Fifteen bidders scramble for entry-level home in 10 minute auction frenzy

Dozens of people gathered on Saturday morning to fight for a Queenslander people were desperate to grab as their first home.

A whopping 15 bidders turned up in the early morning in a heated auction war for their future first home.

The three-bedroom, three-bathroom house at 34 Armentieres St, Kedron, is a renovated 1920s Queenslander sitting 10km from the CBD — which drew a lot of attention from new families in the area.

34 Armentieres Street, Kedron, which went to auction this morning.

The house is a recently renovated Queenslander with the opportunity and space for further upgrades.

Ray White Wilston agent Nicholas McLauchlan said the vendors had renovated the home recently, adding new height and amenities while keeping the home’s classical charm.

“They put a lot of effort into presenting it well,” he said. “They did the renovations themselves.”

Around seven active bidders went head to head when the auction began on Saturday morning, starting at an offer of $1.1 million.

The auction saw 15 registered bidders, all extremely interested in an entry-level house in the area.

Dozens of people arrived to watch the auction take place on the Saturday morning.

Bids raised in increments of $100,000 at a time, in a heated auction that quickly raised the home’s price to $1.4 million.

That put the home on the market, when two final bidders went head-to-head to get the property.

Between the two, it went up another $100,000 – and after more than a dozen bids, the home sold for $1.5 million.

“It was very fast, very quick – it sold in just under ten minutes,” Mr McLauchlan said.

The median house price in Kedron currently sits at $1,255,500.

Its new buyers, who want to upgrade the lower level of the home now that they’ve secured it.

Agent Alistair Macmillan was the lead agent for the sale, and said the sellers were going to upsize to a property they’d build around the corner.

“The buyers [for 34 Armentieres St] were a lovely young couple who were looking for an entry-level home in a great location,” he said, “close to the schools in Kedron.”

“They’re gonna build in underneath the house,” Mr McLauchlan added, and said the property had seen 100 groups go through it during the auction campaign.

“The demand for that entry-level type of property is quite high,” he said.

Originally published as Fifteen bidders scramble for entry-level home in 10 minute auction frenzy