Auction Today

[sue78]

Can you believe it? we managed to pick an auction day the same week as almost world financial meltdown. typical!

I was too sick to go but hubby went. He pretended to be a buyer. Not bad considering the lead up to toady...what a shocker. Much better than the other auction we had in 2005 where no one turned up.

So we signed up for auction about a mth back, our agent had been getting a lot of buyers through but got married and isn't due back to work for another 2 weeks. So it was taken over by another guy except the other egnt didn't leave nayone his buyers list. The other guy, whom we have never spoken to, had to go on a course the same week as the auction and finally a girl took over just last week!! basically with fews days left to auction, she got everyone in tha gency to phone up their buyers leaving it very last minute. We only heard of this thursday and was shocked. No one turned up to the open house last weekend!

So we had no hopes for today really. But our prayers were answered with about 9 famillies turning up. Hubby overhead everyone saying they loved the house. We didn't get any registered bidders coz of 10% deposit and they can put in conditions etc but have about 5 famillies very interested and making offers. Agent will lay out all offers by end of day..

 

[Aimjoy]

I was too sick to go but hubby went. He pretended to be a buyer.

I thought dummy bidding was outlawed?

I trust it all goes well for you though......even tho a lot of properties don't attract a bid or even get passed in, they are often selling within a couple of weeks of the auction (promotion must work).

Hope you're better soon too.

 

[sue78]

Thanks aimjoy! i am still praying, was really expecting a no show so just happy that it has aroused some interest.

Oh no he didn't dummy bid. They said he had to be around in case there were bidders but he didn't want people to know he was he owner and he was able to listen to people's conversations and hear their feedback. WE have never ever done that before.

 

[WinstonWolfe]

keep us filled in on the offers Sue. I'll be very interested to see the auction results for this weekend, after the week in the share market.

 

[sue78]

really lowball offers. only one worth counter offering

 

[sue78]

So we did a deal today. Not bad, almost a week after the auction. A bit of a shock really.

Granted it's $40k less than the peak but our profit isn't too bad at $110k. There is the finance clause but we've been told they have plenty of $$.

It's so true that all good things come at once.

I encouraged hubby to quit his job coz he wasn't happy at ABC and now he's doing relief teaching. It's ok and the money is good but unpredictable. I think it's ok for short term but if he couldn't get a steady job within 6 mths we may be in trouble as I'm probably not going to continue with my work. Yesterday, he got a job offer at a good independent private school teaching year 1!! This is such a huge breakthrough in his career. He only did his post grad 1.5 yrs ago and has had full time work ever since and spent only a mth in relief teaching. Many new grads have to do relief teaching for years before landing a permanent job.

Seems Nth side is still doing ok. Spoke to a few real estate agents today as we are looking to sell our new build soon for around mid $400s and we've been told that's too low. profit should be between $90k to $120k conservatively. One agent said he could sell it today mid $500s...I think he's way too ambitious. I would be ecstatic to get even $500k.

Will have to toss up if I plan to take a break from property or if I can squeeze another project in.

 

[tess85]

nice profit Sue, considering it seems like it's a buyers market, auction rates have been dropping in recent weekends.

 

[sue78]

Yeah amazing isn't it? we were all ready to meet the pm today to get it rented out.

I'm still shocked that we sold it in this market. It has been on the market for 3 mths, auction was last resort.

We actually had a offer back in december one week after listing for $40k more than what we got now but we basically said that wasn't enough (too greedy) and decided to rent it out. But our dodgy tenants didn't pay a cent of rent and it took us 3 mths to get rid of them. Luckily we had insurance.

But I think this actually worked out for the better because if I had sold the house in dec, I probably wouldn't have much $$ left of the profit since I had planned to park it in unit trusts and stock market. My portfolio has fallen but luckily I didn't have that much in it.

 

[WinstonWolfe]

I probably wouldn't have much $$ left of the profit since I had planned to park it in unit trusts and stock market. My portfolio has fallen but luckily I didn't have that much in it.

Boy don't I know a few who've won on the property swing, and lost on the share merry-go-round.

 

[sue78]

yeah like they say 'easy come easy go' but of course, it's more like takes a long time to make money and a moment to lose it all.

 

[evand]

I've known a few that have won a motza on both. And a few who have lost on property but cleaned up on the sharemarket and a couple that have lost heaps in both.......you get my point Winston.

Boy don't I know a few who've won on the property swing, and lost on the share merry-go-round.

 

[WinstonWolfe]

I've known a few that have won a motza on both. And a few who have lost on property but cleaned up on the sharemarket and a couple that have lost heaps in both.......you get my point Winston.

yeah Evan I get your view. Do you get mine?

In case you don't, I think the higher volatility of shares is not played well by those used to property gains stabilized by illliquidity.

Though I think the chances are growing daily that many are going to get burnt on property in the coming months.

 

[evand]

Unusually for us , i agree with both your statements below. Especially the second one.

In case you don't, I think the higher volatility of shares is not played well by those used to property gains stabilized by illliquidity.

Though I think the chances are growing daily that many are going to get burnt on property in the coming months.