They happen every weekend here in Australia.
I’ve heard about them. I’ve seen them advertised. I’ve even seen some take place on televisions.
But, I’ve not attended one. Until today, that is.
The real estate auction is a typical way of selling a house here in Australia. When a home gets listed, there are usually 3 – 4 inspections scheduled where people can come in and examine the property and then an auction is held to determine the final price of the property and actually sell it. A “reserve” is set – this is the minimum that the property must go for, but anything over the reserve is fair game. I understand that the aim of the auction approach is meant to get the best possible price for the seller, but I’ve always thought that it makes the purchase a far more emotional one for the bidder and causes them to pay more than they might otherwise and it relieves the sales agents from having to actually know the property’s fair value and price the property accordingly.
It is a fascinating process to watch as you’ll see from the video.
So, the house is a small well lit, old, but newly renovated home around the corner. To sum it up, the bidding started at $850,000 and the gavel came down at $1.2 M. I’m sure that the seller was pleased. The man who used to live in the house, who passed away, left his kids quite a little nest egg – Happy almost Easter to them.
I enjoyed my first auction today. I chatted with and met a few of the neighbours, including another Linda. LOL.
This is us.
Buzz enjoyed it too.
He got some extra pats and attention, but he like me, didn’t bid because we’re happy where we are.
Have a look at the video so you can get a sense for what this standard real estate practice here in Australia is like.