Highest bid at New Year Fair stall auction hits $48,000

And it's just the first day.

According to a government release, a total of 179 wet goods stalls and three fast food stalls were successfully let on the first day of a two-day auction for stalls at the 2013 Victoria Park Lunar New Year Fair today.

The average bid price for the wet goods stalls was $15,359, with the successful bids ranging from $8,750 to $48,000. The highest bid of $48,000 was almost 5.5 times the opening price of $8,750.

The auction of wet goods stalls fetched a total of $2,749,250, compared with $2,434,490 last year.

For the fast food stalls, the 7.6 x 4.8 metre stall was bid at the opening price of $301,920. The bid prices for the two 5 x 4 metre stalls were $220,000 and $200,000, against an opening price of $161,720.