A property auction is a public sale where real estate is sold to the highest bidder. This process allows buyers to compete for properties, often leading to quick sales. Auctions can include various types of properties, such as residential homes, commercial buildings, and land. Participants typically register in advance and may need to provide a deposit. The auctioneer conducts the bidding, and once the highest bid is accepted, the buyer must complete the purchase within a specified timeframe. Property auctions can be held in person or online, making them accessible to a wider audience.