House-Hunting? This Strategy Could Ensure You Win The Next Auction Without Breaking Your Budget

Would you try this?

House-Hunting? This Strategy Could Ensure You Win The Next Auction Without Breaking Your Budget

If you’re looking to buy a house – here’s a unique strategy:

A Melbourne man has won himself a house at auction by repeatedly outbidding himself.

News.com.au reported Ben, who doesn’t want to be named, repeatedly bid against himself every 10 seconds to put off his competitors while trying to buy his dream house in Ripponlea last month.

“I think most people in the crowd thought I was crazy,” Ben said.

“As soon as they bid, I bid straight up against them by $1000, waited 10 seconds then bid another $1000, and kept doing that.”

“The longer they waited the more I put in additional incremental bids to try to effectively put them off.”

He said the aim was to make counter bidders believe he had endless money to spend.

“I was only increasing the bids by small amounts, so people thought it was crazy for us to do it, but the actual incremental increases were not $10,000 or $20,000.”

The strategy worked - he won the auction for a price in the vicinity of $2 million. 

REIV president Joseph Walton said it was legal to bid against yourself.

“While highly unusual, it is not illegal to bid against yourself at auction,” Mr Walton said.

 

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