'Shocked': Cosy cottage sells for $640,000 at auction

Two young families went head-to-head at the auction of a three-bedroom cottage in Moorooka in front of a big crowd, despite wet weather threatening to dampen the competition and turnout.

Stephen McLaughlin and Anna Crumpton had been searching for a place that was close to both the city and their children's school. They finally found it on Saturday morning.

As the rain drummed on what was soon-to-be their tin roof, the couple battled it out against another family for 93 Forest Street.

Bidding started high at $580,000 but quickly slowed as the two couples approached their limits.

After the auction paused at $640,000, Ray White Annerley principal Geoff Sellars began lengthy negotiations with the vendors. He announced the property on the market at the same price but neither bidding family would budge.

Mr McLaughlin was "in shock" when the hammer fell.

"It's a great location and it's quite a good-sized yard and under the house is concreted which is good for the kids to play on," he said. The family wanted to be closer to Yeronga State School, where their three children go."

Mr McLaughlin works in demolition, and plans to ask his industry contacts to help him renovate the house.

"Hopefully we can make enough room in the future here. Might be a bit tight with the three bedrooms" he said. "[We're planning on] possibly building in downstairs in the long term. In the short term, a little work with the bedrooms and the bathroom."

All in all, the couple were happy with their purchase.

"We thought the price was pretty good with the size of the land," Mr McLaughlin said.

The 607-square-metre block had drawn plenty of attention during the auction campaign. Mr Sellars said it was located in a prime location in the up-and-coming suburb of Moorooka.

"It's a bit of a quiet spot," he said. "It's in the middle of Ipswich and Beaudesert, and Forest Street is one way through half of it so you don't get much thoroughfare."

Mr Sellars said the home was most appealing to families wanting to move in right away, and renovate later.

"A lot of our buyers have sold out of units or townhouses and are looking for their first house, or their first home in general," he said. "A lot of it has been done but the kitchen could do with an update."

Mr Sellars added he had recently sold several houses in the area and was impressed by the results vendors were achieving.

This story 'Shocked': Cosy cottage sells for $640,000 at auction first appeared on The Sydney Morning Herald.