A bungalow on the Whitsunday islands that attracted plenty of bidders when it went up for auction with no reserve recently.
The property could have sold for as little as $1 and, indeed, bidding did start at this price. However, the owners made more than that as the next offer was $5,000 and eventually it went for a total of $120,000.
Marketing agent for Ray White Whitsundays Steve Marks explained that the one-bedroom, one-bathroom property went up for sale with no reserve as the real estate company was convinced it would not sell.
Following the sale, Mr Marks explained that the property went for twice as much as he had originally anticipated. He said that the last time he sold a property in similar circumstances it went for roughly $60,000.
Owners of the bungalow will be unable to live in the property as it is part of the Palm bay Resort, however they can use it free of charge for six weeks of the year.
Posted by Ravin Chatlani