Hot to trot!

From: Michael Croft


Just got back from an 11 am auction in Ainslie Canberra. 1000 m2 block in average location, nice house with good reno and additions. Sold for $506k with 3 bidders to $502k.

In short the market here is still moving as this was a $470-480k buy 3 months ago (pre sept 11).

First time I've seen a 'personal banker' at a local auction setting limits for his client and allowing them to bid an extra 10k over their pre determined one!!!!!!!!! He was there with calculator and all, doing sums.

Anyone else seen this trend??? Rolf??

Michael Croft
"The best parachute folders are those who jump themselves."
 
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Anonymous

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Reply: 1
From: Anonymous


That's unbelievable. Surely the banker would have done all the sums before the auction. The banker must be a friend.
 
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Reply: 1.1
From: Michael Croft


Unbelievable but true! The people with the personal banker were the under bidders and also acquaintances of mine; I did the pre purchase inspections for them on the property. I'll find out 'which bank' and get back to you.

Michael Croft
"The best parachute folders are those who jump themselves."
 
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Reply: 1.1.1
From: Sergey Golovin


Michael,

That "banker" is not dummy bidder or anything like that?

Serge.
 
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Reply: 1.1.1.1
From: Michael Croft


No, I stood beside the man and he did not bid. He checked his clients file (I read over his shoulder) and quickly did figures re serviceability when the ground to a halt at $500k.

He was working out of an old 'Advance Bank' folder and I have seen him at other auctions but not paid attention. The under bidders said "we are waiting for our banker", and he arrived.

Michael Croft
"The best parachute folders are those who jump themselves."
 
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Reply: 1.1.1.1.1
From: Michael Croft


OK, it turns out that the banker was from St George (hence the old Advance Bank folder) and he is one of a team of mobile lenders. This was not a 'one off' nor is it an every day event, they do it from time to time to keep tabs on the market (and their commission).

Michael Croft
"The best parachute folders are those who jump themselves."
 
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