There are 3 main ways to buy real estate in Australia

1. Private treaty – when the vendor, or home owner sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.
2. Auction – which is a public sale conducted by a licenced auctioneer. Properties are offered up for bid and if the reserve price is reached the property is sold to the highest bidder
3. Tender and Expression of Interest are processes wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor.