$1 reserve set for Sydney Valentine's Day investment property auction

A Sydney vendor has taken the unusual step of advertising a $1 reserve price ahead of the auction of his Blacktown investment property.

Neil Tyagi claims the $1 reserve is intended to inject some fun back into auctions.

"Buying a property should be fun. I wanted to do something different, and I've never heard of a property setting a $1 reserve. Sydney home buyers attend so many boring textbook auctions. I want the auction of my home to have a lively, exciting atmosphere that everyone will enjoy and remember – not just the lucky buyers on the day," he says.

While many wish to have a lively auction, few resort to such an unusual marketing tactic.

Starr Partners Fairfield will be auctioning the property.

Director Raj Bhandari has faith in the stunt, saying: "With a reserve of just $1, bidding on the day is likely to start out low and pick up quickly."

"We are confident with our marketing and sales strategies and know that there will be plenty of competition on the day to help the vendor achieve an optimum result," he said.

Tyagi purchased the two bedroom Blacktown home 10 years ago, for $310,000. The area now has a median house price of $580,000, according to RP Data.

230 Blacktown Road has four bedrooms and two bathrooms, with a double garage, and is set on a 571 square metre block.

The property is currently rented at $440 per week.