Not a single bid
Posted by WonderWoman in : Where I Live , trackbackAt an auction in my Ascot vale stret recently, there were dozens and dozens of lookers but not a single non-vendor bid. Seemed like a nice, period house. What is going on in the real estate market? Or is it just that auctions are becoming less appeling?
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The old auction system with dummy bids was flawed, but at least it led to a result as it forced the hand of a potential bidder - bid now or lose it forever. Now that you can wait and see if anyone else is going to bid, why would you make the first bid ? If no one bids, well, you are not going to miss out, are you ? Obviously the perception is you will put pressure on the seller if it is passed in with no bids. I think everyone was happier with the old system as at the end of the day it was all over; someone sold and someone bought.
I think the old way it ran was fraudulent and while the new system is more.. transparent, it leads to more properties being sold for what they are worth , a more realistic value system.
back in the last boom period , the dummy bidding sham was part of what drove people to pay 50% more than a place was worth….
Segue, ackbar: have you two become Nook’s first double-act?