$1 home: Why no reserve auctions create a buyer frenzy

No reserve auctions might be rare but when one comes onto the market they can create a buyer frenzy – and break records.

And if luck is on your side, theoretically, you could snap up a home for as little as $1.

Ray White Collective principal and auctioneer Haesley Cush said that no reserve auctions were a bit like the grand final for the property market.

“I’ve only called four others (no reserve auctions) among the other 30,000 auctions and each one is memorable,” he said.

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

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

Ray White’s Haesley Cush. Photo: Supplied.

Ray White Clayfield agent and former NRL star Nick Kouparitsas is marketing 316 Buckland Road at Nundah, with the property to go under the hammer with no reserve price at the Ray White auction event at The Calile Hotel on October 18.

Mr Cush will be calling the auction.

316 Buckland Road, Nundah, will go to auction with no reserve

“When I asked the owner why (he was selling with no reserve), he told me that he just needed to sell it,” Mr Cush said.

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

“Just like grand final day, there can only be one winner.”

Mr Kouparitis said the three-bedroom character house sits on a 820sq m block with city views.

Nick Kouparitsas from Ray White Clayfield at 316 Buckland Road, Nundah, September 30, 2025 – Picture: Richard Walker

It features a grand facade, polished timber floors, VJ walls, French doors, decorative ceilings and a pool, and it is the only no reserve auction currently listed in Queensland.

“It has already been popular,” Mr Kouparitsas said, adding it was his first no reserve auction since turning to real estate in 2012.

“It needs work, it does, but it has loads of potential.

“We have seen a good mix of interested people including young families, and opportunistic buyers such as builders and developers.”

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A no reserve auction at Crestmead broke the national record for the highest number of registered bidders. David Clark

Owner James Barnier, a father-of-four, said the property must be sold on auction day and he was feeling upbeat about the campaign.

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

“This property has a lot of character, and it’s on an elevated block which we really liked – it gets a good breeze.”

Mr Barnier, a business development manager for a commercial construction company, said properties like this were “sought after” in Brisbane.

He said the property was close to Kedron Brook, where he often walked his dogs.

“The kids play rugby for Norths, so we spend a lot of time around the area – it’s a lovely location,” Mr Barnier said.

Mr Cush said the upcoming no reserve auction was a “rare opportunity”.

“In my auctioneering world once every five to 10 years I have met with an owner who says they want to sell their property, with no reserve,” Mr Cush said.

“As an auctioneer many will never call one and if you do, the weight of the outcome sits entirely on the shoulders of the agent and auctioneer.”

Apollo Auctions director and auctioneer Justin Nickerson called a record-breaking auction in Crestmead in October 2023.

The unliveable home sold for $494,700 in front of a crowd of over 500 spectators and a national record-breaking 161 bidders.

The crowd at the Crestmead no reserve auction. David Clark

Inside the trashed Crestmead house. David Clark

Another standout no reserve auction was held at 14 Barrier Place in Forest Lake, where an investor edged out scores of first-home buyers who were among a massive 77 registered bidders.

14 Barrier Place, Forest Lake, attracted 77 registered bidders

And close to 300 people attended the midday no reserve auction for a brand new home that went under the hammer for Mater Little Miracles.

Close to 300 people attended the no reserve charity auction for 43 Amulree Street, Tarragindi

Propertyology founder and buyer’s agent Simon Pressley said that while no reserve auctions were rare, buyers still needed to conduct their due diligence.

But he said that in the right circumstances, a no reserve auction can be a “clever move”.

“Buyers need to remember to keep emotion out of it as there is often a lot more hype,” he said.

“But you have that extra clarity knowing that it will sell on the day to the highest bidder.

“Be disciplined, have a game plan and don’t get swept up and go beyond your means.”

61 Uplands Drive, Parkwood, attracted 22 registered bidders when it went under the hammer with no reserve

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