I have steered clear of Auctions in Adelaide in the present climate of stock shortages, finding that buyers seem to bid with their hearts rather than their heads. I have been beaten by a better offer on several IPs which have had a stated price usually with a range difference of $20k and am wondering how others work out an offer which is accepted by the vendor. The agent always says "Make sure this is your very best offer as we have several people interested" The old adage of offering 10% less than the asking price doesn't work. Its more like 1% less to more than the maximum that does the trick. This seems like a blind auction to me and you dont know if you are successful for up to a week. Tough on the nerves- takes all the fun out of it
Regards Ray
Regards Ray