With houses being somewhat on the nose, we decided now was the time to check out some auctions. I do love me a good auction, especially when I'm the only one bidding. We bought this property 5 Popondetta Road, Emerton, NSW 2770 for $350500 in April. It settled 17th May, 2019. This auction was a lot of fun. It was listed by an out of area Agent, who didn't know much about the area, and had told the vendor the best way to sell was by auction. That was the first mistake! For them, not for me. Anyway, the auction stalled & the vendor bid $350k, I came back with "and a half", and it was passed in to me. The vendor was there & they went into the house, while the Agent shuffled me into the garage. That's when the fun began. After speaking with the owner the Agent came running out to me. "We nearly there! You pay $390k! Then it yours" Haha, NO. "It good value, it good value" NO "Shops just up street" "This good area". No, it isn't worth it. My bid is $350500. He goes back to the vendor. Five minutes later he comes out to me again, with $370 written on a piece of paper. "You pay this! This good price. We nearly there! You get good deal" No, the house isn't worth that much. He goes back to the vendor, then back to me again. "That best price!" No, it isn't. "It really good!" No, I'm sorry, but I can't go any higher. I pull out my phone & I look up a sale from Lethbridge Park, just a few streets away & show him the listing. 3 Leyte Avenue, Lethbridge Park, NSW 2770 His face drops. "Oh, where this?" Just up the street. "I take phone?" Yes. So he grabs my phone & runs back to the house. Next thing he comes running back to me again. "Congratulation! Congratulation! You buy house! It yours!" What the Agent didn't know, was that the house that I showed him was in dreadful condition and was a department of housing sell off, which he would have known if he was a local. It's just been re-sold after an expensive reno. We were planning on holding onto it for a couple of years, but plans change, so we just sold it after a very cheap & cheerful reno. Here it is. 5 Popondetta Road, Emerton, NSW 2770 The property sold at the first open for inspection. There were 19 parties who went through it, and multiple offers. Some lowballing, but that was never going to happen. The numbers: Purchase Price $350500 Stamp Duty $11282.50 Other Fees $1995.01 Total Purchase Price $363777.51 Add Reno Costs $6500 Agent Fees & Closing $13000 Total Costs $383277 Leaving a profit of approx $66500. Not bad for a very cheap & cheerful reno. Yep, full CGT but it will be split between us, so not too bad since we've got a heap of depreciation and other deductibles to keep the taxable income low.