Methods of Sale
There are several methods of selling real estate in New Zealand, namely with a set price, by negotiations, through auction, tender or a deadline sale.
Selling at an advertised price or by negotiations (called private treaty) means that a buyer can make an offer on a property at any time.
For auction, tender or a deadline sale a property is marketed for a set period of time with an advertised end date.
An auction is an transparent process where buyers bid against other buyers to purchase a property at a day of the auction.
When a property is being sold by tender or deadline sale, prospective buyers make confidential written offers to the salesperson before a deadline.