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$650,000 on the dot. If memory serves the bidding went: $600,000 (1) $620,000 (2) $640,000 (1) $645,000 (2) $650,000 (1) Sold.

Indeed. I went to an auction a few weeks ago in Marrickville, expecting the place to fetch around $650k. It had been marketed at $550k+. First bid was $600k and almost the entire swarm of registered bidders (most of them young couples, I'm guessing first home buyers) sighed in shocked...

Can't say I can empathise, but I proffer: 1. Know the market (values) as well as you can. 2. Pay for an independent valuation, or two to get a qualified, second and third opinion. 3. Determine your maximum spend based on the above. 4. Go to auction, emotionless (or send someone on your...