Why no reserve auctions are the ‘grand final’ for the property market

Over 500 spectators including a record-breaking 161 registered bidders watched on as an vandalised house at 19 Billabong Street, Crestmead, went to auction with no reserve in October 2023. David Clark

I love grand final season! Especially when Brisbane teams are playing and firing!

What a weekend of footy we have just had.

To even play in a grand final, at any level, is special.

Some players, even great players, can make representative teams but still never make a grand final.

The opportunity to compete on that stage, in front of that crowd, with everything on the line – it’s the pinnacle of any sporting career.

Inside 19 Billabong Street, Crestmead, which drew record crowds at its no reserve auction. David Clark

In my auctioneering world once every 5-10 years I have been greeted with a rare opportunity.

An owner who says they want to sell their property with no reserve.

It may seem like a long bow to draw comparing an auction to a grand final.

But 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.

A no-reserve auction is exactly as described.

There is no reserve.

Ray White’s Haesley Cush will call a rare no reserve auction at the Calile Hotel on October 18 Photo: Supplied.

The property will sell to the highest bidder so if you bid $100 and no one else bids, then you buy it.

So in a couple of weeks, on October 18 at the Calile Hotel, I’ll be running out to call the no-reserve auction for 316 Buckland Street, Nundah with Nick Kouparitsas from Ray White Clayfield.

I’ve only called four others among the other 30,000 auctions and each one is memorable.

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

When I asked the owner ‘why?’ He told me that he just needed to sell it and said ‘what’s the difference between setting a reserve and not setting a reserve if you’re definitely going to sell it at the auction either way?’

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

The stakes couldn’t be higher.

Every bidder knows they have a genuine chance. There’s no safety net, no backstop – just pure competition playing out in real time.

I’m a bit excited to get out in front of the crowd, in the big lights, and try and see which buyer will take home the silverware.

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

*Haesley Cush is an auctioneer and co-founder of the Ray White Collective.

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

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