Did a search and couldn't find a good thread to post this in.
Went to the auction for this place yesterday just out of interest:
http://www.realestate.com.au/property-house-vic-brunswick-116474495
Pretty run down and probably needs 100k spent on it to make it a nice enough place to live in, but could be rented straight away to students. Quoted 670k-720k. Biggish crowd of 40 or so.
Anyway, auction was going along pretty steadily and the price was up to about 850k, felt like it was slowing down a few bidders dropped out, a lady was holding the bid when the auctioneer went through the calls again. This is when it got interesting.
A large, fairly imposing Caucasian man standing within about half a metre of the little Asian lady holding the bid put his hand up to go up a 1k (before this hadn't bid at all). The thing is though he then just kept his hand in the air. The auctioneer moved over and right in front of them went back and forth with the man just constantly holding his hand in the air, so each bid the lady put in it was automatically 1k more. This battle of egos continued until the lady obviously saw the ridiculousness of it and stopped with the man still holding his hand in the air at 911k.
I had never seen this kind of 'arrogance' used at an auction before. He was pretty much going to buy it for whatever and you could see some of the crowd wanting the lady to just keep pushing the price higher to bluff him at it.
Personally I believe they have way overpaid. But who knows, prices are crazy up around Brunswick at the moment, property going for much more than the inner south east such as South Yarra and Richmond way.
Went to the auction for this place yesterday just out of interest:
http://www.realestate.com.au/property-house-vic-brunswick-116474495
Pretty run down and probably needs 100k spent on it to make it a nice enough place to live in, but could be rented straight away to students. Quoted 670k-720k. Biggish crowd of 40 or so.
Anyway, auction was going along pretty steadily and the price was up to about 850k, felt like it was slowing down a few bidders dropped out, a lady was holding the bid when the auctioneer went through the calls again. This is when it got interesting.
A large, fairly imposing Caucasian man standing within about half a metre of the little Asian lady holding the bid put his hand up to go up a 1k (before this hadn't bid at all). The thing is though he then just kept his hand in the air. The auctioneer moved over and right in front of them went back and forth with the man just constantly holding his hand in the air, so each bid the lady put in it was automatically 1k more. This battle of egos continued until the lady obviously saw the ridiculousness of it and stopped with the man still holding his hand in the air at 911k.
I had never seen this kind of 'arrogance' used at an auction before. He was pretty much going to buy it for whatever and you could see some of the crowd wanting the lady to just keep pushing the price higher to bluff him at it.
Personally I believe they have way overpaid. But who knows, prices are crazy up around Brunswick at the moment, property going for much more than the inner south east such as South Yarra and Richmond way.