Auction fever: Sub $1m homes in Brisbane going, going, gone!
BRISBANE’S auction market is on fire, with spring selling season kicking in early at the weekend as 25 per cent more homes sold under the hammer than this time last year.
According to preliminary figures from CoreLogic, Brisbane reported a clearance rate of 67.7 per cent with 94 properties going to auction across the city and buyers out in force.
That’s significantly higher than the same period last year when the clearance rate was only 41.8 per cent.
RELATED: AMA BOSS AND TV DOCTOR SELLING BRISBANE INVESTMENT
About 70 people gathered in the property’s backyard to watch as 10 registered bidders fought for a cute, two-bedroom cottage on a small 253 sqm block at 17 Ella St, Red Hill at the weekend.
Bidding opened at $670,000 and the house was put on the market at $840,000 before three bidders pushed the sale price to $865,000.
Selling agent Judi O’Dea of Ray White Paddington said the buyer was a local couple with a toddler who were first home buyers.
“They have been bidding at my auctions and missed out on at least two other opportunities, so I was working with them and standing over them and making them bid strongly,” Ms O’Dea said.
“I said to them; ‘You will lose out again unless you give me a strong bid!’
“I think a lot of buyers at the moment have to experience an auction for themselves to realise that anything sub $1 million is very hotly contested and they have to be strong.”
MORE: HAMMER TIME FOR BRISBANE SELLERS
Ms O’Dea said she had about 20 cash unconditional buyers on her books looking for an inner-city cottage under $1 million in Brisbane.
In Kedron, a Spanish mission inspired home sold for $1.15 million under the hammer on Saturday.
Selling agent Brooke Copping of Ray White Wilston said the four-bedroom, two-bathroom property at 132 Turner Road attracted five registered bidders, with bidding opening at $800,000.
“The large block size is unusual for the area and the family that bought it from the Sunshine Coast really appreciated the charm and the character,” Ms Copping said.
“The market is really good at the moment with heaps of people through the opens, so I’d urge anyone thinking of selling to take advantage and put your home on the market now.
“Great properties will demand a really great price, and when you have a full marketing suite that includes online and print advertising, that’s a recipe for success.”
Also on the northside, a four-bedroom renovated house at 83 Vardon St, Wilston, sold for $1.9 million at auction through Place Estate Agents.
A three-bedroom, one-bathroom house at 23 Mein Street, Hendra, sold under the hammer for $790,000, after attracting five registered bidders and a “little worse for wear” three-bedder at 8 Bramston Tce, Herston, was sold at auction for $1.01 million after ten registered bidders vied for the inner-city property.
On the southside, a five-bedroom family home at 9 Preston Court, Calamvale, sold under the hammer for $724,000 after attracting six registered bidders and about 40 bids.
It was marketed by Cindy Kuang and John Heng of Place – Sunnybank.
Ray White Queensland chief auctioneer Mitch Peereboom said it was a strong auction weekend for the state with multiple properties and multiple registered bidders.
“It was a strong day in particular for the unit market with a number of excellent results and that really shows the confidence buyers have in the unit market,” Mr Peereboom said.