Just as a matter of interest I went to a residential auction in Niddrie (near the old Essendon Airport) at 2pm today with the intention of picking up a bargain ($310k max).
The weatherboard house was about 16 squares, built in 1955 and pretty run down. The block is 50 feet frontage x 150 feet.
Two years ago this house in its location would have realised about $225 to $245K. There must have about 60 people gathered. I noticed a few builders there.
The first bid was $250k and it seemed to take ages to get to three hundred. I detected at least 5 bidders. It struggled up to about $350k in $1 k bids. Which then dropped to $.5k and then $.25k. there were still 4 bidders at this stage. I noticed a young bloke (35 yo) get out of a Mercedes from where he had been watching the bidding went over and stood next to the agent. and entered the bidding at $366k. He kept bidding in $.25 increases till he got it at $370,000.
For those who check the sales it was 22 Coghlan Street,Niddrie.
