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Adelaide Auction Anecdote

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Yesterday I went to the auction for this townhouse around the corner from my place, very nice place in the city.

http://www.realestateview.com.au/Real-Estate/346a-angas-street-adelaide/Property-Details-buy-residential-3123913_S.html

Was truly a strange affair. There were 26 people there and 4 registered bidders.

The auctioneer started his waffle about torrens title in the city centre, nice house, sun coming through the windows blah blah. And then asked for bids, no response. Then he waffled on for another 5 minutes and asked for bids, no response, this happened 3 more times. The auction been going for over 20 minutes without a bid.

He then said "last year this house would have had a million dollar bid on it within seconds". Then a guy standing near the back offered 700k. The auctioneer refused the bid bc it was too low. Then they guy started arguing with the auctioneer. They literally argued during the auction for a couple moments.

What do you mean you wont accept the bid?

Its too low

Thats what I think its worth

Its worth more

Its worth what someone thinks its worth

Its pointless because it will sell for more than that anyway

The guy who had made the bid then said goodluck, went to his car and drove away.

Ausctioneer then did his spiel all over and asked for bids, none came. Then he said im going to pass it in. Then a lady bids 800k. Auctioneer looks happy as a pig in crap and says now we are off and running and it seemed he thought a bidding war was about to start. No one else seems at all keen especially since one of the registered bidders had literally walked out.

'

An old man then walked over to the lady who made the bid, who was right near me and said "a nicer place around the corner sold last week for 680k" (if this is true i have no idea)

The auctioneer asked what he was doing and the old bloke said I think you were lucky to get the offer for 700.

The auctionner then bids 850k on behalf of the vendor.

Lady who bid 800k then walks out to ring her husband and explained what happened and asked if she should bid 860k. She comes back and says she is done.

Ended up passed in on the vendor bid - 37 minute auction with 2 real bids, an argument and a trouble making old man. Very strange!

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1318728846[/url]' post='52688']

He then said "last year this house would have had a million dollar bid on it within seconds". Then a guy standing near the back offered 700k. The auctioneer refused the bid bc it was too low. Then they guy started arguing with the auctioneer. They literally argued during the auction for a couple moments.

What do you mean you wont accept the bid?

Its too low

Thats what I think its worth

Its worth more

Its worth what someone thinks its worth

Its pointless because it will sell for more than that anyway

The guy who had made the bid then said goodluck, went to his car and drove away.

Good on the guy who bid and then drove away. I wonder if the REA will be calling him in a few weeks asking if he would still like to buy the house?frusty.gif

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good on the old lady who got out of their , ill aleways get teh ball rolling with a useless bid, then they vedor up to tjeir asking price gotta think if you low ball the vendor bid

ie 15% off, when its all done, they will come talk . but dont get brow beaten into raising your bid,. they are paying for the auction ., not you. once they come to negotiate . say

auctions over right, well im lowering my offer you shoud have taken the auction bid, while we where all excited. now im offering less.

.

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The funny thing about the auction process is all the public pressures that work so well going up also work on the way down!

The old mentality that prices only go up is still out there; if the lady didn't feel that way in her bones she would have attended the prior auction and or dug up recent sale information to know she was over the market. Why bother with all that troublesome work when all you need to do is show up, raise your hand and "win"?

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If I'd been there you would have been additionally able to report a guy rolling around on the lawn laughing! Terrific story. :lol:

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The funny thing about the auction process is all the public pressures that work so well going up also work on the way down!

So true!

I have to say that my gut said a little over $700k based on the info given for that place. A million? No way.

I'd have to wonder about the woman bidder, as well.

The whole thing sounds a bit shonky - $100k is too big a jump from the first bid to the second, and given her auction skills, why didn't she come with someone (sister, friend, husband) for moral support? The 'sorry but my hubby says NO' thing seems a bit weak.

I love the idea of someone bidding, arguing (how dare you!) and then walking out. If it happens often enough even REAs will get the message. Adelaide only seems to get auctions in booms and on premium properties, anyhow. This time next year there will be very few auctions here.

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good on the old lady who got out of their , ill aleways get teh ball rolling with a useless bid, then they vedor up to tjeir asking price gotta think if you low ball the vendor bid

ie 15% off, when its all done, they will come talk . but dont get brow beaten into raising your bid,. they are paying for the auction ., not you. once they come to negotiate . say

auctions over right, well im lowering my offer you shoud have taken the auction bid, while we where all excited. now im offering less.

.

Good on the old fella who saved the old duck almost 200k!

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NOT REALLY AUCTION RELATED, but it is adelaide anecdote. apparently a pal who lives in salisbury had their house revalued. they planned on moving to canberra a litlte over $15 months ago, and had place valued by a RE agent to sell fro $440k, now they had an agent come thru, and value it at $330k.

needless to say the move to canberra is off.

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NOT REALLY AUCTION RELATED, but it is adelaide anecdote. apparently a pal who lives in salisbury had their house revalued. they planned on moving to canberra a litlte over $15 months ago, and had place valued by a RE agent to sell fro $440k, now they had an agent come thru, and value it at $330k.

needless to say the move to canberra is off.

330K ain't worth a hill of beans in this town. Might get them an asbestos filled two bed flat in outer canberra. Tell 'em to bring a good work ethic when they come.

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too late they already work for public service, and hit pay ceiling for this town. maybe the price there will fall some more before they get there.

as it is all plans for move are off. but the 25% drop in RE agent quoted sale price was a stunner in 15 months

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Interesting update on this place, its been 5 and a bit months since that very strange auction. After having it sitting there and having inspections every few weeks with no real action, I noticed the owners have now moved their stuff out.

Well now they have changed RE agent, but the ad no longer has a price guide. However if you search on Re.com for properties 700-800k it comes up.

However search for properties over 800k and its nowhere to be seen. Not sure what happened to their million dollar expectations

http://www.realestate.com.au/property-house-sa-adelaide-110006761

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