A three-bedroom home only 14 kilometres from the Brisbane CBD has sold for $710,000 in a rare “nerve-racking” no-reserve auction.
The sale of 30 Peplow Street, Hemmant , followed a strong marketing campaign by Nina Adams, of Century 21 Adams & Costello , who said it was only her second no-reserve auction in her 30-year real estate career.
“A no-reserve auction can be nerve-racking because there is no protection from having a reserve price,” she says. “But in this case the whole process went well.”
Unlike a normal auction with a minimum reserve price, a no-reserve auction goes under the hammer to the highest bidder, regardless of the price. If the highest bid is $1000, the property sells for $1000.
They are rare because vendors usually do not want to roll the dice on whether the bids will be high enough and are usually used when the vendor needs to sell the property quickly without a drawn-out sale process.
Adams says the decision to hold a no-reserve auction for Peplow Street came down to family circumstances, with the vendors requiring a quick sale for personal reasons.
The property attracted six registered bidders, with the first bid coming in at $500,000. “It was quite a spirited auction with 10 bids that eventually reached the final sale price,” Adams says.
The house was bought by a local who plans to do some renovations and then live in it. Adams says a similar property in a nearby street recently sold for $755,000.
“There are newer developments in the area where homes are attracting prices around the $1.3 million range,” she says. “This is an older area at the lower end of the market.”
Adams says the property needed some minor work, but otherwise it was in good condition.
Sitting on a fenced, 405-square-metre block, the high-set house has timber floors. Upstairs are three bedrooms, a living area, a kitchen-dining room and a bathroom with a separate toilet
Downstairs is a multipurpose room, kitchenette, bathroom, laundry and garage, with a patio overlooking the backyard.
Its history dates back to the mid-19th century, when the land was used for farming and agriculture. The suburb is named after William Hemmant, a prominent merchant and politician in Queensland during the 1800s.
The last no-reserve auction in Queensland took place in September when a buyer paid $528,000 for an unlivable Queensland cottage in Margate that was too unsafe to inspect before the auction day.
Despite this, the derelict house at 74 Duffield Road in Margate attracted seven bidders.
Glen Norris is an experienced journalist and editor with a career spanning four decades across Asia, Australia and Europe. His roles have included stints at Bloomberg News and Asian Wall Street Journal.
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