| Comment | I thought that too, but the more I think about it the less I'm convinced. Things can go for crazy prices at live auctions as well.
I think demand is the biggest factor. When I was purchasing a house years back and overseas, housing was surplus to demand there, and we were bidding under asking prices because if someone bid at asking we could just walk away and pick something else.
When we moved back the market was behind demand. Properties were selling within weeks, and we were looking at having to wait a year for a new build (with nothing but horror stories) or get a dreadful "fixer-upper".
I really think a lack of choice in the market is a bigger factor than the closed bidding system |
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