As some of you may know, I’m currently traveling in Australia. While out seeing as much as I can I’m also trying to navigate the time change with North America to continue to help auctioneers.
I’ve been staying with friends in Brisbane and recently, my friend and I came across a real estate auction just down the street from where she and her husband live. We decided to check it out. My friend was scoping out the real estate market in her neighbourhood while I was interested in the more of the auction aspect.
First off, you could tell straight away who worked for the auction company. They were well dressed, made a point to talk to anyone who entered, took contact information as well as made sure those interested buyers were registered and prepared for the auction. The others, were either nosey neighbours (like my friend) or interested buyers.
I tried to take note on how they marketed this auction. As I’m not a native Aussie (you can tell by my lack of tan), my Facebook feed wasn’t flooded with Australian real estate and I wasn’t particularly looking in newspapers for upcoming real estate auctions. I did notice the postcards they were handing out during the auction though, they were featuring beautiful photos of this property and offering the highlights of this sale. As any auction, they stated the terms and conditions of the selling prior to bidding and made sure people understood to alleviate any confusion.
After that, the auction was under way. But it was different than any other auction I had been to. Usually an auctioneer would offer up a starting bid, but they allowed the audience to open up the bidding floor.
After three chances to place a starting bid, no registered bidders spoke. This is when the auctioneer bid on behalf of the owner, $1,000,000. Basically, the property wasn’t going any lower than that price. This is when the auctioneer offered it up again for bidding to the other registered bidders. After what seemed like a very slow process, they had another bid, $1,050,000. Eventually, the final offer on the table was $1,100,000. They took the bidder aside in a private room to I assume go through all the logistics and terms before finalizing the sale.
It was very interesting to watch this auction and I look forward to delving into this Australian auction world a bit more. It’s not so different from the rest of the world, but you can always learn something new right?