Downsizers, first-home buyers and investors go to war for home at auction

Nearly every registered bidder took part in the fast-paced auction war, which attracted buyers from a variety of lifestyles.

Dozens of bids were traded in a fast-paced auction for an Upper Kedron house, attracting bidders who wanted the home for completely different reasons.

The four-bedroom, two-bathroom home at 54 Tooloom Cct found eight registered bidders for the Saturday morning, with almost all of them active in the actual auction process.

54 Tooloom Cct, Upper Kedron, which had eight bidders from different walks of life competing to buy it.

Ray White Ashgrove agent Lee Warren said among those bidders were investors, first-home buyers and downsizers, all eager to get the property for themselves.

“Competition was strong,” she said. “The energy among the crowd was palpable, reflecting the high demand for quality homes in Upper Kedron.”

She said downsizers found the home attractive for its single-level layout, while young professionals and families appreciated the design and the chance for indoor-outdoor living.

Meanwhile, investors were noticing the growth in value Upper Kedron had been experiencing, with its current suburb median house price at $1,165,000.

Around 70 people gathered to see the home sold off.

The buyer (left) and seller (right) were both happy with the sale, with the buyers from nearby and the sellers moving closer to the city.

A crowd of 70 people gathered to see bidding commence, with a starting offer of $900,000.

“It was fast-paced,” said Ms Warren, as seven bidders went back and forth and the price of the home rose by more than $200,000.

Soon, two bidders were left, bidding with rising offers of $1,000 at a time once the home went past $1.25 million.

The underbidders attempted one more play to get the home by placing their final offer at the last second, but were outbid once again by the winner.

Finally, the home sold under the hammer for $1.301 million.

Downsizers appreciated the home’s single-level value while first home buyers enjoyed the indoor-outdoor living plan.

The old vendors of the property were downsizing to a unit closer to the city, and Ms Warren said they were “ecstatic” about the sale.

“The successful buyers are locals from the neighbouring suburb of Keperra,” she said, adding the family had been searching for some time. “They were seeking a modern, low-maintenance home and were immediately drawn to this property’s design and location.”

Originally published as Downsizers, first-home buyers and investors go to war for home at auction