Property sells at no reserve auction

Property sells at no reserve auction

Posted on Thursday, March 22 2012 at 3:04 PM

Would you ever sell your property without a reserve? In the current Brisbane market, it might be a very brave and even crazy thing to do. But one American vendor took the gamble in Capalaba, instructing the agent to sell the property, no matter what the price.

Ray White agent David Hardman says the ‘no reserve’ auction attracted lots of attention.

“Over 100 groups of buyers came through the house to inspect it and then more than 160 turned up for the auction itself,” he says.

“37 bidders registered on the day and the sale price was well over expected.”

The four-bedroom, two-bathroom property on a large 882-square-metre block went under the hammer for $431,000, which was actually a good result.

As it turns out, the American businessman who owned the property was determined to divest and flick the property, even if it meant copping a loss. He also spent more than $20,000 in renovations before the no reserve auction, putting in some new carpet and gardens.

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