We won an auction on Saturday. Paid the deposit. Imo I think we paid market value for the property, if anything after further researching recently sold, perhaps even below market value. The thing is in this particular suburb (suburb of only 2000 houses in total), there is a bit of a variation in selling prices, I have seen a couple of houses go for 350-360k (though smaller lots and smaller crappier houses), and have seen the same house as ours, on same size lots but on corner lots (development gems) go for 480k. A well renovated version of our house on a smaller non corner block went for 600k (think this was a one off though). I am silently freaking out worrying that the val could come back lower and we could have to cough up the difference. I read a thread on here a while ago where that actually happened and that is where my worry is stemming from. Has anyone experienced this?? The suburb is within 15kms of Melbourne CBD, 2 minute walk to train station. On auction day we had agreed that we wanted the house if it went up to 390k, we still considered it a bit of a bargain at that as others that were coming up were listed at over 395k, and were going to auction anyway, and we had a fear that if we didn't get this one for around that price, that we might end up priced out and the next one could go way higher. We would have liked to pick the house up for 370-380, it would have felt like a really good bargain at that price point. Anyway to cut to the chase, we paid 392k, the reserve ended up being set at 380k, so we spent 12k over the reserve price. Do you think that the valuation is likely to come in at our purchase price, or could it fall short? Valuation is due back tomorrow but I can't stop thinking and worrying about it, especially since I have already started picking up stuff for the reno! Got a great 3 year old kitchen from eBay for $650with appliances- not picking it up until the bank val is back as that is all we are waiting for to go unconditional on this.