What are property auctions?

What are property auctions?

Property auctions are an event whereby an auctioneer gets together a load of interested people looking to buy property in a central location, and offers property for sale. These properties are probably being listed in a catalogue, people who are interested in buying it will bid at auction for the properties against one another, and the last person to make a bid will end up buying that property as long as it's over the reserve limit, as long as it's over the reserve limit.