Auction

I went to a couple of house auctions, only one of which sold. I’m beginning to get around Canberra and feel quite comfortable in getting from one place to the next; never without the street directory of course. I came across Scullin and found it to be a very average looking suburb, which might mean the prices are average. That may not be such a bad thing. There was an auction so I called in to watch what happened. There was only one bidder at the auction and a lot of spectators. This individual was persuaded to open the bidding at $300,000 and with no other action the auctioneer placed a vendor’s bid at $350,000. That’s a staggering jump. Everyone was quiet and the property was passed in. The house had a small lounge room, a small main bedroom with ensuite. Though, the other bedrooms seemed larger than average. This house had a very small yard and there was a lot of work to do to the place. It was rough. I thought the opening bid would have been a fair price. Perhaps I knew less about the location that I thought, and Canberra property prices gave me a shock.

The next house was auctioned in a nearby well to do suburb. It was near the top of a rise with views to Mt Stromlo. A huge crowed of people were present when I arrived. It was a 4 bedroom house on a very large block with a neat but very plain garden. It had a lounge room that was smaller than my place in Melbourne, but 4 very nice sized bedrooms that were accessed from a central passage. It was a simple design but the elegant furnishings made it seem to be a very appealing property. Unfortunately, the extension that had been added looked like a tack on; possibly a veranda had been enclosed. The auction started at $500,000 with $25,000 rises, slowing later, and selling for $775,000. It went well above the reserve. Possibly someone was trying to buy into the street rather than the property. The price didn’t seem worth it. Perhaps that’s just Canberra. Ouch!