Fierce bidding and strong results in Brisbane despite slow start to auction calendar
Only 68 properties went under the hammer in Brisbane as this weekend’s auction market recorded a preliminary clearance rate of 53 per cent – a continuation of the slow start to 2020 witnessed since early February.
But these figures didn’t mean the weekend was bereft of bidding drama, as several properties attracted strong competition between bidders.
A four-bedroom, three-bathroom house on a spacious 1214-square-metre block at 50 Groom Street, Gordon Park, in Brisbane’s inner north was one such example, selling for $1.95 million.
About 60 people gathered at the house to watch as five registered bidders battled it out for 15 minutes to see who would walk away with the keys to the gorgeous, modern Queenslander.
Bidding opened at $1.5 million then quickly jumped to $1.8 million because of strong $50,000 bids from three parties.
After the $1.9 million mark, the bids dropped to increments of $10,000 until the price hit $1.95 million and the house was sold.
Selling agent Debora Sutton, of Belle Property Wilston, said a staggering 200 groups saw the house over its four-week campaign, with 45 of those coming to the first inspection alone. She pegs this massive turnout on the size of the property and its overall quality.
“It’s a modern take on a classic Queenslander,” she said. “It had great verandas, breezes from the front, and it was really designed to sit well on the block and work with the garden.
The majority of the interest came from young families and people looking to upsize, according to Ms Sutton. The buyers were a young family with small children who lived nearby. The vendors had lived in the home for several years, and were moving due to work commitments.
Ms Sutton said the result spoke to a Brisbane market that lacked stock and was being flooded with buyers wanting quality family homes.
“I’m definitely seeing a lot of interest in family homes in the good areas,” she said. “There’s a lot of confidence in the good suburbs of the inner north because they do always perform well, and they continued to do when [things] slowed down last year.
“Right now, there’s an absolute lack of property. People are looking to upgrade, people are looking to get into those family size homes. They’re looking to buy in the areas they know and love, and there’s just not enough on the market.”
Elsewhere, a unique Mediterranean-style, five-bedroom, three-bathroom house at 111 Indus Street, Camp Hill, sold following a lightning-quick auction.
“It was probably the quickest auction I’ve done,” said selling agent Mel Christie, of Harcourts Property Central. “We’re looking at a couple of minutes, including consulting the vendor.”
About 80 people gathered at the house to watch a staggering 14 registered bidders attempt to stake their claim on the home. Bidding opened at $1.46 million, then quickly jumped to $1.5 million in two bids.
At that point, the auction was paused to seek instructions from the vendor. After a few more bids, the hammer was dropped and the house was sold for $1.51 million.
The house itself is unique – the owner built it in 1975 and it is still in original condition. More than 82 paintings hang on the walls, all of which are to be donated to art galleries now that the house has been sold.
Ms Christie said about 120 people inspected the house over its four-week campaign.
“The property was very unique, I’ve not sold anything like it,” she said. “Generally, we had developers looking at it. It’s very rare to find a parcel of land in Camp Hill at that size.”
The buyers are likely to remove the house and build two new properties there, while the owner intends to downsize.
The six-bedroom, three-bathroom house on 867 square metres at 32 Park Avenue, Sunnybank Hills, was sold under the hammer for $1,182,000.
Selling agent Gordon Sui, of Ray White Sunnybank Hills, said more than 50 people watched the seven registered bidders square off for about 20 minutes.
Almost 50 people inspected the house during its campaign, with most interest coming from families interested in living in the Sunnybank Hills State School catchment. The buyers are a young family, and this will be their first home.
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