Went to an auction yesterday around the corner from our PPoR. It is a similar type of configuration to ours; 4 bed, 3 bath and bay views etc, and since we are in the process of reno-ing to sell, it was of interest to get an idea of value.
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=43122780&s=vic&tm=1257752111
The outcome - to me - was a bad one for the owners, and I reckon the agent stuffed it up. The current owners paid $900k for this property 2 years ago - paid too much, but they wanted it and spent more than they needed to. I'm guessing they just want their money back and get out.
For a start, it's not a really unusual or inspiring property architecturally, and is in '80's decor. Nothing to spend, neat and tidy and in good nick, but definitely not your ultra-chic modern style house as you might be able to tell from the link.
Brick, exposed beams, too much cream and stained glass and flowery tiles, but spotless. I would reckon about $70k to bring it up to today's tastes. Very "nanna" taste. To me, the furniture looked rented for the occasion.
Here's the scene; the agent announces at the beginning of the auction that "the owners are very keen to sell due to illness, and would really like to sell today."
The bidding is opened, and there are no bids, so the agent proceeds to make an opening Vendor's bid - $870k.
No-one counters, and the agent goes to the Vendor for instructions. Comes back, starts again with the Vendor bid, and it gets passed in with no further activity.
Very sad for the elderly owners to get no result, and I reckon they were always asking too much, but that's my opinion. I thought it was worth about $750k.
Now, to me; the better strategy would have been to have a private sale - no auction at all - but they did - so I reckon they should have started with a Vendor's bid of say; $600k to at least inspire some activity, and then try to get the price up.
They could always pass it in if the reserve wasn't reached, and then try to negotiate with the highest bidder, but they blew everyone out of the water with that opener I reckon.
What do you think?
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=43122780&s=vic&tm=1257752111
The outcome - to me - was a bad one for the owners, and I reckon the agent stuffed it up. The current owners paid $900k for this property 2 years ago - paid too much, but they wanted it and spent more than they needed to. I'm guessing they just want their money back and get out.
For a start, it's not a really unusual or inspiring property architecturally, and is in '80's decor. Nothing to spend, neat and tidy and in good nick, but definitely not your ultra-chic modern style house as you might be able to tell from the link.
Brick, exposed beams, too much cream and stained glass and flowery tiles, but spotless. I would reckon about $70k to bring it up to today's tastes. Very "nanna" taste. To me, the furniture looked rented for the occasion.
Here's the scene; the agent announces at the beginning of the auction that "the owners are very keen to sell due to illness, and would really like to sell today."
The bidding is opened, and there are no bids, so the agent proceeds to make an opening Vendor's bid - $870k.
No-one counters, and the agent goes to the Vendor for instructions. Comes back, starts again with the Vendor bid, and it gets passed in with no further activity.
Very sad for the elderly owners to get no result, and I reckon they were always asking too much, but that's my opinion. I thought it was worth about $750k.
Now, to me; the better strategy would have been to have a private sale - no auction at all - but they did - so I reckon they should have started with a Vendor's bid of say; $600k to at least inspire some activity, and then try to get the price up.
They could always pass it in if the reserve wasn't reached, and then try to negotiate with the highest bidder, but they blew everyone out of the water with that opener I reckon.
What do you think?
