A little bit different now in NSW.
AFAIK items sold by a private seller that are not picked up lay somewhere between the " Gratuitous or involuntary
bailment"
definitions http://www.lawreform.lawlink.nsw.gov.au/agdbasev7wr/lrc/documents/pdf/report_54.pdf
In this Act: "bailed goods" means goods subject to bailment, and includes goods held by the Sheriff following their seizure under a writ of execution. "bailee" and "bailor" include their respective successors.
"bailment" includes bailment for reward, bailment in the course of business, gratuitous bailment, involuntary bailment or any sub-bailment, but does not include anything excluded from this definition by the regulations.
20 Goods of up to $100 in value
(1) A bailee may dispose of uncollected goods whose value is less than $100 if the bailor: (a) has been given oral or written notice of the bailee’s intention to dispose of the goods, and (b) has been given at least 28 days, from the date when notice was given, within which to collect the goods.
(2) Uncollected goods may be disposed of under this section in such manner as the bailee considers appropriate.
21 Goods of between $100 and $500 in value
(1) A bailee may dispose of uncollected goods whose value is less than $500 (but not less than $100), if the bailor, the owner of the goods and each person having or claiming an interest in the goods: (a) have been given written notice of the bailee’s intention to dispose of the goods, and (b) have been given at least 3 months, from the date when notice was given, within which to collect the goods.
(2) Uncollected goods may not be disposed of under this section otherwise than by way of public auction or by private sale for a fair value.
22 Goods of between $500 and $5,000 in value
(1) A bailee may dispose of uncollected goods whose value is less than $5,000 (but not less than $500), if the bailor, the owner of the goods and each person having or claiming an interest in the goods: (a) have been given written notice of the bailee’s intention to dispose of the goods, and (b) have been given at least 6 months, from the date when notice was given, within which to collect the goods, and if a copy of the notice has, at least 28 days before the goods are disposed of, been published in a daily newspaper circulating generally throughout New South Wales.
(2) Uncollected goods may not be disposed of under this section otherwise than by way of public auction.
5 When goods uncollected for purposes of Act Bailed goods are uncollected for the purposes of this Act if:
(a) the goods are ready for delivery to the bailor in accordance with the terms of the bailment, but the bailor has failed to take delivery of the goods or, if those terms so provide, to give directions as to their delivery, or
(b) the bailee is required to give notice to the bailor before the goods are so ready for delivery, but is unable to trace or communicate with the bailor, or
(c) the bailee can reasonably expect to be relieved of any duty to safeguard the goods on giving notice to the bailor, but is unable to trace or communicate with the bailor.
6 When Act available for disposal of uncollected goods
(1) This Act is available for the disposal of uncollected goods where there is no agreement between the parties on the means of their disposal. If there is such an agreement, this Act applies to any aspect of the disposal of those goods that is not dealt with in the agreement.
7 No liability for due disposal of uncollected goods
A person who disposes of uncollected goods in accordance with this Act is not liable to any other person in respect of the goods merely because the person by whom the goods have been disposed of has been a bailee of the goods.
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