A hundred onlookers gather to watch hot auction war over Tarragindi hotspot

Around a hundred people showed up to one of Saturday’s hottest auctions, on a rare flat piece of land in Tarragindi. FOLLOW AUCTIONS LIVE

Successful bidders Jason Kwan, Bill Mo and Peilin Li at Saturday's Tarragindi auction. Picture: Richard Walker

Around a hundred people showed up to one of Saturday’s hottest auctions, on a rare flat piece of land in Tarragindi.

The four-bedroom, one-bathroom home at 53 Kuring Gai Ave wasn’t just being sought after for the house, but the flat 885 sqm block in the typically hilly suburb.

22 registered bidders appeared to take their shot at the land, with six going head-to-head during the fast-paced auction that was over in fifteen minutes.

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With an opening bid of $1 million, offers increased by $100,000 a bid, reaching $1.3 million in moments.

It was declared on the market at $1.45 million. Three bidders remained to compete over the hot property, with only a few other active listings in the area.

In an effort to outpace the competition, the winners increased their bid by $3000 – and won the home for $1.53 million.

Ray White Mt Gravatt agent Andrew Boman said he wasn’t surprised to see how popular the property was on the day.

“Tarragindi is a popular suburb,” he said. “Trying to find flat land is becoming harder and harder.”

53 Kuring Gai Avenue, Tarragindi - auctioned off by Ray White Mt Gravatt. Picture: Richard Walker

The home belonged to a deceased estate: built by the family that lived there, never having been sold before.

Mr Boman said the old owner’s next of kin were feeling “relieved” but “emotional” about selling it.

“They had a lot of memories of that house,” Mr Boman said.

The bidding was won by representatives of real estate developer B Base Projects.

Bill Mo, who bid on behalf of the team, said there was a likely chance the old home would be knocked down for a new build.

“The auction was quite competitive,” he said. “I’m actually overpaying, but that’s what you’re doing in this current market. You don’t overpay, you don’t get property, to be honest, at the moment.”

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Originally published as A hundred onlookers gather to watch hot auction war over Tarragindi hotspot

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