After three years of looking for a house and participation in three auctions, I finally made an offer on a house, not through the auction process (This house was auctioned but didn't sell at auction). I think all our friends and family thought we would never buy... The price agreed on is $A740k ($US605k). It's part of a townhouse complex but is a freestanding house and has a "reserve" on two sides and a neigboring house on only one side. It has great views. It's a bit further from the city center than we would really like and less land area than we would like - only a very small garden area. but houses in this condition and size, with more land, nearer the center, and without intrusive electric power poles, which Snork Maiden doesn't like, are very expensive or maybe one a year comes along at a reasonable price range which we could bid on at an auction.
Now the legal/financial wheels begin to turn.