Revealed: Why this investor outbid 160 bidders for unlivable dump

The savvy investor who secured an unlivable dump in a record auction bidding war has revealed why he did it and what plans he has for the property.

Suliman Karim from Sydney who bought the damaged property at Crestmead pictured during the cleanup before renovations begin. Photo: David Clark

A NSW investor plans to renovate an dilapidated dump in Logan after beating 160 other registered bidders.

The lucky bidder, builder and investor from NSW, Suliman Karim said he plans on renovating the home, renting it out and waiting for the home‘s value to grow before selling it.

“I‘ve got two other properties in Brisbane. My brother has something in Marsden and Woodridge. I wanted to get something structurally newer. It’s something I look at as a builder.

180 plus registered bidders attended 19 Billabong Street, Crestmead. It was a no reserve property that was left abandoned and wrecked by its former tenants. Photo: David Clark

“Every auction is big; you‘ve just got to be able to set up a price, and if you either hit the jackpot or you don’t and find something out.”

Mr Karim said he felt for first-home buyers who were struggling to get into the market.

“Although I‘m happy I secured this property, I particularly like this market being unfair to first-home buyers,” he said.
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“What you pay for a house now it's ridiculous. 10 years ago, you could have bought a house with the amount you need to put a deposit.”

Principal of Ray White Marsden Avi Khan said a lot of buzz has been generated from the sale.

“Running a no reserve auction had its risks, but we‘ve been inundated with demands from other sellers who know that we know what our sellers need,” Mr Khan said.
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“We always pride ourselves in how we market our homes, so we got more eyeballs on the listing. The result solidifies us as an agency. People can see what we’ve created.

“Mum and Dad investors and developers are looking at more renovators. We‘ve got a lot more renovators coming on the market. We have 160 bidders who missed out in Crestmead looking for homes, and we’ll do everything we can to help them.”

The record-breaking auction at 19 Billabong Drive, Crestmead, sold for $494,700 and saw the most bidders ever for an Australian auction, with 161 registered bidders.

Originally published as Revealed: Why this investor outbid 160 bidders for unlivable dump