Behind the scenes at The Block auction

Transcript:

Well it's auction day on the block and I'm feeling pumped. We're bidding on all four properties for a combination of investors and owner occupiers so wish me luck.

Welcome to the sale of this magnificent property.

Good evening ladies and gentlemen, Stewart Benson's my name. I  will be auctioneer here this evening.

What I usually like to do at the start of an auction is let someone else make the first opening bid.  I like to feel out the competition - it's like a bit of a boxing match. 

It's in your hands' now. 

The bid is right here at the front - it is 1.7 

What I usually like to do is a fairly big up bid from there. Two million. 

Thank you. 

Three million.  

You know the auctioneer might call for a twenty-thousand-dollar rise and I might increase it by a hundred thousand - hopefully have the room go ah - he's bid that hard, where's he going to end up?

1.7 - is it on the market yet?

We are actually, at two hundred and fifty.

It's no use dragging it out and dripping it along because you're really giving the other buyers a chance to bid and sometimes you can push your budget a bit more and you know you can afford it.  But you've got to also know when to walk away. 

Frank was that your bid?   

I've got to give it to my mate over there.   

They're going to call - it's all yours. Do I hear any better offers with you Frank? 

And your buyer at the back?   

Two million fifty.  

Frank you got it - at two million, means we are selling. 

Forty percent median house price growth. 

First call, second call, third call. 

Property is about emotion you know we're spending hundreds of thousands or millions of dollars in this instance.  If you are you are bidding at auction, whether it's at the block or anywhere else,  get someone else to bid for you take that emotion away.  

I'll take 10 - two twenty  

First second third before we go - ladies and gentlemen welcome to South Yarra we are selling - selling - sold. 

We stuck to our budgets and we didn't get carried away with the emotion of the auction.  We had clear instructions and it just shows the Melbourne marketplace at the moment is very consistent with what we're seeing at good quality properties.  

We were seeing five to six bidders and reserves being smashed by hundreds of thousands, as it is tonight, so there's some celebrations downstairs.