A property auction is a process of buying and selling properties by offering them up for bid, taking bids, and then selling them to the highest bidder. The open ascending price auction is arguably the most common form of auction in use today.
An auctioneer may announce prices, bidders may call out their bids themselves, or bids may be submitted electronically with the highest current bid publicly displayed.
Once a property is placed for sale, the auctioneer will start at a relatively low price, so as to attract a large number of bidders. The price increases each time someone makes a new, higher bid until no other bidders are willing to offer more than the most recent bid. The highest bidder takes the property.
A property auction is considered complete when the vendor accepts the highest bid offered and the buyer pays.