Why one couple paid $600k over reserve for this Brisbane dump
News Corp Australia Network
Amily Chen with Yuqi Fan and their child, Chengyang Fan, bought a home in West End for over the reserve price at auction. Photo: Steve Pohlner.
THE house had no driveway, no garage and broken stumps, but Amily Chen and Yuqi Fan knew they were on to a sure thing.
The young couple were not scared off by the state of the rundown property — or the crowd of bidders who had registered to compete for it.
“When I go to an auction, I tend to see how many people have come,” Mr Fan said.
This property at 46 Jane St, West End, sold for $610,000 above reserve at auction in 2021.
“(If there are a lot of bidders) then what that means is… a bunch of people have done their research and this one is worth it.”
Ray White Wilston sales agent Holly Bowden marketed the house at 46 Jane St, West End, which ended up selling under the hammer for $1.56 million — some $610,000 over its reserve price.
Inside the kitchen at the property at 46 Jane St, West End.
“We held the auction with 80 people in the front yard, which is small, and there was good participation from at least 16 of the 32 bidders,” Ms Bowden said.
“It was a fast auction. It started at $1 million, which was above reserve, and it kept going.”
Mr Fan said he had set a limit of $1.6 million, so was happy to buy the property for just under that.
The house needs a significant renovation, but is in a prime position.
After missing out on several properties at auction before this one, Mr Fan said he did not believe they paid too much for the property given the state of the market and the projected growth in West End due to infrastructure investment and the impending Olympic Games.
The young couple, who has a newborn baby, plans to renovate the four-bedroom house before moving in later next year.
An aerial shot of the property at 46 Jane St, West End.
“Amily and her husband had participated in quite a few auctions before Jane Street,” Ms Bowden said.
“Having recently missed out on an Ascot home at auction, they came in with a well thought out bidding strategy, waiting until the bidding had slowed and the house was called on the market for the second time before offering their first bid and pretty much stopping the competition in their tracks.”