A client asked me on the weekend what the difference between the auction result of “Passed in” as opposed to “Vendor bid” is, after attending the auction at 51 Taloombi Street, Cronulla.
Just to clarify, a ‘vendor bid’ is when a property passes in (and is not sold) and the highest bid is by the vendor of that property.
On the other hand, if an auction is ‘passed in’, it means the highest bid was with the last buyer – but that bidding price did not reach the vendors expectations and so was not accepted as a sale.
On Sunday the papers advertised the auction result of 51 Taloombi Street as passed in, when in fact it was a vendor bid. Under NSW Legislation if an auction is passed in with a vendor bid – it needs to be recorded in the bidders record and subsequently advertised as such.
Beach & Bay were getting a bit tired of the lack of property data for our local postcodes 2230 and 2229 and so decided to start tracking auction results ourselves. We aim to provide up to date, accurate information regarding auctions in Cronulla South,Cronulla North, Woolooware, Burraneer, Caringbah and Dolans Bay. We have been documenting property data for the last 3 years and have always allowed the public to view – free of charge. If you would like current or past auction results –please remember to check out our website first!
For more information on NSW Property Legislation see here.
If you would like to read more about WHY a vendor bid is used please view this Sydney Morning Herald article.