A large part of little town on Queensland is going to Auction soon…
This auction includes 8 shops and 3-bedroom house…
Three “no reserve” auctions in Yelarbon this weekend.
But here’s the kicker.
It’s going to Auction without a reserve price.
So this means it could theoretically be bought for $1.
Now in fairness, this is not exactly Martin Place that you’re buying.
There’s only 450 people living here.
Now, while this ‘no reserve’ strategy has certainly got people’s attention, it does pose a risk.
As Domain points out, if there was a traffic road block or a fire, that stopped people getting to the site.
Any remaining bidders, could walk away with a ‘real estate empire’ – humble as it may be – for a few cents…
Interestingly, situations like this where you can potentially buy real estate for a big discount can come up – even in major capital cities.
For example, Todd bought an apartment in Western Sydney for $110,000 under the market value.
That means, when he signed the contract, he effectively made over $110,000 in equity profit.