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I agree Spiderman. Pretty much sums it up for me as well.

What I was trying to say (not very well perhaps :)) was that this particular "landmark" house was being marketed as a tender in order to get the best and highest price from any interested parties, but it didn't work. We thought the house was "value" at $550K but didn't want to pay what we...

I think the question was about residential houses and there are not many of them over the 5M mark. When you are selling a $500K house, EOI just is not necessary IMHO. We put in a tender on a house about ten years ago (since renovated and sold for about $3M but back then, the vendor was...

Hard to do due diligence in some suburbs with low sales and such differing housing styles and finishes. And looking on the net is not the answer. Professional photos can be quite misleading so a personal visit to many places would be needed to gauge their value in relation to what you are...

I like the idea of an asking price, which can be negotiated down depending on the market conditions at the time, so No 3 for me. I don't particularly like auctions, but have bought at them. As a buyer I look at auctions with a view to picking up a bargain. Sellers tend to look at them as a...