Wynnum loo with a view draws last-minute bidders

first_img FOLLOW US ON FACEBOOK MORE PROPERTY STORIES The Marks family with the house at 16 Besham Pde, Wynnum that has been in their family for over 60 years. Picture: Debra BelaA DECEASED estate in bayside Wynnum sold under the hammer for $44,000 less than its land value in a dramatic auction with two buyers registering to bid just as the property was about to be passed in. The house at 16 Besham Pde, Wynnum. Picture: Debra BelaDevelopers and land bankers were among the 10 people allowed on the 809sq m property at 16 Besham Parade, Wynnum, with another two parties on the kerb, in the first weekend of onsite auctions since COVID-19 restrictions forced auctions to go online seven weeks ago. Design your own sky home Raine and Horne Wynnum selling agent Chris Vine said with several unit developments being built in the Wynnum area, investors feared not being able to sell units once finished and were withdrawing from the property market to put their money into other ventures.“The buyer of this property is currently paying $400 a week rent,” Mr Vine said.“Now he can put that towards a property of his own and in 10-15 years’ time, properties like this will be like hens teeth. Even in three years’ time he might be able to put it on the market.”On Brisbane’s north side, Ray White Ascot sold two properties at auction yesterday, with a four-bedroom house at 25 Vale St, Wilston selling for $1.055 million and a three-bedroom house at 9 Marie St, Hendra selling for $847,500. Cinema returns to Wynnum in new development An aerial view showing the neighbouring unit development. Picture: suppliedThe lifting of travel restrictions this weekend also meant that David and Bronya Marks were able to drive from their home on the Sunshine Coast to be present for the auction of the two-bedroom house that had been in the family for more than 60 years.“It’s a bit like the movie UP this little place,” said Mrs Marks who was inside the original condition highset house during the auction.“It’s in the middle of all these developments. I think we’ve always known that once we’ve finished with it as a family, it would turn into everything else around here.” The winning bidder Baljinder Sandha (right) with his business partner Harish. Picture: Debra BelaBut the eventual buyer, who paid just $500,000 for the level block, is planning to live in the house with his wife for 10-15 years before deciding what to do with the property.“It is an incredible price,” Baljinder Sandha said after placing the one and only bid with his business partner to secure the sale. “I thought it would go in the $700,000s.“We saw this house three or four days ago. I am renting at the moment. This will be my first house.”Calling the auction for Raine and Horne Wynnum was auctioneer Michael O’Brien who started the event with just one registered bidder, a banker who refused to place a bid even when Mr O’Brien suggested $450,000. The Auction Group auctioneer, Michael O’Brien. Picture: Debra BelaThe property was about to be passed in when Mr Sandha and a developer made a last-minute decision to register to bid and the auction was paused while they signed up. More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoA developer decides to sign up to the auction just as it is about to be passed in. Picture: Debra BelaThe local developer was considering turning the site into a block of units like those around it but when Mr Sandha made an offer of $500,000 and the property was announced on the market, the developer did not challenge the bid.“It’s the development costs,” he said. “These are entry level developments, the council fees are outrageous.”Proceeds from the sale of the estate will be divided between family members.“It’s fine,” Mrs Marks said after the house sold for less than the family had expected. “It’s bittersweet I guess.”last_img

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