Family of six barely able to afford three-bedroom home at auction

A multigenerational family found a house after months of searching – but had to break the bank at a vicious auction to buy it.

A multigenerational family of six people has barely managed to win a three-bedroom property in Chermside West at auction.

The house at 15 Dundalli St has one bathroom, and was being offered on the market for the first time since 1988.

The Saturday morning auction drew a crowd of more than 30 people, with eight registered bidders keen to win the home.

15 Dundalli Street, Chermside West

Bidding began at an offer of $700,000, with four active bidders competing and raising the price.

The home quickly passed $1 million, going onto the market at $1,012,500. With the knowledge the house would sell on the day, two active bidders remained to fight it out.

Bids were raised by $1,000 at a time, before jumping by offers of $5,000 as the underbidder tried to price their opponent out.

But as the price inched closer and closer to $1.05 million, the underbidder backed out; and after more than thirty bids, the new owners managed to grab the property for $1.048 million.

Eight registered bidders and more than thirty people gathered as Ray White Wilston principal, Mitch Peereboom, hosted the fast-paced auction for the home.

But the winning bidder had to go tens of thousands of dollars over what he was hoping to spend.

“I was going to stop at $1 million,” he said. “I’ve been to so many auctions over the last couple of months, and always stopped just a little under, and we missed out. So I thought I’d push a little bit further, but I never would have gone over $1 million and fifty.”

The winning buyer bought the house for his three children, his mother and brother, who will use it as a multigenerational home.

The buyer said the property had two big appeals: the location and its space. The suburb of Chermside West is close to the nearby shopping centre and Prince Charles Hospital. Meanwhile, the house itself is right next to a wide open park, including a creek and playground for kids to enjoy.

While the house itself only has three bedrooms, the downstairs area has a huge space that can be modified to the family’s liking.

“We were thinking of possibly renovating and reselling, upgrading,” he said, “Or staying here if the market keeps going up, and prices are too expensive.”

These Chermside West homes have backyards leading directly into the wide open park, giving their homeowners plenty of space for their kids to play.

Agent Nick Thornton said the team was happy with how the sale went, and pointed out the high level of lifestyle options near the area marked Chermside West as a big market for growth.

“When I’m selling real estate in the area, I talk about the infrastructure,” he said. “The infrastructure will bring buyers [and] underpin your property values … the area will have a lot of employment, which pushes up the price.”

Ray White Wilston principal Mitch Peereboom said November was proving to be a huge month for real estate auctions across Queensland.

“Between now and Christmas, we’re very confident we’re going to be seeing some great results,” he said. “For us, it’s that peak time of the year for owners to be coming to the market.”

Originally published as Family of six barely able to afford three-bedroom home at auction