BOUGHT* - $4,900,000

Don’t Brighton people like the smell of a mortgagee auction in the afternoon and they have come in droves at the smell of blood - and when I say droves I mean that. At over 120, this is one of the bigger Golden Mile crowds you will see and with David Hart punching out a good tune it seems to have all the ingredients for a good auction. The home itself is a modern but unfinished work and is for sale under instructions from the NAB. And so David says we are away - and he asks for a start. Some bozo (that’s a technical auction term) throws out a bid of $2,000,000 and it's refused and a start is asked for in the mid $3,000,000. He doesn't get that - but he does get a bid at $3,000,000 and immediately counteracts with a $3,500,000 vendor bid. Finally a $3,600,000 bid and a second bidder at $3,650,000. They take it to $4,000,000 between the two of them. Some pausing and we are to $4,100,000 and then slowly to $4,250,000 and it's on the market at $4,300,000 - after the question has been asked several times. At $4,350,000 there is some pausing and we are down to $10,000s. David is doing a good job keeping a slowish but firm bidding auction moving along in small bids and we are at $4,400,000 in small increments. Then a solid up-bid comes from Bidder One in at $4,450,000 and it seems to have knocked the stuffing out of the other bidder. But after an eternity another $10,000 is eked out by David and then another good up bid to $4,500,000. Some humor and some theatre and Bidder Two returns with a $10,000 and Bidder One up bids again at $4,550,000. Looks like this time he is finished and he is. But in comes Bidder Three and offers another $20,000 to $4,570,000. Surely he couldn't get it on one bid and he didn't. Two more bids and it's knocked down at $4,620,000 - no its not!!! Two quick bids and we are $4,720,000 - not sure anymore if it's over and guess what it isn't. Again this is where David does his job very well - he keeps a difficult high end auction ticking along nicely and he has eased the two remaining bidders to $4,830,000. Nice work - but I get the feeling it's not over and guess what it isn't and we are $4,900,000 and that is where we end - that is all she wrote and some spontaneous applause follows. That result is a pretty clear statement on where the ultra top end market may be going – upwards in interest but sideways, even backwards in price. A word of caution this was an unfinished home and they tend to not punch above their weight in price.

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