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Today I went to a house auction for the first time. Just for the experience.
We had a quick look inside the three bedroom house built in 1890. Large rooms with such high ceilings.
The auction process took place out on the pavement and street. Bidders had to register and therefore had a number card to raise. The auctioneer gave out the legal details, deposit amount required today, completion in forty five days. The bidding started at $500,000 increased in $10,000 jumps, a few people dropped out, increased further in $5,000 jumps, then in $1,000. A couple of agents were on the phone representing bidders from interstate or overseas. The house sold at $640,000.
It was a fascinating and exciting process, an interesting way to sell a property.And I’ve ticked another thing off my “new things to do” list.
RuthsArc 
Wow, that seems very strange! I suppose it’s out in the open though unlike the Scottish “offers over” sealed envelope system. And no danger of gazumping.
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Annabel, it felt very strange to me too, I was not aware of the practice in the UK. I think it must reduce some of the stress for the vendors.
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640, what a bargain. I’m not a fan of the auction system, fake bidders are common. I think even a vendor bid is legal here in Victoria. I’ve bought a couple of houses now, both by private sale. Having said that, if I needed to buy again I would use a good friend of mine who loves doing it. Not his money I guess.
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Hi Mick. It’s a totally new process to me. Hadn’t thought about fake bidders. So I guess the sale process can still be stressful.
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An interesting approach to selling real estate. I’ve never heard of it here. In fact I wondered if it was legal … so of course I had to look it up. Apparently it is legal here in Ontario, but quite rare. Thanks for introducing me to something new too 🙂
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Ha ha Joanne. I had to look it up for the UK as I’d not been aware of it. Happy to share something new 🙂
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Interesting! I’ve heard there is a lot of interstate interest in Hobart real estate, so the prices will be soaring!
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That’s true, Gerrie. We met new neighbours from Queensland who’d bought a unit in our block to rent out. They’re back in the mainland now.
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It always seems such a nerve wracking process, for the vendors and hopeful purchasers alike. In the Sydney market, too often, we see a lovely young couple of first home buyers outbid by investors 😦
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It seems all variations on the property buying and selling process is fraught. High house prices are definitely an issue in the big cities, making it very difficult for first time buyers.
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A very strange way to buy a house, Ruth. It must have been very interesting to observe, though.
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Yes, strange and interesting.
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