Spot on thecook.I went to an auction this morning in Cheltenham...

Spot on thecook.

I went to an auction this morning in Cheltenham (20km south of Melbourne). Good location in school zones and a lovely place. Double story, 4br, 3 bathroom, two car garage, swimming pool. A few weeks before the auction, the agent was talking up a sales price in the high $600K's. A crowd of about 30 people in attendance.

Auction started off at $600k - no bids. The auctioneer took it to $650k - no bids. Finally took it up to $690k where it was passed in on a vendor bid (even though there were no bids at $600k!).

So much for the interest rate cut giving a boost to the market.