Selling by Tender in Brisbane: How It Works and Is It Right for Your Property

What is a tender sale?

A tender sale invites buyers to submit written, confidential offers by a specified closing date. Unlike auction, where bids are made publicly and competitively in real time, tender offers are sealed, no buyer knows what the others have submitted. The seller then reviews all offers and can accept, reject or negotiate with any buyer.

In Queensland, tender sales are most common for prestige properties, development sites, rural properties and unusual dwellings where a standard price guide is difficult to set with confidence.

How does the tender process work?

1. The property is marketed with a tender closing date, typically two to four weeks away
2. Buyers inspect the property and prepare their offer in writing using the tender form provided
3. Each buyer submits their offer before the closing deadline, offers are sealed and confidential
4. After the deadline, the seller reviews all offers with their agent
5. The seller can accept any offer, reject all offers or enter into negotiations with one or more buyers
6. Once an offer is accepted and the contract signed, standard conditions apply