Obviously the buyers have ignored the IMF, Demograhpia, Keen et al, all fundamentals of macroeconomic theory, Kris Sarce and the HC bears.
What on earth were the buyers thinking?
22.2.2013
A TINY weatherboard cottage sparked a furious bidding war at auction on Saturday, selling for $450,000 over the reserve.
"There were just two families bidding furiously,'' agent Natalie Mikhael said. "We had over 80 bids and it only took about 10 minutes.''
The property at 12 Boondah Place, Warrawee, sold for $1.635 million to a couple from the upper north shore.
The reserve was $1.18 million, based on the feedback from more than 40 inspections during the campaign.
"The indication we were getting from buyers prior to auction was around $1.2 million,'' Ms Mikhael said.
"The vendors were happy to accept the $1.18 million, so they were obviously very happy.''
Bidding moved quickly in $20,000 increments, with the final few bids creeping up by $1000.
The house is liveable but all three of the bidders planned to knock it down. The property is on 1075sq m.
"That street seems to carry a premium, and because something like this is quite unique in that location, people could see the value and the opportunity.
"The eastside is very popular. I guess it just shows that an auction with eight registered bidders works in this market.''
