Bust Up Sales

Welcome to the warehouse of broken dreams, where discounts of 50 .. 60 .. 70% are a reality.

"The stock is coming from liquidators, administrators, importers that are failing to sell their stock through the traditional retailer outlets, so they are giving it to us so we can dispose of it at a heavily discounted price", said Bill Freeman from Lloyds Auction House.

When Bill is busy, you can bet the economy is slowing down. "Repossessions have spiked at the moment. We've got approximately 30 motorcycles to be auctioned next week, we'd have five luxury cars, we'd have trucks, bob cats -- all repossessions", Bill said.

Lloyd's Auction House, and others like it around the country, is where liquidators and businesses doing it tough send their stock, repossessed or left unsold on the retail floor.

There is something a little voyeuristic about going to one of these auction houses -- it satisfies a desire to be nosey and go through other people's stuff, stuff that they simply couldn't afford. What you are assured of is that you are going to pick up a bargain and you are guaranteed you won't pay as much as the person that used to own it.

From fridges to building supplies and boats to bob cats, if their former owners haven't paid their bills, you're up for a bargain. "Building has slowed, the importers have brought plenty of stock in so we are getting approached every day by importers wanting us to sell their stock -- what that results in is that the stock gets cheaper", Bill said.

"It was $450 for the dining suite and $700 for the lounge suite -- well below what Janine Galvin priced the items at a retail store.

Janine sys she saved thousands. "I got a great bargain", she said.

But securing a bargain takes preparation. Bill warns he's seen people pay too much. "They get caught up in the hype and all of a sudden they are walking out the door and they've gone gee I've paid seventy dollars for that but I only wanted to pay fifty", he said.

"Be strong -- know what your limit is and stick to it", Bill said.

It's not just repossessions coming in thick and fast. New furniture can be picked for far less than you'd pay in store. "They come straight to the auction room and typically that is worth $2000 on the retail floor here you'll probably buy it for seven or eight hundred dollars", Bill said.

Right around the nation, auction houses are proving a barometer for our economy. While mass redundancies make headlines in major capitals, sadly this is often the end result. "Pain for some people is gain for others. What we are finding is people that are cashed up are getting some bargains and are walking away very, very happy", Bill said.

For further information: www.lloydsauctions.com.au