Family fork out $960,0000 for classic Queenslander at Annerley auction

It took just five bids to sell a classic Queenslander under the hammer in Annerley on Saturday.

Straight from the auction strategy textbooks, a bold bid from one of the three registered bidders at 47 Cavan Street, Annerley scared much of the competition off.

All of the hopefuls were families, a testament to the fact the four-bedroom house was perfectly suited to a growing family.  

With little urging from selling agent Geoff Sellars, two bidders simultaneously offered a starting price.

Auctioneer Justin Marsden took it as two bids, the first $800,000 and the second at $900,000.

With that, the other bidders fell silent and offered no more bids.

The leading bidder increased their bid to $940,000 and the home was placed on the market. 

After $1000 Hail Mary from the previously silent buyer, the house sold to Philip Rocha and his family for $946,000 after he made a power-play with a $5000 bid. 

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Mr Rocha had dropped the $900,000 bid, and Mr Marsden said it was clear he was the most serious buyer.

Mr Rocha said he’d been waiting for an opportunity to buy into Cavan Street and the surrounds.

“It’s been on our radar for some time. There’s lots of character homes in the street,” he said. “It’s a great-sized block, and that was always on our hit-list. It ticked a lot of boxes for us.”

Location was key, he said. “It’s a great location, it’s got great bones [and] we love the tree-lined street.”

Mr Marsden said the area was performing well for the outskirts of Annerley.

“The other one Geoff sold in December was $950,000. It was a similar-sized block, similar-sized house with a pool. It puts them on par,” he said. “Big blocks with good houses are harder and harder to find.”

Earlier on Saturday at 15 Butler Street, Ascot, an entry-level home in need of a renovation passed in.

Bidding started at $600,000 and stalled at $790,000. None of the five registered bidders were willing to take the home past $800,000 under auction conditions.

Selling agent Alexander Shean said the owners would take offers above $800,000 following the auction.

“It’s a very inner-city property; it’s walking distance to all the area schools,” he said. “I challenge you to find a property in this area like this in the $800,000s”

A number of multimillion-dollar sales in the street meant buyers could be confident to invest in renovations for the ageing Queenslander.

“The values in this street, there has been resales of up to $2 million,” Mr Shean said. “A property like this, with a bit of work done to it, there’s a bit of upside to it.”