77 bidders vie for ‘forever home’ in no-reserve auction frenzy

An investor edged out scores of first-home buyers among a massive 77 bidders at a no-reserve auction for a renovated ‘forever home’.

A crowd of 300 people turned out to see the Forest Lake deceased estate go under the hammer at the charity auction.

The three-bedroom home with a pool sold for $987,000 after auctioneer Justin Nickerson fielded a total of 62 bids.

Marketing agent Saeed Moghaddam, of Brisbane Real Estate, said the late owner had donated all proceeds from the sale of her home at 14 Barrier Place to an undisclosed charity.

Mr Moghaddam said bids flew after the initial offer of $200,000, with many first-home buyers in the race hopeful of securing the move-in ready property at a discounted price.

“I’ve been selling property for 22 years and this was the first time I’ve done a no-reserve auction – I’m now thinking this is probably the way to sell property because the energy on the floor was crazy,” he said.

“Bids were flying from everywhere – I’ve never seen anything like it before.”

A Brisbane-based investor emerged victorious, with the sale price sitting $232,000 above the suburb’s median for a three-bedroom house.

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Mr Moghaddam said he would have estimated the home’s value around $1.05m.

“But at the end of the day, when you have 300 people there and 77 bidders – that is the market.”

The house on a 652 sqm lot with side access was described as “a forever family home”.

“This single-level stunner combines comfort with true liveability,” the listing stated.

“Homes like this don’t come up often, and this one’s being sold at auction with no reserve.

“The proceeds are being donated to charity, making this both a smart buy and a home with heart,” he said.

Property features included a renovated kitchen and bathrooms, a media room, and a functional floor plan with two living spaces, open access to outdoors, and a double lock-up garage.

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