First home buyer's $190k opening bid rejected on $492k property
A first home buyer's $190,000 bid was rejected when a unit sold for $492,000.
A two-bedroom unit in Clayton's outer east received an opening bid of just $190,000. The opening bid was well below its $480,000 to $520,000 listed range and $490,000 reserve.
The ambitious first home buyer did not bid again after being countered. A second first home buyer won at $492,000 after a contest with the vendor.
The real estate agent said many buyers hold a skewed perception of market conditions. After recent news reports of falls, some assume they can discount prices by another 15 to 20 per cent below the range.
They don't realise those adjustments are already factored in. The property was one of 929 scheduled for auction in Melbourne this week.
- $190,000
- Opening bid
- $492,000
- Final price
- $480,000 to $520,000
- Listed range
- 929 properties
- Melbourne auctions that week
Why it mattersFirst home buyers who expect rock-bottom prices risk losing properties in a market that has already corrected, while agents report lower buyer numbers and cautious bidding.
AustraliaMelbourne property auctions show buyers are testing sellers with lowball offers, but early research suggests this strategy is backfiring as prices hold steady and competition remains fierce.
✓ Claims checked against the source. checked 5 d ago
