A five-bedroom, two-bath home could be sold for as little as $ 1 at a unique opportunity for property buyers.
In a genuine, unreserved auction, 47 Chermside Road, Mango Hill, north of Brisbane, will be under control and will be sold for the highest bid on September 15.
The owners have instructed the agents that the property must be sold for the highest bid even though the suburb has an average housing price of more than $ 500,000.
At a genuine-no reserve auction, 47 Chermside Road, Mango Hill (pictured) in North Queensland will go under the hammer and be sold for whatever it can get on September 15
A former school teacher, 64, who owns the home has been diagnosed with Alzheimer's and must move to full-time care.
The costs of her care are too much for the family, so her sister, Sandra Joyce, has demanded a quick sale of the house to help pay for it.
Ms. Joyce told Domain: "It is very sad because it has always been that person who is giving so much to others, as a teacher, with his volunteer work, we just want to see this and have it installed.
The unfortunate events have opened an opportunity not only for the Brisbane real estate market but also for investors and home buyers across Australia.
A former school teacher, 64, who owns the home has been diagnosed with Alzheimer's and must move to full-time care
Remax Connected's marketing agent, Mark White, appreciates the opportunity and highlights the genuine and uncomplicated nature of Brisbane's best possible purchase by 2018
Remax Connected's marketing agent Mark White said the property was potentially Brisbane's best buy for 2018.
"The opportunity here is huge, whether you live in this state as it is, renovate or tear down the house and subdivide it into two blocks with two new houses, opportunities like this do not appear very often," White said.
The property is located in two lots under a title in a large block of 810m2.
The property at stake is a five-bedroom, two-bathroom house located in two lots under a title on a large block of 810m2
Investors could split the title and develop two new properties, taking advantage of Mango Hill's average rental price of $ 445.
Mango Hill is the suburb next to North Lakes with its own Westfield shopping center and is 30 km from the Brisbane Financial District.
The last sale on the street was a three-bedroom house in November 2016 that sold for $ 371,000, according to Corelogic data.
The average price of the house for the suburb is $ 514,900.
Mango Hill is the suburb next to North Lakes with its own Westfields and only 30 km from Brisbane's central business district in a well-established and established area
According to a recent land valuation, the land of 810m2 was valued at $ 250,000 in June 2017.
Compared to another property of Mango Hill in a block of 810m2, which sold for $ 559,000 on August 9, 2018, the style of auction without reserve is a risky strategy.
Mr. White explained: "There are many new two-story homes in Mango Hill, so something like that is considered basic level."
For the opening weekend of September, Brisbane had an auction settlement rate of 45.95% and 37 properties were approved.
This property will be sold at an auction on the site at 4:30 pm next Saturday.
BUYING AUCTION IN QLD
Each state in Australia has different rules and regulations:
In QLD, it is illegal for an agent or supplier to produce a price guide for buyers
Only registered bidders can bid in the day (must have a numbered palette)
The auctioneer must have an auctioneer's license (a real estate license is not enough)
If a reserve price has been established, it must be in writing and the buyers must be informed when the auction has arrived at the reservation.
Offers from suppliers can be accepted but only up to the reservation price
The auctions are unconditional and do not have a period of reflection
No reflection period in case a private treaty contract is signed within 48 hours of an approved auction or if the buyer was a registered bidder at the failed auction
The deposit is paid and the contracts are signed immediately after an auction
False offers (not genuine attempts to increase the bid) are illegal