Setting reserves at auction.

In Nth Qld auctions are unusual so I have no experience of them.

I am selling an "odd" property and want to have it finalised without stuffing about so I believe it is best to "put it out there" at auction. But I was disturbed by the agent saying that even if the bid price meets the reserve they huddle and try to extract a little more. Now I don't mind a "little more" but is it legal in Qld?
 
Here in Melbourne its not considered "On the Market" until the huddle, then the agent comes out and says its "On the Market"...usually thats when it takes off!!!!

Thats my Melbourne experience.

I must admit my Cairns experience was much the same :)

Good luck with your auction

Chris
 
A newbe question Chrispy. When the auctioneer says "On the Market" is that saying the reserve has been met and the property WILL be sold?
 
Yes thats exactly what it means...thats what the huddle is for...auctioneer will ask you then are you prepared to sell at this price..it generally goes over that value depending on number of people at auction.

Its amazing how many start bidding once the reserve has been met.

Chris
 
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