To be correct if he could not get a starting bid he should have cancelled the auction without any vendor bid.
Auctioneers are frightened of starting low, because if they take a bid at say 450 000 and they get a few bids to finish at say 490 000 the owner is then on his back saying but you said I could get 650,000 for the house and I've paid $25,000 in auction expenses for no result.
As it is passed in on a vendors bid the excuse is the buyers just didn't show up.
In this market there should not be ANY auctions and any vendor that does take the agents advice to do one is a fool A fool an his money are soon parted
Real Estate Agents are a bit like Julia Gillard, they are in denial
