The property involved was about 460 square feet. The buildup was a double story brick veneer that had an "in-between" level built above the garage. Very very awesome. There were lots of rooms - about 5 bedrooms and 4 bathrooms, two living rooms and a huge backyard with a northern aspect. That means lots of space and lots of sun. The entire house was also air conditioned. I found the fireplace in the living room ironic until I realized that it was electrical.
About 15 families recorded an interest to bid for the property.Once everyone had gathered in the backyard at the ground rules had been read out, the auctioneer suggested that someone start bidding at about 800k. No one wanted to go first. After a looooong while under the sun, someone finally suggested 700k. No one was too worried about this since there is a reserve price on a market anyway, so if the bidders don't bid high enough, the house remains on the market for other potential buyers. At this point the auctioneer encouraged people to raise the price by 50k increments and "be brave and bold". He left out "and be poor". Other agents were planted strategically among the crowd to encourage people to join in. In the background, a banker advertised loans.
There were only two serious buyers who bid against each other once the price was raised above 840k (it beat the reserve price and took the house off the market to be sold there and then). There was also a third guy whose strategy was to come in at random intervals (he only bid 4 times in total), but he stopped once the price passed 843k. By this time the price was only increasing by 0.5k to 1k. It was down to the two of them. Who would win? Asian or Caucasian? In the end, the Caucasian buyer figured out that the Asian buyer was really really determined to own this house, so he backed out and the house sold for 848k AUD. Whoo! Commence clapping for the victorious!
Excitement over! I left.
At another property that I visited I came across this plaque.
That is so true.
Cheers.
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