A local couple who attended the auction of a Warana home on the weekend, but didn’t bid, swooped in afterwards to buy the property when it was passed it.
The pair was in the crowd at the bidding war for 33 Coonang Crescent on Saturday but they were not registered bidders.
So while others were intently battling to secure the well-positioned home, the couple was silently hoping it wouldn’t sell.
Their dream was realised when the price, which opened at $900,000, escalated in $50,000 lots to $1.15 million, but didn’t go any further.
The three-bedroom house was passed in and listed on the market that same afternoon for $1.195 million.
Ray White agent Adam Budd said the couple decided to back themselves and bought the home the next day.
They had been waiting for another property they owned to settle first, which was why they didn’t bid at auction, but opted later to seize the moment.
The property at 33 Coonang Crescent, Warana, is just 200m from the beach in an area that has taken off over the past few years because of its prized lifestyle location.
Mr Budd said the tidy dark brick home could be renovated, or the site could be redeveloped for a duplex.
In other auctions over the weekend, a number of properties were passed in including 167 Mooloolaba Road, 8 Greenleaf Court (Buderim), 4 York Place (Mountain Creek) and 27 Mawarra Street, (Buddina).
But Mr Budd said he did not believe it was a sign of a changing market because of rising interest rates.
He suggested bidders should speak to their banks before attending an auction so they could place themselves in a strong position to go unconditional.
“I don’t think prices are changing at this stage but people should make sure they have their finances in place,” he said.
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Meanwhile economists expect the Reserve Bank of Australia to lift the cash rate again when its board meets on Tuesday, meaning another 50 basis point increase for borrowers.
The cash rate is expected to keep climbing in the coming months, reaching around two per cent by the end of the year compared with 0.85 per cent at present.
Another 50 point hike is expected in August following the release of second quarter inflation data.
Australian National University RBA shadow board chair Timo Henckel said there was little option for the Reserve Bank but to lift rates, due to domestic and global factors.
“The challenges for the global economy are not going away any time soon: commodity shortages, high energy prices, inflation, disrupted global supply chains, the Ukraine war, COVID-19 and natural disasters,” Dr Henckel said.
Auction results
- 167 MOOLOOLABA ROAD, BUDERIM
PASSED IN AT $935,000, UNDER NEGOTIATION
3 Bed, 1 Bath, 2 Car, Ray White, Lara Kell
- 11/37 BUDERIM AVENUE, MOOLOOLABA
SOLD UNDER THE HAMMER $430,000
2 Bed, 1 Bath, 1 Car, Ray White, Rowan Woodbine
- 8 GREENLEAF COURT, BUDERIM
PASS IN AT $870,000, LISTED FOR SALE
4 Bed, 2 Bath, 2 Car, Ray White, Mitch Rowe
- 33 COONANG STREET, WARANA
PASSED IN $1,150,000, NOW LISTED FOR SALE
3 Bed, 2 bath, 2 Car, Ray White, Adam Budd
- 1001/36-38 DUPORTH AVENUE, MAROOCHYDORE
$2,200,000 IS NOW FOR SALE
3 Bed, 2 Bath, 2 Car, Ray White, Niall Molloy
- 27/2 MARY STREET, ALEXANDRA HEADLAND
SOLD UNDER THE HAMMER FOR $400,000
1 Bed, 1 Bath, 1 Car, Ray White, James Goldsworthy
- 15/228 MAIN ROAD, MAROOCHYDORE
SOLD IMMEDIATELY POST AUCTION
Ray White, Rowan Woodbine
- 16 SAILFISH DRIVE, MOUNTAIN CREEK
SOLD UNDER THE HAMMER $1,130,000
5 Bed, 2 Bath, 2 Car, Ray White, Ryan Bradeley
- 4 YORK PLACE, MOUNTAIN CREEK
PASSED IN AT $775,000 – NOW LISTED FOR SALE
3 Bed, 2 bath, 2 Car, Ray White, Taylor Sierp
- 27 MAWARRA STREET, BUDDINA
PASSED IN AT $1,150,000
3 Bed, 2 Bath, 2 Car, Ray White, Ryan Bradeley
- 105/7 VENNING STREET, MOOLOOLABA
SOLD PRIOR TO AUCTION
1 Bed, 1 Bath, 1 Car, Ray White, Taylor Sierp
