Many owners who favour auctions take their properties all the way, relying on the "transparency" and emotion of the buyers on the day to get them the best result (amongst other factors). However, I've had two experiences in recent weeks to demonstrate that the best price isn't always necessarily had by going all the way to auction. 1. My clients saw the property, and though we attempted to make an offer prior, it soon became clear that the vendors didn't want to take offers due to the increasing interest. The property subsequently went to auction, with us managing to secure it for less than both the reserve and our clients maximum limit. Had the vendor accepted an offer prior, however, they would have been up some $20K - our buyers were ecstatic and needless to say, the auction (as well as post negotiations) went our way 2. Second example is a colleague who wanted a property so desperately when they viewed it and was prepared to offer a very attractive price for what I considered as "exceeding expectations" yet the offer was knocked back two weeks prior. Two days before the auction, however, another property came up that was directly comparable and they subsequently "cooled off" on the intial property, so much so that they decided to dampen down their bidding on the first property. The auction proceeded, got passed in and they ended up purchasing the second property (private treaty) at a similar price to what they were prepared to pay for the first. From my experience, vendors need to "strike when the iron is hot"- in other words, act on strong interest and don't hold out for a higher price when it may not be necessarily forthcoming. A lot can happen, in between the days waiting for the auction to take place, and it may well be worth considering a good offer in the days leading up.