aggreed!!

Run down, and people wanted it that badly? That's strange, in my opinion

#23, it's a run-down house, yes, but the winning bid was also only 12k pounds. I don't know the exact conversion, but it's likely around $20k. For a house! It was be easy to fix it up and flip it for some profit, or otherwise fix up and move in for a super cheap house.

in the outskirts of Sydney a run down house is at least 250 k. where are these 12k houses!? here it would have to be a hole in the ground to be that cheap

Number 23, that's because you're a 19-year-old idiot!

A pound is worth almost twice as much as a dollar.

I get thumbed down for stating my opinion lol. Anyway, I guess that makes sense, seeing as the bid still was high, and you can make a lot out of that later on. Enjoy the new house, OP!

You got down-voted because you made a silly and uninformed comment, not because you were stating your opinion.

#23 and 37- OP said he started the bidding at 12k... he never said that that was the final price.

#74-- I'm not really sure how auctions work because I've never actually been to one, but the way this is worded makes it seem like OP's bid was the only bid and he was a cockhead for opening bidding higher than the old lady could afford. I may be wrong though. We need a follow up for clarification.

I think right now it's a little above 1 1/2 times. So it'd be around $24,000. Which is still super cheap for a house, no matter how run down!

Some people buy run down houses and renovate & resell to make a profit.

23, Many people buy run-down houses to either renovate, or even just demolish the house and build a new one because it was cheap land and possibly in a good location.

A run down house in Sydney is 250k?? Remind me to never move to Sydney! They have giant spiders there anyway...

About $20,000 US. And the way it reads to me is that they opened at 12K and know one else bid. I'm guessing they should have paid closer to 9K

That's my thought.

Wit it was, why would be auctioned in the first place?

38 - She could have defaulted on her mortgage or something.

A lot of people who get foreclosed on try to buy their house back cheap at auction. It's rather popular in high home price zones where houses still aren't worth what they were during the housing bubble. People owe mire than the house is worth and let the bank foreclose and take it then try to buy it back cheap. If successful they take a credit hit but save hundreds of thousands on their house.

This was my thought and she was hoping she'd get more out of it. But if she was another bidder it was un called for as if she wanted it, should of bid 12,001 pounds lol

79 - It'd have to be more significant than an extra pound. OP isn't limited to one bid, if she bid £12,001 there's nothing stopping OP bidding, say, £12,500 to take the lead back. Besides, though I'm unfamiliar with auctions, I doubt they'd allow a bid of +£1.

Now you have this super cheap house!! That's fantastic! Do it up and when you resell you will make a profit! Well done!!

#108 Ever thought of the possibility that OP wants to live in the house?

and the award for the best comment goes to...

42- That's what the thumbs up is for..

At least we know it isn't you. Lol

maybe no one cares that op won.

That... is a pretty good saying. I'll have to remember that.

You also can't spell slaughter without "laughter."

There are two kinds of people...

#53 lousy and laughters ?

#51, you are going to hell haha

Just like the "Fun" in Funeral.

Or she's "bidder" aha amirite? Sorry terrible joke..

#12, this was probably a foreclosure auction or something, where a bank or municipality is trying to get rid of properties they've acquired because people went bankrupt or died or whatever. Those houses go for really cheap.