BUYERS lined up in the pouring rain on Saturday half and hour before the auction at 31 Holloway St, Pagewood, was due to start.
The auction had an excruciating start, with five registered bidders in a crowd of 70 staying quiet as the bidding opened.
Agent Cameron Airlie, of Ray White Maroubra, placed a vendor bid of $1.2 million and suddenly the bids came flying in.
“For an auction to start that slow, it took off like a rocket. It was over in two minutes,” he said.
Two people bid in $10,000 increments before a local family won the race at $1.325 million. The final result was $75,000 above the vendor’s reserve.
All of the bidders were young families, reflecting the demographic of buyers in Pagewood.
Source: Southern Courier 19/06/2012