Buyers snap up properties across Brisbane in auction frenzy
Brisbane looks set to post one of its strongest auction weekends in over a year, with more than half of the properties scheduled to go under the hammer yesterday reportedly now under contract.
While results are still coming in, the result is expected to provide a significant boost for buyers and sellers, and the local market as a whole, in the lead-up to the spring selling season.
It comes after the city recorded a clearance rate of just 37.6 per cent for the week ending August 11, and amid urgent pleas for more listings to meet buyer demand.
Ray White Queensland chief auctioneer Mitch Peereboom said it was a “cracking day in Brisbane … some auction results to match”.
“Outstanding turnouts at a number of properties, big crowds, a number of registered bidders,” he said.
At 4.30pm yesterday, the Ray White Group was reporting a preliminary auction day clearance of 62.5 per cent in Brisbane.
Preliminary data from realestate.com.au had the Queensland clearance rate sitting at 47 per cent last night.
The mood felt positive from early on, with three properties selling under the hammer at 9am.
Of the seven properties scheduled to go to auction at 10am, the Courier Mail was able to confirm that four sold under the hammer, two were passed in with negotiations continuing, and one agent could not be contacted.
And the sales continued throughout the day, with the number of registered and active bidders up on the average, and big spectator crowds.
In Balmoral, 14 registered bidders signed up at 62 Victoria Street, which sold for $1.73 million — $1.651 million above the price paid by the vendor in 1984.
And in Chapel Hill, a six bedroom house on a 1640sq m block sold for $1.25 million — $150,000 above its reserve.
Adcock Prestige principal and auctioneer Jason Adcock said the hammer fell in front of an 80-strong crowd, with the house selling to a family from Indooroopilly.
He said there were seven registered bidders, including buyers from interstate and overseas.
“It (the property market) is really heating up,” he said. “The number of inquiries and people through inspections is up 30 per cent I reckon.”
Over in Red Hill, a renovated, three bedroom colonial cottage on a 276sq m block sold to a young couple for $864,000 — $24,000 above the reserve price.
Ray White Paddington agent Judi O’Dea said there were 12 registered bidders and “about six active bidders” for the property, which last sold for $577,500 in 2013.
Only a handful of the properties listed for auction were passed in, with one of those — 16 Davidson Street at Wynnum — selling just 10 minutes after the gavel was packed away.
Elsewhere, Place Bulimba agent Joanna Gianniotis sold 42 Koondara St at Camp Hill for $1.75 million in what she says is a record price for a 480 sqm block with no views in the sought-after suburb.
A house at Ascot was snapped up by a buyer who recently immigrated from the UK to Brisbane for $1.41 million, while a new Hamptons-style house at Kelvin Grove sold under the hammer to a Sydney buyer for $1.201 million.
A family planning to move from New Zealand to Brisbane also secured a Highgate Hill townhouse for $751,000.
And in several cases, properties didn’t even make it to auction, with Ray White New Farm agent Matt Lancashire sealing the deal on a house at Ashgrove prior to auction day.
And the sales kept coming, with Place New Farm agent Garry Jones selling 59 Beaconsfield Terrace at Gordon Park for $1.075 million.
“Interestingly, that sold to a couple moving from a riverfront apartment,” he said. “It sold for above the reserve price.”
Mr Jones said buyer activity around the $1 million mark was “looking up”, and that was showing with the number of people attending open house inspections.
He said he was also seeing renewed interest from investors.
An “ugly duckling” at 25 Cramond St in Wilston sold for $660,000 which was “well above reserve price”.
Ray White West end agent Luke O’Kelly said the property sold to a young local couple buying their first home.
He said there were seven registered bidders, two of them active, and a crowd of more than 70 spectators.
At Ashgrove, a character Queenslander on a 810 sqm block sold for $1,612,500, with six of the seven registered bidders making a play for the property.
Poulsen Property agent Russell Gregory said there was a feeling of optimism coming back in to the local market.
“To get six our of seven registered bidders putting their hand up, that’s unusual,” he said.
Confirmed sales under the hammer included:
— 62 Victoria St, Balmoral sold for $1.73 million
— 42 Koondara St, Camp Hill sold for $1.75 million in what is reportedly a record sale for a 480 sqm block with no views in the suburb (Place Bulimba, Joanna Gianniotis)
— A ‘rough diamond’ at 6 Vista St, Balmoral sold for $650,000 to a Brisbane buyer who intends to rent it out and eventually knock down the 1960s chamferboard house and build a new home (Place Bulimba, Cathy Richards)
— 14 Bale St, Albion sold to a young couple for $760,000 (Ray White Wilston, Alistair Macmillan)
— 4 Comus Avenue, Ascot sold for $1.41 million to a buyer who has moved from the UK to Brisbane (Havig & Jackson, David Havig)
— 15 Corbie Street, Ashgrove sold prior to auction (Ray White New Farm, Matt Lancashire)
— 43 Monro Street, Kelvin Grove sold for $1.201 million to an interstate buyer from Sydney, but highly contested by local buyers (Place Newmarket, Mario Sultana)
— 69 Main Avenue, Wavell Heights sold for $820,000 to a young, local family wanting it for its ground-floor living space (Ray White Wilston, Alistair Macmillan)
— 15/9 Rosecliffe Street, Highgate Hill sold for $751,000 to a New Zealand family migrating to Brisbane (Belle Property Bulimba, Paul Liddy)
— 22 Banoon Drive, Wynnum sold for $555,000 top a local family (Harcourts Green Living, David Green)
— 16 Davidson Street, Wynnum sold 10 minutes after the auction (Place Bulimba, Dion Tolley)
— 59 Beaconsfield Terrace, Gordon Park sold for $1.075 million
— 107/425 Hawthorne Road, Bulimba sold under the hammer but price was not disclosed by the agent (Ray White Bulimba)
— 25 Lovekin Street, Ashgrove sold to a local family for $1,612,500 (Poulsen Property, Russell Gregory)
— 25 Cramond St, Wilston sold for $660,000 to a local couple in front of a 70-plus strong crowd (Ray White West End)
— 43 Cherrywood St, Sunnybank Hills sold for $688,000 (LJ Hooker Sunnybank Hills)
— 8 Stourbridge St, Mount Gravatt sold to a local investor for $622,500 (Re/max United Vision, Tracey Ashley)
— 23 Sentry Place, Runcorn sold for $825,000 (Ray White Eight Mile Plains, Benny Liu)
— 4 Tutoko Court, Asley sold for $680,000 (Place Nundah, John Andrew)