People looking to buy a home in Australia
should look at advertisements placed by real estate agencies in national newspapers, magazines or on the internet.
Houses can be bought and sold either through private sale between two interested parties at an agreed upon price (the most common method) or through auction, which is when the property in question is open for public inspection.
All interested parties (or a representative) are required to be present at the sale in order to bid. The auction begins with a base bid amount and proceeds from there, with the successful purchaser winning through placing the highest bid.
In order to gain a home loan from a bank in Australia, purchasers must have a minimum deposit amount. This amount is usually 10% of the sale price but this can vary.