First thing - stop watering. A lily bulb is largely a "self contained" unit. Too much water and the bulb will rot. Each individual bloom on a lily only lasts for only so many days. If you bought it in full bloom, it may well just be ending its blooming period.

Many many thanks, Duluthinbloomz4. Your advise is weighed in gold.

One other question if I may. If the plant is ending its blooming period, how do I know that it really truly is. If it is then what do I do with it. Should I remove it out of the pot and preserve the bulbs somehow or let it stay in the pot. If I do let it stay in the pot, do I continue to water (but not too regularly) the dried remains just so the bulbs remain alive until the next blooming cycle.

Once again your response will be highly valued.

Cheers.

It's natural, it's what lilies do. They only bloom once a season. Let it dry out and eventually drop all its leaves. You'll be left with a stem that will turn yellow/brown and woody. Then, you can cut the stem down, lift the bulb and evaluate its condition. Then I would ask a local greenhouse or nursery about how to take care of it after that.

That's about all I can advise since lilies growing in Australia are likely treated much differently than here in Minnesota where they're left in the ground all year around. We have the lengthy cold period the bulb needs to replenish itself for the next season. Trying to grow them as a house plant will also likely lead to disappointment.