Auction yields $6m-plus in sales in two hours
The “Golden Goose” of Teneriffe Hill has sold under the hammer for $2 million, changing hands for the first time in more than 30 years.
The charming, character Queenslander was just one of five properties that sold at the Ray White New Farm Auction Under the Stars event last night.
More than 150 people were in attendance, with Ray White New Farm principal Matt Lancashire saying that three of the 24 properties listed for auction had sold prior to the night.
“We had the highest number of registered bidders we have ever had going in to an event like this, and the most amount of offers on the table,” he said.
Mr Lancashire said he was confident that those properties that did not sell under the hammer at the event would be under contract within a week.
One of the properties up for grabs last night was Balaam, a Hamilton trophy home once owned by prominent developer, Don O’Rorke.
The architectural masterpiece was designed by award-winning architect, Shaun Lockyer, and sold for a whopping $11.8 million back in 2015 – then a record price for Brisbane.
It is currently owned by Naiqi Duan, whose son Kevin Duan and his family briefly lived at the house before moving Melbourne’s prestige suburb of Toorak.
Mr Lancashire said there were three registered bidders for the auction of Balaam, but they were not influencing the market by suggesting a starting bid.
No bids were recorded, so negotiations are continuing with the interested parties.
“One buyer was praying it passed in as he wants to do a development there and needs that approvals in the terms,” he said.
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Another hotly contested property was 266 Moray Street at New Farm – a 405sq m cottage with great renovation potential.
Bidding started at $1 million before stalling at $1.22 million. After negotiations with the interested buyers, that number increased to $1.255 million and the property was announced “on the market”.
From there it was hotly contested, often rising in just $250 bids.
It finally sold to what appeared to be a young family for $1,268,500.
Also sold was 186 Evelyn St at Grange, which sold for $930,000. It had eight registered bidders and started from $700,000.
A 405sq m block of vacant land at Nundah sold under the hammer for $542,500 and a three bedroom unit at St Lucia sold for $510,000.
A four-bedroom house at St Lucia ($975,000) and two bedroom apartment at New Farm ($365,000) sold prior to the auction.
A vintage caravan transformed by for Blockheads Michael and Carlene Duffy also sold prior to the event for $24,000.
Mr Lancashire said March had been a solid month so far for his New Farm and Spring Hill offices, with around $40 million in sales racked up so far.
“There is still heat in the market,” he said.