Bank of Mum and Dad saves young couple at Saturday auction

A young couple was able to get their first home at a Saturday auction, thanks to a huge bid from two of their parents.

One young couple was able to get their first home at a Saturday auction thanks to the Bank of Mum and Dad.

8 registered bidders attended the morning auction for 59 Buckley St, Carina Heights, where a mix of first home buyers and developers fought furiously for the two-bedroom, one-bathroom property.

59 Buckley St, Carina Heights

Torres Property Coorparoo agent and auctioneer Amir Shamsi said while first home buyers wanted the house itself, developers were seeking the property for its 739 sqm land block.

“We were at a crossroad, because obviously we were valuing the property based on the size of the land,” he said. “If this property was in Coorparoo or Camp Hill, you’d have to pay north of $1.4 million.”

The home had gone through some renovations, but many bidders valued it for its large open land space.

Auctioneer Amir Shamsi saw eight registered bidders fighting for the property.

The morning auction saw five parties actively bidding for the property, which sits on a flood-free corner block of the suburb.

The starting offer came in at $910,000. Mr Shamsi said starting the bidding at an “unusual” number was a strategic decision from the first bidder, that set the pace for following bids.

Bids for the home quickly spiked past $1 million, only beginning to slow down after the offer moved to $1.125 million.

After a bid of $1.31 million, offers increased by around $5,000 to $10,000, until pausing at $1.352 million.

An extra $2,000 in negotiations put the home on the market, and the property sold for $1.354 million.

The two-bedroom home sold for more than the suburb median house price.

The median house price in Carina Heights is $1.34 million, a $14,000 difference between the sale price of 59 Buckley St.

Mr Shamsi said the final bidders were a property developer and the final buyer: an older couple, who bought the home for their child and their child’s partner.

“The young buyers couldn’t afford it,” he said, “but then mum and dad came and bought it. And they spent a little bit more money because of the size of the property, but the kids will be living in the house.”

An older couple bought the home for their child and their child’s partner, with the opportunity for redevelopment down the line.

The young couple expect to stay in the house itself, which had a recently renovated kitchen before the auction took place.

Meanwhile, the parents will be considering redevelopment options for the property in the future.

The home was owned by an investor before the sale, who sold the home to plan for their retirement.

Mr Shamsi and fellow agent Will Torres managed the auction campaign for the home.

Originally published as Bank of Mum and Dad saves young couple at Saturday auction