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



Birthday present: QCWA receives $1 million funding

The QCWA has received a welcome birthday present from the Palaszczuk Government, with $1 million to restore heritage halls across the state.


Get Set for Summer

Win One of Ten Prize Packs
Learn More

The world's best in things that roll embark on Rocky

AUSTRALIAN FIRST: Colin Cole from CQUniversity with Sebastian Stichell from KTH Royal Institute of Technology in Sweden at the 25th International Symposium on Dynamics of Vehicles on Roads and Tracks.

International symposium held in Australia for the first time

'ShuShu lets me get away with anything': former Rocky drag queen

ShuShu Funtanna aka David McKone will return to Rockhampton at the weekend in a homecoming performance of fabulous drag show, Bubblegum Candy Princess at Flamingo's on Quay.

WATCH: Drag queen's hilarious marriage equality message

Fun Fair and Open Day at Uni

CELEBRATION: CQUniversity’s Associate Vice-Chancellor (Rockhampton Region), Kim Harrington is looking forward to getting into the groove of 1967 in celebration of the institution’s 50th anniversary.

CQUNI'S turning 50 and everyone's invited to Fun Fair and Open Day.

Radio host Matt Okine leaps to small screen

Funnyman talks about the inspiration behind his show, The Other Guy.

Hollywood’s new highest paid actress

Jennifer Lawrence had to settle for third this year behind Emma Stone and Jennifer Aniston.

CAN you guess who has dethroned Jennifer Lawrence?

Movie trailer dubbed too racy for TV

Alicia Vikander stars in Tulip Fever.

THE trailer for Tulip Fever is so saucy some networks have banned it

Liz Hurley, 52, has never looked better

She’s definitely not shy to pose in a bikini.

Life in your 50s has never looked as good as it does on Liz Hurley.

Big Bang Theory star spills details about Season 11

Mayim Bialik plays Amy Farrah Fowler on The Big Bang Theory.

MAYIM Bialik has shared some details about what fans can expect.

The Bachelor Australia: Awful joke leaves Matty stunned

Sharlene’s mouth hangs agape after her car crash breakup.

I’m actually one of the bachelorettes — I’m not the external caterer

Samsung set for bigger, beach friendly Note 8

Samsung will be going bigger than ever to launch its Note 8 after this year's launch of the S8.

Water, dust, now sand-resistant?

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