Crazy bidding as Ringwood East home smashes reserve

RAY White Ringwood played host to a ripper online auction last night as five active bidders battled it out for 2/20 Scenic Avenue (pictured above) in Ringwood East - with the property eventually selling for $776,000 – a whopping $66,000 over its reserve price.

“It was a really strong campaign with a quarter of our private inspection attendees registering to bid on the night – and the bidding was hugely competitive,” said Ray White Ringwood Sales Consultant Cameron Bailey, who managed the sale.

“Buyers who want to buy are definitely still out there and they’re looking to get into the market at the earliest opportunity when the right property presents itself.

“We ran the process the same as we always have with strong print and digital presence – and we actually secured one of the bidders off the back of one of our print adverts.

“The online auction process works well for us and at one stage we had 25 viewers – I think the 47-minute auction kept everyone well entertained.”

Ray White Ringwood Director and Auctioneer Chris Watson (pictured below), who called the auction, said it was a marathon worth running to achieve such a great result for the vendor.

“Three of the five active bidders fell away about half way through and it was a genuine tug of war between two until the very end with some really whacky bids,” Mr Watson said.

“The psychology of the auction was very interesting and an example bid was $768,888 – and in keeping with the crazy bids – the property was won with a final bid of just $112.

“Both bidders said multiple times they were out but changed their mind and bid a little more. After 47 minutes of a 'little more', the price went up by tens of thousands of dollars.

“You can’t get better than an auction environment to generate competition between buyers, and when two people want the same property, anything can happen.”

"I noticed my rival bidder kept using the 'lucky 888' in their bids, so I thought I would counter that with some random bidding of my own," said civil engineer purchaser Max Kudrenko.

"Given the situation, the online auction process was the easiest thing to do to buy a property, the key is to have your price in mind and then it doesn't matter who you're competing against.

"My partner and I had actually been to see the property three times through private inspections and there were a number of things we liked.

"Being a civil engineer, I loved the double garage with overhead storage, and my partner loved the walk-in robe in the master bedroom - and we both loved the high ceilings."