After our ABA inspections, we went to a nearby auction on Shelley Street, Elwood - an apartment listed with Rob Watson of Pride Real Estate
Described by agents as a bright spark, this 2 bedroom, 1 bathroom 1 car space apartment was clearly quite popular, with about 30 or so people outside to see the auction!
The quoting price for this property was $550,000-$600,000
It became clear early on that of the 12 or so groups present, 3 were willing to bid - 2 of which were in it to win it.
The auction was only seven minutes long, but felt much longer due to the intense, fast paced bidding and emotional atmosphere.
The auction opened up with a bid of $580,000 by an investor. This was shortly followed by a couple seeking to purchase their first home, with a bid of $590,000. A third party then made their first and only bid of $600,000, but was quickly knocked out of the auction by the two other parties.
Back and forth bidding between the investor and first home buyers then ensued, up to $660,000, which was already $60,000 over the quoted range.
The people watching on looked as if they were at a tennis match, swinging their focus back and forth between these two bidding parties!
Both parties were clearly nearing their limits, beginning to hesitate and consult their partners before making each new bid.
The first home buyers out bid investor on the auctioneers third call with $686,000; which the investor refused to match.
The first home buyers secured the property for $686,000 - which is $86,000 over the quoted range.
I think the vendor would have been very happy with that!