This house made $170,000 in 15 minutes

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This house at 17 Oliver St, Wooloowin sold at auction for $1.475 million.

THE largest property to sell in Wooloowin in three years made $170,000 for the owners in 15 minutes.

The 119-year-old Queenslander on 830sq m was last sold at auction four years ago for $1.305 million.

But at auction in Brisbane yesterday, it sold under the hammer for $1.475 million.

There had been plans to extend 17 Oliver St, in Brisbane’s inner-north, but the owners had instead built a new house in nearby Clayfield and were reluctantly selling.

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Six registered bidders could also see its potential and made themselves comfortable on the back deck on a drizzly Saturday morning with more than 30 onlookers.

The back deck where everyone gathered for the auction.

Among them was Marilynn, keeping warm in a puffer vest, who had moved up from Melbourne and had been househunting for six months while renting in Clayfield with her partner.

“It’s got that charm, do you know what I mean? It’s got that Queensland charm,” she said afterwards.

“We’ve been looking for six months and we just walked in and felt that warmth.”

Plenty of warmth from this fireplace in the lounge of 17 Oliver St, Wooloowin.

And there was James bidding at his first auction, with a one-month-old baby girl strapped to his front.

He had recently moved up from Sydney and was renting in Paddington while he looked for a home for his young family.

“We’ve got a buyer’s agent in Sydney. He talked me through how I should go about it,” James said after the auction.

“He said when it gets down to two people left, and if you start hitting $1000 increments, go to the next $5000, and if they do another $1000, go to the next $5000.”

In this auction, nobody would bid less than $5000.

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Auctioneer and Ray White Albion principal David Treloar coaxed an opening bid of $1 million from a young couple in the crowd, and the six interested parties reduced to three active bidders, who shot off nine bids in the first minute.

“Great activity, good bidding,” Mr Treloar encouraged as bidding paused at $1.425 million.

“Think about the capital growth.”

There would be only four more bids from James and Marilynn before the auction paused at $1.46 million (with Marilynn in front) to seek instruction from the seller, Catherine Martyr.

“We were relaxed,” said Ms Martyr, who was in the kitchen with her husband listening to the auction.

From this kitchen, owner Catherine Martyr and her husband could hear the auction on the back deck.

“It was in good hands,” her husband Rob said.

Ray White Ascot agent Nick Kouparitsas had led the five week campaign, taking the property to auction on one of the quietest auction days of the year, in the middle of school holidays.

“We knew it was going to be a popular home. I sold it four years ago, and it was the same back then,” Mr Kouparitsas said afterwards.

Behind-the-scenes negotiating upped Marilynn’s bid to $1.475 million and the auctioneer returned to announce the property was on the market.

With no further bids, Marilynn Ross became the new owner of 17 Oliver St, Wooloowin and the crowd applauded.

“We wouldn’t subdivide it,” Ms Ross said.

“It’s grand and we want to keep it grand.

“We’ll redo the pool area and lift the house and maybe put a couple of bedrooms in downstairs.”

The property is on a double block that could be subdivided.

James said the experience was ‘a little’ nerve-racking but he was happy he stuck to his game plan.

“I knew that the house was probably worth a bit more than what we could pay,” he said.

“We’re going to go and check out one at Kalinga next. It’s open until noon.”

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