Went to an auction today.600k - 650k, 10km from the city,...

Went to an auction today.

600k - 650k, 10km from the city, reasonable house.

Small crowd (8 couples inc neighbours)
Auctioneer announces this will be a non-referral auction.

No bids, Vendor bid at 620k, nothing and then raises his own bid to 630k

Passes in. No one stuck around. Apparently he thinks this was the last chance to enter the market and we'd regret not buying.

1. Vendor was asking too much
2. Recent cuts have done nothing to confidence.
3. Job security is a concern.
4. no upside any time soon.