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First one I bought completely on my own was $46K. Wish I still had it now :D. Very first one I think we paid $18K and thought that was fair price (which it was at the time).

It all comes down to what the vendor will accept at the auction, what they will accept after the auction, how much interest there is etc. For our own PPOR we stopped bidding at $190K but it was a PT auction and if we chose not to meet reserve at $230K by the end of the auction, it was open...

I know that some people may be fooled, but often people know they are bidding against themselves in an attempt to get to a level that will put it on the market. It doesn't always mean they are being fooled.

The owner may have been determined not to sell for less than $475K. Do you think that was good value? She may have been happy to get the place and rather than the uncertainty of having it passed in and possibly having to compete with others who could not buy at auction, was happy to pay the...