Selling Your Property by Private Sale: A Comprehensive Guide

• Private Sale: Offers the highest level of vendor price control. You set a definitive asking price or a strict price range, ensuring buyers know your expectations from day one.
• Public Auction: Driven entirely by open market competition. There is no listed asking price; instead, a hidden reserve price is set, and the final outcome relies on competitive bidding on the day.

• Private Sale: Highly flexible and less pressured. There is no ticking clock or fixed date, meaning you can choose to accept an exceptional offer on day one or take weeks to review multiple buyer inquiries.
• Public Auction: Governed by a strict timeline. The property is typically subjected to an intensive four-week marketing campaign that culminates on a specific, predetermined auction day.

• Private Sale: Offers can be conditional. Buyers frequently submit offers that are subject to finance approval, satisfactory building and pest inspections, or even the sale of their own home.
• Public Auction: Completely unconditional. Once the auctioneer's hammer falls, the property is legally sold. The winning bidder cannot pull out of the contract based on finance issues or structural defects.

• Private Sale: The buyer retains a statutory cooling-off period (for example, three clear business days in Victoria). This gives them a legal window to withdraw from the contract, though a small financial penalty may apply.
• Public Auction: No cooling-off period applies. This rule extends to properties sold on the specific day of the auction, as well as those passed in but successfully sold via negotiation within three clear business days before or after the scheduled auction date.

Yes. As a vendor, you are under no legal obligation to accept any offer, even if it meets your initial asking price. You retain full control over who you sell to and under what conditions.

This is a common condition in private sales where the buyer's purchase depends on their bank formally approving their mortgage. If their finance falls through within the specified timeframe, the contract can be terminated without penalty.

Because there is no fixed end-date, the days on market (DOM) can vary based on local supply and demand. However, a correctly priced property paired with Barry Plant's extensive buyer network frequently secures strong offers within the first 14 to 21 days of listing.