the legal paperwork, including the title transfer, rates, and taxes adjustments, and ensure compliance with South Australian property laws.

5. Preparing for Your Move

The Overlap Strategy. When preparing to transition to your new home, we recommend, if you can, allowing an overlap between the settlement date of your new home and the move-out date of your existing property. A day or two of overlap can significantly reduce the pressure of moving. This buffer period ensures a more relaxed move and covers you in case there’s a delay in settlement—a rare but possible occurrence.

6. Arranging Removalists

With the property now officially in your pipeline, it’s time to book a removalist. Organising this early can avoid last-minute rushes and potentially higher costs.

7. Setting Up Utilities and Mail Redirection

To make your new property is comfortable from day one, setting up your utilities early is a must – electricity, water, gas, and internet – well before your move-in date. Additionally, it is important to notify Australia Post to redirect your mail or, if there is a redirect fee, to notify your regular mail senders directly to change your address (banks, MyGov, vets, Medicare, motor registration, private health insurance, etc.). This ensures a smooth transition. Your agent should be able to provide more information on the best and most competitive rates at the time for utilities and home services. At TOOP+TOOP, we have contacts that can provide you with competitive options from all the leading providers to help you get the best deal, so feel free to ask our team if you would like more information on this.

8. Settlement Day

The settlement period in South Australia typically spans between 30 to 45 days post-auction. On settlement day, it’s all systems go as your conveyancer finalises the transaction’s legal aspects. Once the seller receives the full payment, the keys to your new home are released. You are likely to be the first to receive a text from PEXA or your conveyancer. If you haven’t already worked out handover arrangements, make sure to give your agent a call. At TOOP+TOOP, our Sales Partners would have already been in touch in the week leading up to settlement to arrange the best time to meet you at the property on the day to hand over your keys and any necessary remotes and codes. It’s a significant day, marking the official point at which you become the homeowner and one of our favourite parts of our role as real estate agents.

From the excitement of the winning bid to the logistics of moving in, securing your property at auction is a process that requires careful planning and attention to detail. By understanding what is required after the hammer falls, you are well-positioned to make your transition to your new South Australian home as smooth as possible.