A method for carrying out a real-time online real estate auction operating over a computer network having timing means therein. The method has at least one vendor who desires to sell some real estate, an auctioneer who is authorised to carry out the auction and who controls the auction, and one or more bidders who desire to purchase the real estate. Each one of the vendor, auctioneer and bidders communicate with each other over a computer system connected to the network and a database connected to the network. Auctioneer and vendor agree to reserve price. Data entered on database Property available for auction on auctioneer' s website. Bidder completes application form and sends to auctioneer (Registration) Auctioneer sends each registered bidder a unique code and records this code in the database, along with the bidder' s information Bidders access the database via a central interface, locate property of interest and select the property to enter the online auction Bidders accept Legal Terms and Conditions and Conditions of Auction Bidders enter their unique code on the database via the central interface, in order to make bids during the auction Bidder' s details added to email update list. Bidder can nominate their Bidder submits a bid to the Database records and max. bid, and bids to that database via central interface. stores all bids, and the point will be submitted Display of central interface time bid is made. automatically. updated in real-time. Vendor may submit bid at any time during the auction. The vendor bid will have a Identifying feature on the central interface. All bids on the property displayed on the central Interface under bidder' s unique codes. No personal details displayed. Bids can be submitted until the auction closes. Bidders are notified prior to the call for "final bids" stage. The central interface displays a count down showing the time before the "final call" stage commences. The "final call" stage commences, with the auction closing at the expiration of this stage. l Winning bidder notified and contacted by auctioneer. The auctioneer, with approval of bidder, signs the contract, and sends a copy to the bidder. The bidder makes the deposit for the property on the day the auction closes. The bidder sends a receipt of the transfer of the deposit to the auctioneer. Contracts are signed and exchanged.