Would you sell at auction no matter the price?



It’s a technique that’s usually reserved for livestock, but the owner of a house in Capalaba has taken the extremely unconventional move of putting his property up for auction with no reserve – running the risk of having to sell it for peanuts.

The gamble ultimately paid off for the highly motivated vendor – described by his estate agency, Ray White, as an American businessman “who was determined to divest and adopted the technique in order to ensure the property sells” – as he managed to shift the property for an above expected sum of $431,000.

What may have worked in the property’s favour is that its unusual ‘no reserve’ billing helped it to draw in the crowds on auction day.

“Over 100 groups of buyers came through the house to inspect it and then more than 160 turned up for the auction itself on Saturday [17 March],” said Ray White Capalaba estate agent Dave Hardman. “Thirty-seven bidders registered on the day and the sale price was well over expected.”

It also seems as if the vendor was confident that he wasn’t going to make a big loss at auction, as he spent more than $20,000 on paint, carpets and gardening in order to spruce the property up before the big day.

Do you have any unconventional selling techniques? Share your story on our property investment forum.

More stories:

City living: Australia’s best and worst

Drug rings target rental properties

Aussies less fazed about higher debt

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : narara , homebush , tweed heads south , windale , belmont

go back
  • Dat says on 29/03/2012 01:40:11 PM

    Was there any fake bidders, at worst he negoiate a deal with himself?

Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here