Today I attended two auctions in Adelaide (Glen Osmond), both of which resulted in the properties being passed with only a vendor bid(s). I also saw another property that was being offered for sale by negotiation after the same situation happended at an auction last week. It appears that the new rules recently introduced in SA requiring vendor bids to be disclosed is having an impact on the clearance rates here. I dont recall seeing this happen since the late 1990's. Interestingly at all three auctions the vendor bid was at a figure that was towards the upper end of what I would consider fair market value and about the figure that was quoted for the expected sale price. I would have expected that they would start the vendor bidding at a much lower figure and allow it to build up.
Has anyone noticed a similar trend over the last few weeks? I also read an article on Jenman's site about this(http://www.jenman.com.au/NewsNews1.php?id=142).
Has anyone noticed a similar trend over the last few weeks? I also read an article on Jenman's site about this(http://www.jenman.com.au/NewsNews1.php?id=142).