The OFFICIAL Bidding Game Thread (instructions)

Discussion in 'Where to Buy' started by Sackie, 29th Feb, 2016.

Join Australia's most dynamic and respected property investment community
  1. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    OK folks so for a few weeks now a couple of us have been having some fun choosing a place that is going to auction in a couple of weeks, and then placing bids to see who can get closest and win. We just finished our first one (@HUGH72 was the winner) and we decided to have an official dedicated thread for the Bidding Game for anyone who wants to join and have a bit of fun as well as allowing us all to learn a little about the areas/homes/research methods etc in the spotlight. Lets try and keep this fun and light hearted. (anyone interested in how this game completely originated can see from this thread) QLD - Mount Gravatt East


    The Rules:
    1. No two bids can be the same.
    2. Bids must be to the nearest $1000. Eg, 500k or $534,000 etc.
    3. Bids must be at least $1000 apart from any other bid.
    4. If $565,000 k is the outcome, and two bids are $564k, and $566k then the person who placed their bid first will take first place winner.
    5. Bidding closes at midnight, 24 hours before auction. Once your bid has been put in the Collective Bids post,if you decide to change your bid later on then you only have 1 allowance to do so.
    6. If property is sold prior then closest bid wins.
    7. If a bid is made that is in violation of the rules, The Coordinator or anyone else can prompt them to adjust their bid before it can enter the Collective Bids.
    8. Only bids that are in the Collective Bids post before the time of closing will be counted. So try not to wait too late.
    9. If the property is passed in at auction and doesn't sell, we all have the right to be peed off! Then choose another place. When the 'passed in place' eventually sells, the winner will be recognised.

    The Winner (also known as The Coordinator)

    1. The winner has the privilege to pick the next place (must be an auction) and must be going to auction within 7-14 days.
    2. The winner also has the responsibility to update the collective bids in one posting as people post their bids.
    3. The winner choosing the new place will hopefully not have any insider information or knowledge at the time of choosing the place.

    Please see the specific suburb thread we will be bidding in. Refer back to this thread to see the Collective Bids updated. @Bran is posting it shortly. Also as the game progresses we'll see how the current rules work etc and things can always be modified to make it more enjoyable for all.
     
    Last edited: 29th Feb, 2016
    Colpio79, R377, Phantom and 1 other person like this.
  2. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,626
    Location:
    At work
    Last edited: 29th Feb, 2016
    HUGH72, R377, Phantom and 2 others like this.
  3. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    Sounds good to update the collective bids here. @Simon Hampel if there are any restrictions etc you want us to follow please let me know. thanks.
     
    Colpio79 likes this.
  4. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,626
    Location:
    At work
    Maybe we should have a point system to run a permanent scoreboard.
     
    Colpio79, Phantom and Sackie like this.
  5. Kesse

    Kesse Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    891
    Location:
    Cairns
    What is its passed in at auction?
     
  6. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    Refer to point 9 :) We have no choice but to choose another place.
     
    Kesse and Bran like this.
  7. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,626
    Location:
    At work
    Kicks over until final selling price?. This property sells in a week. I think 4 weeks is too long to wait
     
  8. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    I like the point system idea @Bran
     
  9. Kesse

    Kesse Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    891
    Location:
    Cairns
    Whoops, missed that point!
     
  10. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    hehe all good. Hopefully after the first 2 or 3 auctions we will have all the rules/situations ironed out and it will run smoothly. Just a bit of fun really :)
     
  11. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    yup, updated the rules post point 9.
     
    Last edited: 29th Feb, 2016
  12. R377

    R377 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    358
    Location:
    Perth
    Love the idea, also read you were going to keep it only in qld is this true ? Auctions % are not quite as good in brisbane compared to other major cities
     
    Sackie likes this.
  13. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    @R377 some say stick to QLD for awhile to get a good take on that place before choosing another place. But I think others will want it to be nationwide. Both are fine so we'll just see what others want and take the majority opinion.
     
    Last edited: 29th Feb, 2016
    Bran likes this.
  14. R377

    R377 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    358
    Location:
    Perth
    If you had enough interest (and time on your hands) you could do one in every major city, once a month, then had a monthly winner based on points system
     
    bob shovel likes this.
  15. Sackie

    Sackie Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    17,516
    Location:
    Bondi Beach
    I don't think anyone would get any actual investing done then :D
     
    Bran and Phantom like this.
  16. CU@THETOP

    [email protected] Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    233
    Location:
    Brisbane
    I will look into this and give my bid later. This is a very good idea for a thread and given everyone on the forum is falling over themselves to get into Brisbane (as well as the fact I'm local) makes it the logical location choice.
    What would be good if people were to put their reasons behind their conclusions where possible.
     
    Sackie and Bran like this.
  17. trinity168

    trinity168 Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    872
    Location:
    Sydney
    I just assumed we were working with The Price is Right rules.
     
    bob shovel likes this.
  18. Phantom

    Phantom Well-Known Member Premium Member

    Joined:
    24th Jun, 2015
    Posts:
    2,056
    Location:
    Sydney
    Trinity....come on dooooooooowwwwwnnnnnn...
     
    Sackie likes this.
  19. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,955
    Location:
    Lower Blue Mountains
    Can we have the first post editable to collate answers,then banner follows as normal
    New thread each property I think
     
  20. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,955
    Location:
    Lower Blue Mountains
    That's what I reckon! :D

    Also @Daisycutter4 should be along with some prizes :p lol
     
    Colpio79 likes this.