Just attended an "auction" in my suburb to gauge the interest and who is buying in my area (North West Sydney) as not many auctions happen in my suburb so I was curious. In a nutshell, the place was advertised 1.2 to 1.3 million a few weeks ago (quite high $ for the area and IMO over valued for what it was). Then a couple of weeks ago it changed to Auction for the ANZAC weekend on Saturday. I turned up, probably only 5 to 6 parties standing around in the back yard, not sure how many registered. The auctioneer went through the whole opening speech about the "wonderful" property blah blah, the Auction terms and conditions board was displayed and there were about 2 or 3 other agents from that agency standing around so it all looked legit and ready to kick off bidding. Then auctioneer said along the lines of, "We aren't going to have a usual auction today as we have 1 registered party who are running a bit late and we also have another very interested party who can't be here to bid today and they are awaiting finance approval on Tuesday (next working day) to go ahead to put an offer on. So if you want to stay back after this you can put in an offer and so you might be able to secure the property before Tuesday". Then that was it... thanks for coming etc. One party said "so no bidding today!?" looking a bit confused and stunned. I later checked the Auction results and there was no mention at all about the property. So can someone explain what happened here and is this allowed?