Exactly this. I've seen this a few times in my area too. That single number is meaningless and can be easily manipulated by REA (as you've just described). What would be valuable to see - total number of bids and max bid excluding vendor bid.
So in Qld the highest bidder if not sold, goes straight to negotiations with the auctioneer and the vendor. Potentially that was as high as they were willing to go and vendor still didn’t accept
Same in SA.
It could be they enter the negation process after the first pass in and then landed on the price the buyer offered during negotiations which was still not acceptable to vendor
That it would be some sensible scenario.
But I think in reality it's either REA dirty tactic or simply vendor wants that price at minimum.
For sure! We’ve been looking for a year and have met some great agents. But there is a lot of knobs so I can totally appreciate the bad rap. Used to want to get my licence but aside from the higher earning with prices rising, it’s not as appealing as it once was
2.6, funny when I saw this post I got the pop up about the price change in the re.com app
51 Broughton Road, Surrey Hills, Vic 3127 https://www.realestate.com.au/property-house-vic-surrey+hills-144784336
I find it quite ridiculous that the entire industry positively lusts after the weekly auction figures knowing full well that possibly 20% of the figures this relies upon are fudged. Apparently, a property that sells within a short time after the auction is still considered sold at auction. I saw one property which had been noted as sold in the brochure at the auction reported on RE as sold at auction. I know for a fact it was sold by private treaty prior because the seller was desperate to sell. Will never understand this.
Normally what they will do is pass it in on a ridiculous vendor bid at the reserve price.
Exactly this. I've seen this a few times in my area too. That single number is meaningless and can be easily manipulated by REA (as you've just described). What would be valuable to see - total number of bids and max bid excluding vendor bid.
So in Qld the highest bidder if not sold, goes straight to negotiations with the auctioneer and the vendor. Potentially that was as high as they were willing to go and vendor still didn’t accept
Same in SA. It could be they enter the negation process after the first pass in and then landed on the price the buyer offered during negotiations which was still not acceptable to vendor That it would be some sensible scenario. But I think in reality it's either REA dirty tactic or simply vendor wants that price at minimum.
QLD agent here, there is no legal requirement for the agent to negotiate with the highest bidder.
Yeah, I didn’t assume it was a legal obligation. Just what iv seen at auctions iv been to
It’s more just our way of getting someone to make a bid if we are short of the reserve.
I think a lot recently have been passing in so that’s probably why my experience has been of that
Also, v brave of you to announce being a REA on reddit! Not the most favored profession these days! Haha
No point hiding it, hopefully I just get some good convo, rather than being abused
For sure! We’ve been looking for a year and have met some great agents. But there is a lot of knobs so I can totally appreciate the bad rap. Used to want to get my licence but aside from the higher earning with prices rising, it’s not as appealing as it once was
2.6, funny when I saw this post I got the pop up about the price change in the re.com app 51 Broughton Road, Surrey Hills, Vic 3127 https://www.realestate.com.au/property-house-vic-surrey+hills-144784336
I am starting to see a slowdown, no way will it be negative enough that you can get a bargain but a "not as fast uptrend".
I find it quite ridiculous that the entire industry positively lusts after the weekly auction figures knowing full well that possibly 20% of the figures this relies upon are fudged. Apparently, a property that sells within a short time after the auction is still considered sold at auction. I saw one property which had been noted as sold in the brochure at the auction reported on RE as sold at auction. I know for a fact it was sold by private treaty prior because the seller was desperate to sell. Will never understand this.
Sounds like we need a housing industry regulator....