Buying by Private Treaty
When buying by private treaty, the seller (vendor) advertises the monetary amount they would like to sell their property and then negotiates with interested buyers until a mutually acceptable price is confirmed.
The vendor in most cases employs a real estate agent to act on their behalf.
Buying at Auction
Buying at auction is a quick process. Register to bid by showing I.D, and bid with that registered number. If you are the highest bidder, you are bound to buy the property and leave the 10% deposit (or 5% if it is a negotiated reduced deposit, beforehand).
If you have not been to auctions before, I recommend that you attend a few. This way you will familiarise yourself with the auction process as well as getting a feel for the emotions that are at play throughout the auction.
Remember that Stamp Duty is payable on settlement date, which is added on top of the purchase price.