Just went to my first Auction

[Queen Bee]

To have a nosey, LOL. I felt a bit guilty that I was only there to have a look.

There were about 20 people there, but only two people were holding those stick things. Only one of them bid.

It was kinda weird, but not having been to one before, I spose it might be normal.

The house has been on the market for the mid 500's, has had sold stickers on it 3 times, and then they've been taken off.

First bid was $400k. Auctioneer did a bid for $430k. First bidder pulled out. Second bidder didn't want to bid at all. So the Auctioneer increased his bid to $480k and then the Auction finished.

So if nobody would bid for over $430k, why did he increase it another $50k? Was that to hint to people that the Vendor wants over that price?


Cheers
QueenBee

 

[travelbug]

It's normal to have lots of "lookers".

The reason he bid to $480 is because he can say "it got passed in at $480" which sounds better than it being passed in at $430.

 

[Queen Bee]

Oh, haha. Well if he hadn't bid twice it would have got passed in at $400k! How misleading.

 

[craigb]

i agree there are lots of misleading little things when it comes to money. so many folks get cought out in these things, but at the end of the day if your prepaired to pay say X and you get it for x you should be happy,

 

[The Y-man]

To have a nosey, LOL. I felt a bit guilty that I was only there to have a look.

I have been to many auctions where nobody was there to bid.
Unfortunately 3 of them were for properties I was selling! (of those, NOBODY turned up to 2 of them)

The Y-man

 

[pickle pickle]

I have also been to auctions where I'm the only one (and I'm not interested).

Auctions are a way of live in certain areas but in others I think the vendor is crazy to put the place to auction. If an area hasn't got a history for auctions then forget putting the place to auction.

 

[ianvestor]

I just went to one on Balmoral on Saturday. 1000+ sqm of prime land on a hill with million-dollar views of the city... Auction had about 30 people there and no-one bid, at all. Not even a stupidly low opening bid, the crowd just stayed dead silent.

 

[wylie]

I lived on that hill for a long time. It has turned very much into "knob hill" .

Was the auction in Wentworth Parade, and was it a house and land, or vacant land?

 

[willair]

So if nobody would bid for over $430k, why did he increase it another $50k? Was that to hint to people that the Vendor wants over that price?


Cheers
QueenBee

So the RE can tell the next person that walks in the price at auction was
$=xxxx,if the people only bid up too that price then that's all it's worth
and plus what's 50k to a re,it's not their money..willair..

 

[ianvestor]

Was the auction in Wentworth Parade, and was it a house and land, or vacant land?

Yes, 36. An old house on 2 lots... 25m frontage. Will probably be two houses in a couple of years.

I should explain for everyone else that the city view from there really is worth millions. It's not just REA hype like how they say "Million-dollar city views" when you can barely make out some grey rectangular objects on the horizon.

 

[andrew_de_a]

In Victoria it is reported as being passed in on a vendor bid so people know if there was no genuine bidding.

 

[Queen Bee]

This particular house has been on the market for about 6 months from memory, could have been more. It's had 3 sold stickers put on it, and 3 taken off! I personally wouldn't let an Agent put a sticker on my house if I was selling it until everything was confirmed. I can see the house from where I live and drive past it numerous times a day.

The last time a sold sticker went on the sign, about 2 weeks later I saw a guy on the roof (presumed he was doing a building inspection) and then about a week later the sold sticker came off. And I'm thinking, why would you buy a house, wait till it's unconditional and THEN do a building inspection. Obviously, it hadn't gone unconditional but the Agent had been hasty to put a Sold sign up? Not sure.

I know the REA is trying to sell the house and all that, but trying to make out something is not, is clearly not going to work when everybody can see that it isn't. When I got to the Auction, I just walked straight out to the backyard as I was late and the auction was starting. The Auctioneer starting waffling on about the house, and then he said "and have you seen the kitchen, it's huge, it's so huge, it's a Masterchef kitchen blah blah blah." I thought I must go and see this kitchen, so walked over to the door and there's this poxy little plain kitchen with hardly any cupboard space"

Everyone can see it's not a huge masterchef type kitchen, so why try and tell everyone it is! We are not stupid!