sydney house prices, page-5

The system which permits vendors bidding permits fraud.

It represents blatant refusal to accept the reality of the market and is designed to overprice the property so that new purchaser pays too much to bail out a Bank and a Vendor who lost the plot in the greed boom in Real Estate.

The strategy at auctions is to cease bidding once the Auctioneer bids for the vendor as therein after the Auction is a sham.