Brisbane’s weekend auction clearance rate doubles over this time last year

Another hot and smoky weekend in Brisbane didn’t stop buyers from flocking to auctions across the city. There were 88 auctions with a reported clearance rate of 59 per cent, almost double what it was this time last year. 

At one auction, the five-bedroom, three-bathroom home on a spacious 700-square-metre block at 49 Riverview Place, Yeronga, sold under the hammer for $1.855 million. 

About 40 people watched as four registered bidders squared off for the keys to the architecturally designed home. Bidding opened at $1.5 million, jumped quickly to $1.7 million, then slowly worked its way up to $1.775 million. 

At that point, following instructions from the vendor, the house was put on the market. After some more rigorous bidding, the hammer was dropped and the house was sold for $1.855 million. 

Selling agent Jack Dixon, of Dixon Estate Agents, said the quality of the house and size of land were the two biggest selling points. In particular, the lush green surrounds and closeness to the river appealed to families with children. 

“It was just a really high-quality home in a high-quality position,” Mr DIxon said. “As a result, there was really strong interest.” 

The buyers, a local family renting in Yeronga, had moved to Brisbane in the past few years and were looking for a family home. The vendors had built the house several years ago, and were moving locally to allow the next family to enjoy the home. 

Mr Dixon said the result spoke to the strength of the Brisbane auction market moving into Christmas. 

“It shows the strength of the market at the moment,” he said. “We had three auctions yesterday, and all three of them sold under the hammer in the inner city. There was really good competitive bidding at all of them.” 

Across the river, the three-bedroom, two-bathroom apartment at 13/202 Bowen Terrace, New Farm, sold at a well-attended auction. 

About 60 people packed into the property and watched for 15 minutes as eight registered bidders battled it out. Bidding opened at $1 million then steadily worked its way up to the final price of $1.525 million. 

Selling agent Nicholas Given, of Ray White New Farm, said the property represented the perfect opportunity for downsizers looking to get into a sophisticated, modern apartment. 

“It was an exciting product, beautiful renovation, styled really well,” he said. “It was renovated by Fellow Interiors, who’re in charge of the Howard Smith Wharf development. So, just a really good product.”

The vendor decided to sell the property due to a change in circumstance. Meanwhile, the buyer plans to rent it out in the short term, but may move in eventually. 

Elsewhere, the three-bedroom, two-bathroom home at 30 Childs Street, Clayfield, sold at auction for $1.061 million. 

Almost 70 people gathered in property’s front yard to watch eight registered bidders battle it out for 15 minutes to stake their claim on the charming traditional house. Bidding opened at $800,000, jumped quickly to $825,000 and again to $950,000. After a few more bids, the house was sold. 

Selling agent Andrea Crossan, of McGrath New Farm, said the property attracted a wide range of different buyers, including investors, downsizers and families.  

“There hasn’t been any sales in that street for quite some time,” she said. “This house had been held in the family for 50 years, and I think they probably all just wanted to know how it was going to go.”

The buyers have recently moved from Sydney, and are impressed with the buying in Brisbane compared to down south – they bought the house as an investment. The vendors sold due to a change in circumstances, and both parties were satisfied with the result.