$1 Home: Why No Reserved Auctions Will Cause Buyers Crazy

No reserve auctions may be rare, but when a person enters the market, they can create a buyer crazy- and break records.

And, if luck is around you, you can theoretically snap up your home for as little as $1.

Ray White group principal and auctioneer Haesley Cush said the absence of a reservation auction is a bit like the finals of the real estate market.

“I called only four of the other 30,000 auctions (without the reserve) and each one was memorable,” he said.

“There is no reserve. The property will be sold to the highest bidder.

“So if you bid $100 and no one else bids, you’ll buy it.”

Agent Ray White Clayfield and former NRL star Nick Kouparitsas is Nundah’s Buckland Road 316 Buckland Road, the property will have no reserves at the Ray White Auction event at Calile Hotel on October 18.

Mr. Kush will call for an auction.

“When I asked the owner why (he didn’t have a reserve sale), he told me he just needed to sell it.”

“It’s a bold approach and requires confidence in the property and the market.

“Just like the last day in total, there can only be one winner.”

Mr Kouparitis said the three-bedroom character house is located in the 820 m2 block and offers views of the city.

It has a grand facade, polished wood floors, VJ walls, French doors, decorative ceilings and a swimming pool, which is the only reserve auction currently listed in Queensland.

Mr Kouparitsas said: “It has become very popular.

“It needs to work, but it has a lot of potential.

“We have seen people interested, including young families and opportunistic buyers like builders and developers.”

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Store owner James Barnier, a four-year-old father, said the property must be sold on the day of the auction and he is optimistic about the campaign.

“We lived in the property for 14 months before moving to Kalinga,” Barnier said.

“This property has a lot of characteristics and it’s a breeze on the elevated blocks we really like.”

Mr Barnier, business development manager for a commercial construction company, said such real estate was “hunted” in Brisbane.

He said the property is close to Kedron Brook, where he often walks dogs.

“The kids played rugby for the North, so we spent a lot of time in the area – it was a lovely place,” Mr. Barnier said.

Mr Kush said the upcoming auction without a reserve is a “rare opportunity”.

“In my auction world, every five to ten years, I met a master who said they wanted to sell their property without reservations,” Kush said.

“As auctioneers, many people never call, and if you do, the weight of the result is completely on the shoulders of the agent and the auctioneer.”

Justin Nickerson, director and auctioneer of Apollo Auction House, held a record auction at Crestmead in October 2023.

The infeasible home is for sale for $494,700, in front of more than 500 spectators and 161 bidders nationwide.

Another outstanding backup auction was held at the 14-barrier venue in Lake Forest, where an investor eliminated one of dozens of registered bidders.

Nearly 300 people attended the noon auction, a brand new house that fell under the little miracle of the hammer.

Propertyology founder and buyer agent Simon Pressley said that while there are few reserve auctions, buyers still need due diligence.

But he said that in the right circumstances, an auction without a reserve can be a “smart move.”

“Buyers need to remember to avoid emotions because there is often more hype,” he said.

“But you know it will be sold to the highest bidder on the day and you have extra clarity.

“Be disciplined, make a game plan, don’t be swept away and out of your own means.”