All properties sold at auctions are distressed properties: This is not true. While occasionally, properties sold at auctions may be distressed, most are not. Most properties are sold at auction simply because the seller prefers that method of sale or because the property is quite unique and difficult to set a price off the bat.

1. Auctions are only for experienced buyers: This is also not true. While experienced buyers occassionally have an advantage in understanding the process and the bidding strategies, auctions are open to anyone who is interested in purchasing the property.

2. The highest bidder always wins: While the highest bidder may win the auction, the sale is still subject to the seller's reserve price. If the highest bid does not meet the reserve price, the property may not be sold at that auction but will typically sell to a broader base of interested parties soon afterward.

3. Bidding at auction is binding: This is true. When you bid at an auction in Queensland, you are making a binding offer to purchase the property if you are the highest bidder, and the reserve price is met. Therefore, it is important to do your due diligence before bidding.

4. You must have cash to buy at auction: While it is true that at auctions the deposit becomes payable at the fall of the Hammer/Gavel, there are typically terms allowing that to occur within a short time frame following the Auction: you do not need to have cash to buy at auction. You can arrange finance beforehand or use a pre-approved loan to pay for the property.

5. Auctions are only for residential properties: This is not true. Auctions are held for all types of properties, including commercial, industrial, and rural properties.