Property

Man bids against himself at auction to buy dream property

Ben Cohn used a unique strategy of upping bids every 10 seconds — and even bidding against his own — while holding his arms up for the entire 20-minute auction.
Ben Cohn used a unique strategy of upping bids every 10 seconds — and even bidding against his own — while holding his arms up for the entire 20-minute auction. Supplied

A MELBOURNE man has stunned onlookers after repeatedly bidding against himself at auction to buy a house.

Ben Cohn used a unique strategy of upping bids every 10 seconds - and even bidding against his own - while holding his arm up for the entire 20-minute auction.

Mr Cohn and his fiance Noga went to the auction for their dream house in Ripponlea last month.

But Mr Cohn shocked the auctioneer, other bidders - including a seasoned property investor - and about 100 onlookers, when he started placing bids against himself.

"I think most people in the crowd thought I was crazy," Mr Cohn said.

"As soon as they bid, I bid straight up against them by $1000, waited 10 seconds then bid another $1000, and kept doing that."

"The longer they waited the more I put in additional incremental bids to try to effectively put them off."

But the innovative 32-year-old said it was all part of the strategy.

"The rationale behind it was to let them know we were really keen on it and secondly we were trying to put them off," he said.

Ben Cohn used a unique strategy of upping bids every 10 seconds — and even bidding against his own — while holding his arms up for the entire 20-minute auction.
Ben Cohn used a unique strategy of upping bids every 10 seconds — and even bidding against his own — while holding his arms up for the entire 20-minute auction. Supplied

"I wanted any counter bidder to think we've got endless money to bid on this property."

Mr Cohn, who started TAXIBOX self-storage, said his shocked fiance, who was in the crowd, had no idea he was going to use the brazen idea.

"People were coming up to me during the auction, saying 'what are you doing, are you OK?'," he said.

"The truth behind it was that there was a very definite end result and once I had hit our limit I was going to drop my hand.

"I was only increasing the bids by small amounts, so people thought it was crazy for us to do it, but the actual incremental increases were not $10,000 or $20,000."

Mr Cohn ended up snapping up the four-bedroom brick Edwardian house for just over $2 million, well below what he was willing to pay.

The auctioneer Gary Peer, who has been in real estate for 36 years, admitted he was stunned.

"I've never seen that technique before, it really did throw me," Mr Peer said.

"It confounded the underbidder, they were gathering around, scratching their heads, not knowing what was going on."

REIV president Joseph Walton said it was legal to bid against yourself.

"While highly unusual, it is not illegal to bid against yourself at auction," Mr Walton said.

"The REIV does not recommend prospective purchasers engage in such strategies in order to buy property."

News Corp Australia

Topics:  editors picks melbourne real estate


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Families at the core of special week for kids

UNITED: Child Protection Week committee members Hayden Kerr, Josh Hogan, Cassie Holeczy, Julie Scanlon, Sylvia Power, Poppy Annear and non-members Vivian Mook, Kalia Parter.

Families at the core of special week for kids.

Boatload of support for cause

FUN FUNDRAISER: Jen Stratford and Tony Chatwin at last year's Shag Islet Cruising Yacht Club's Parrot Head Party.

There is a boat load of work ahead of the SICYC Rendezvous.

Yachties prepare for fun

PLENTY OF FUN: Members of SICYC get into the spirit of last year's Pirate and Parrot heads theme.

The SICYC Rendezvous will be more than a casual get-together.

Local Partners

Survivor twist bound to shock

TARA Pitt benefited from a shock twist on Australian Survivor, but will everyone be happy? She’s bracing for a viewer backlash.

The Block goes back to school with gorgeous kids rooms

Ronnie and Georgia's winning kids bedroom in a scene from The Block.

ONE magical bedroom received the first perfect score of the season.

A prince is sailing around the Whitsundays

Prince of Denmark Frederik is racing on Wild Oats in the Whitsundays.

Rumours circulating about where the princess is

What's on the small screen this week

Rob Collins and Jessica Marais in a scene from season two of The Wrong Girl.

JESSICA Marais returns in The Wrong Girl.

Playing Tom Cruise's wife was a dream for Sarah Wright

Tom Cruise and Sarah Wright in American Made.

The actress stars opposite Cruise in the action comedy

Taylor Swift wipes presence off social media

Singer Taylor Swift has deleted her social media accounts

Social media wipeout prompts rumours of a new album

Swedish TV drama turns up heat

Louise Nyvall stars in the Swedish TV series Farang.

Scandinavian crime thriller goes troppo

EXPLAINED: What the 'Costco effect' means for Ipswich

PRICE WARS: A Costco store similar to this one in Canberra, is planned for Ipswich.

Exclusive 'cult' about to change how families do grocery shopping

4800 homes to be built in massive new Coast estate

Masterplanned community full steam ahead - it's not Caloundra South

Open for inspection homes August 17 - 23

Check out this weekend's homes open for inspection.

Airbnb, Stayz and co tipped to squeeze Coast housing market

HOLIDAY BOOM: Airbnb letting is putting a further squeeze on long-term rentals.

Councils exploring options to manage the industry

How we got a rental straight away on the Coast

Rita and David Allara, moved down from Townsville, paid three months up front rent to secure the place at flash new unit block in Kings Beach.

Genius move helps secure rental property

Ready to SELL your property?

Post Your Ad Here!