First auction today at Kensington. We were called in last minute yesterday to bid at this auction of a 2.75 bedroom townhouse that comes with a special levy by the owners corporation to renovate all the dilapidating balconies and faux cornices. It is only a 16 years old development and it is already falling apart.
We could not talk the buyers out of buying this low grade property but we set a low ceiling price to reflect its inferior position and accommodation. We were outbidded. A blessing in disguise. As now we can steer the buyers away from their inferior selection of properties. Interestingly, one off-market property was found right after the auction. We are the winners although we lost.