Auction - Is this normally what haps?

[Aaron_C]

That's very odd then Futurist, I've never heard of the highest bidder negotiating whilst the auction is on pause... Just doesn't sound right

They do things a little differently up there in NSW I think. Our auctions in Victoria are more a theatrical event rather than an auction.

 

[Jake Milne]

They do things a little differently up there in NSW I think. Our auctions in Victoria are more a theatrical event rather than an auction.

I have witnessed people eating popcorn at auctions in Melbourne; perhaps the entertainment factor is why we are the auction capital of Australia?

 

[mumbai]

I have witnessed people eating popcorn at auctions in Melbourne; perhaps the entertainment factor is why we are the auction capital of Australia?

Last one I went to in Blacktown (NSW), one of the bidders was savouring chicken wings .. at 10 am

 

[Jake Milne]

Last one I went to in Blacktown (NSW), one of the bidders was savouring chicken wings .. at 10 am

Haha oh dear

 

[mattysavager]

It is fairly common in QLD to negotiate during an auction.

Like the OP's scenario - I went to one on Saturday where the property was called once, twice, three times... no drop of the hammer.

Following that was a 45 minute wait whilst the agents negotiated with the two registered bidders. Bidding had stopped at $840K.

FINALLY they came back and resumed the auction. The person who had negotiated then was asked to confirm their bid at $950K and did so. Then the property was called again, giving an opportunity for anyone else to bid, and then it was sold (most people had left at this point).

This is done so that the purchase is under auction conditions. If it was not sold under the hammer and then negotiated afterwards as a private treaty, there would be a cooling off period applicable and perhaps also building and pest clauses could be inserted by the buyer. These clauses do not apply if sold at auction.


It was REALLY boring but a house that my parents renovated and I used to live in, so I really wanted to stick around to see what happened.

 

[Futurist]

FINALLY they came back and resumed the auction. The person who had negotiated then was asked to confirm their bid at $950K and did so. Then the property was called again, giving an opportunity for anyone else to bid.

Which is what I feared 'could' happen. Then whats the pt of being the highest bidder then if its not exclusive negotiations...

I was also told that aswell, if the hammer doesnt fall - it isnt considered 'sold at auction' and thus doesnt count as part of the auction clearance rates advertised the day after..