Lost For Words At Massive Opening Bid In Brisbane Auction

News Corp Australia Network

This investment property at 215 Rode Rd, Wavell Heights, sold at auction on Saturday.

AN opening bid of $950,000 for an original condition 1950s home on a main road left one developer speechless while auctioneer Justin Nickerson turned to Meat Loaf for inspiration.

“At $950,000 we start away here on the left-hand side, sir and to pay homage to Meat Loaf, you took the words right out of my mouth,” Mr Nickerson said.

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Watch the auction of 215 Rode Rd, Wavell Heights here

Local developer Damian Colwell, had come to the auction of 215 Rode Rd, Wavell Heights to see if the property market was showing signs of easing up this year and was visibly shocked by the opening bid. “I thought I misheard him,” Mr Colwell said.

The house had been rented but was sold as a vacant possession

“I can’t say anything, I’m speechless. I’m a developer and this is the first auction I’ve been to this year, but this is ridiculous. I thought it would start in the $700,000s. That is unreal.”

Within minutes the same bidders, a couple with two young children who were renting in nearby Clayfield, increased their own offer to $1m and the property sold unchallenged for that price.

“Until 8.58am we thought there was only one bidder, so we had a discussion on where to start it (with the bidder),” Mr Nickerson said.

Justin Nickerson of Apollo Auctions. Picture: Annette Dew

A second bidder arrived just before 9am but was wiped out by the opening offer.

“And then it was just up to the sellers,” Mr Nickerson said.

It was after midnight in Spain for the sellers who were offloading their Brisbane asset after moving to Europe last month but Belle Property selling agent Helen Politis was able to stay in touch via the online messenger platform, WhatsApp. For Mr Colwell, the auction result helped justify his decision to look beyond Brisbane for his next development opportunity.

“I’m going to go way out of town and will start doing something out there,” he said.

SEE WHAT ELSE IS FOR SALE IN WAVELL HEIGHTS

Queensland’s auction season kicks off properly this weekend with more than 200 properties heading to auction, led by a massive Ray White event on the Gold Coast in which almost 150 homes will go under the hammer on Sunday.

Several prestige auction events were held on the Gold Coast on Saturday including the Lucy Cole Prestige Properties auction that saw auctioneer Richard Keeley introduce 16 homes, with five selling prior to auction day, another five selling under the hammer for almost $7m and six passing in at auction, including the penthouse at Waterford on Main Beach which passed in at $4.75m.

The Amir Prestige event on Saturday evening saw three properties sell under the hammer, including the $4m sale of 23 Neptune Court, Paradise Waters. However the jewel in the Gold Coast property crown, Bartinon, at 26 Marseille Court, Sorrento with more than 100m of river frontage passed in with a vendor bid of $20m.