Blue chip suburb home to be auctioned with $0 reserve
A Glenside property could sell for as little as $1 at auction this Thursday night.
The three-bedroom homette at 3/5 L’estrange St, Glenside will go under the hammer with a $0 reserve – only the fourth auction of its kind for the Ray White Group in five-and-a-half years.
A $0 or “no reserve” auction means a property, by law, must be sold to the highest bidder – even if the highest bid is $1, says selling agent Jordan Ekers.
“The property could absolutely sell for that … but this strategy could also generate buyer competition,” he said.
“We’re selling the property this way because it’s a deceased estate and we want to find out what the market is really prepared to pay for a property like this.”
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According to CoreLogic, houses in the eastern Blue chip suburb have a median sale price of $820,000, while units transact for around $355,000.
“I’m confident it will get market value on the night, but if it only sells for $300,000 or less, so be it,” Mr Ekers says.
“This property is under the instructions of the estate and must be sold at auction.”
Located in a small group of three, the property comprises of three bedrooms with built-in robes, a Jack-and-Jill bathroom, a formal dining room and a second living room with heating and cooling throughout.
The home also comes with a large courtyard, a lockup garage with an auto panel lift door, and a second designated carpark.
While the idea of buying a home for just $1 may seem enticing, Mt Ekers says he was hopeful the property would attract more than just one registered bidder on its May 16, auction event.
“Interest has been really good and the $0 reserve has definitely helped (get people through the door),” he says.
“We’ve had close to 90 groups through the home in the three weeks since it’s come to the market.
“We’ve had people with budgets in the $200,000s and people who shop in the area regularly, and who have a good idea of what a property like this might go for.”
The property will be auctioned this Thursday at The Arkaba Hotel, 150 Glen Osmond Rd, Fullarton, at 6.30pm.