Thank you for all of your responses. I am based in Melbourne, CBD, postcode 3000, Jamie. Do you know someone good in Melbourne CBD?

Hi Kong,Yes, it is what I am referring to. But what about other cities?

Then, it is of no difference of having dummy bidders, which is illegal in Australia?

This is the most ridiculous thing I've ever heard in auction so far! You are buying your own product! How funny it is!

OK, I'm confused here, what's the purpose of allowing the vendor to bid on his own property where he has the reserve price setup beforehand? To me, it does not make sense to allow the vendor to bid on his own property in the auction. Please shed some light, thanks.

Thank you. And what is the difference with passed in after vendor's bid?

So, the bottom line is: stay away from student accomodation?

Thank you PC_Melbourne. So your friend received no capital gain at all, even though I'm sure the rent should go up. Well, at least he's got neutral geared property, or a CF+ property?

Thank you Banker, I'll have a look at the post.

Hi PC_Melbourne,Which apartment did your friend own? You can message me personally if you hesitate to mention it in the forum.

If your strategy is to buy and hold, you should not be too concerned about reselling it down the track, should you?

One more thing, can anyone over here please explain how LOC works?

Thank you, Hydra

Many thanks, Mike, you are a champ! Very informative report!Regards,Ricky