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Owner sells at the highest price of the day
An abandoned rental property destroyed by vandals has been put up for auction with no reserve price, sparking a frenzy among buyers.
Logan’s four-bedroom, one-bathroom home has been gutted from floor to ceiling, with walls and doors pulled from their frames, having sat vacant for more than a year since the last tenant dug up the stump. The electrical equipment was also removed.
Ray White Marsden marketing agent Cory Boyd said the interstate’s owner opted to sell it at a rare no-reserve auction rather than take on the onerous task of repairing the extensive damage. He said he did.
After the tenant fled, the vandals seized their chance.
Walls and doors torn from their frames
A low-rise brick house built in 1995 at 19 Billabong Drive in Crestmeade will be demolished on October 28th with Justin Nickerson of Apollo Auctions.
Mr Boyd said there had been a flood of interest from first home buyers and renovators, with six offers and 150 phone calls within 24 hours of listing.
“I was still getting calls from people at 9 o’clock and 10 o’clock at night asking, ‘When can I see you?'” Boyd said.
“We had a number of builders look at the property and were told that the damage was cosmetic and not structural.
“It’s a corner block with so many different options. Some bones are broken, but it can be repaired. This could be an opportunity for first-time home buyers to do a complete renovation.” It could be an opportunity for investors to tear it down and build duplexes or granny flats.”
The low brick house was built in 1995.
Growth area corner block
Nickerson said no-reserve auctions, where there is no minimum price the seller will accept, are “very rare.”
“I’ve only done a few auctions in my auctioneer career, but it creates a bit of a frenzy because it’s an opportunity for people to buy below market price and that incentivizes buyers,” Nickerson said. said.
“No-reserve auctions sometimes start with someone making a $100 bid just for fun, before the bidding settles into a pattern, and sometimes there are buyers who are very enthusiastic and feel there is competition. Sometimes they start at a higher price.
“Typically, there are two variables in an auction as a buyer: one, will I be the highest bidder, and two, will the seller accept my highest bid? variable will be deleted in this case.”
This has been a rental property for several years.
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It was a “brave move” on the part of the seller, Nickerson said, but “the good thing is you get a guaranteed outcome.”
Mr Boyd filmed a video tour with the aim of giving buyers a clear understanding of the diabolical current state of the 579 square meter property.
“We’re not shy about what it is,” he said.
“The owners are very confident that we can create competition for this property, and the no-reserve auction certainly achieves that.”
The video tour is themed around the movie “The Greatest Showman,” and Mr. Boyd quipped that he was hoping that the movie’s star, Hugh Jackman, would bid at the auction.
Property records show the home last changed hands in 2016 for $300,000. In 2018, it was listed for rent for $335 a week.
According to Prop Track data, Crest Mead home prices have increased 7.7% in the past 12 months, with a median price of $540,000.
Mr Boyd said Crestmeade was one of Logan City’s most popular suburbs and was scheduled for continued infrastructure improvements under the Logan Enhancement Project.
