The owner will sell for the highest bid on the day

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An abandoned rental property destroyed by vandals has sparked a buyer frenzy after being put up for auction with no floor price.

The four-bedroom, one-bathroom Logan house was trashed from floor to ceiling, walls and doors ripped from the frame and electricals stripped, as it sat empty for more than a year since the last tenants upped stumps.

Marketing agent Cory Boyd, of Ray White Marsden, said the interstate owner had opted to sell at a rare no-reserve auction rather than take on the onerous job of repairing the extensive damage.

Vandals seized their chance after tenants fled

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Walls, doors ripped from the frame

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The 1995-built low-set brick home at 19 Billabong Drive, Crestmead will go under the hammer with Justin Nickerson, of Apollo Auctions, on October 28.

Mr Boyd said he had been inundated with interest from first-home buyers and renovators, with 6 offers and 150 phone inquiries received within 24 hours of listing.

“I was still taking calls at 9, 10 o’clock at night from people saying, ‘when can we see it?’,” Mr Boyd said.

“We’ve had a lot of builders look at the property and they’ve said the damage is cosmetic not structural.

“It’s a corner block with so many different options. Some bones are broken, but they can be fixed. This could be an opportunity for a first-home buyer to get in and do a full renovation, or for an investor to knock it down and do a duplex or a granny flat.”

The low-set brick home was built in 1995

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Corner block in a growth area

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Mr Nickerson said auctions with no reserve — where there’s no set minimum the seller would accept — were “very, very rare”.

“In my auctioneering career, I’ve done only a handful of them and it creates a bit of a frenzy because it is an opportunity for people to buy below market value and that stirs buyers up,” Mr Nickerson said.

“A no-reserve auction could start with someone making a $100 bid as a bit of a laugh before the bids settle into a pattern, or sometimes there is a buyer who is quite keen and senses there is competition and they will start higher.

“There are generally two variables of an auction as a buyer — one, am I going to be the highest bidder, and two, will the seller accept my highest bid — and that second variable is removed in this case.”

It has been a rental property for several years

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It was a “brave move” by the seller, “but the good thing is you get a guaranteed result”, Mr Nickerson said.

Mr Boyd filmed a video tour with the intention of giving buyers a clear understanding of the 579 sqm property’s diabolical current condition.

“We are not shying away from what it is,” he said.

“The owner is really confident with us being able to generate competition for this property, and the no-reserve auction is certainly achieving that.”

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The video tour is themed on the film The Greatest Showman — Mr Boyd quipped they hoped its star Hugh Jackman would bid at the auction.

Property records show the house last changed hands for $300,000 in 2016. It was listed for rent at $335 a week in 2018.

PropTrack data shows house prices in Crestmead were up 7.7 per cent over the last 12 months to a median of $540,000.

Mr Boyd said Crestmead was one of Logan City’s most popular suburbs, and was earmarked for continued infrastructure growth under the Logan Enhancement Project.