Unrenovated Wishart house sets suburb record

Despite the heat and smog, Brisbane’s auction market remained steady this weekend with 86 auctions and a reported clearance rate of 38 per cent. 

One of the weekend’s biggest success stories resulted in the five-bedroom, two-bathroom home at 16 Cambridge Place, Wishart, in Brisbane’s south-east, selling for $1,061,000, some $161,000 over reserve. It set a record for the highest price paid for an unrenovated lowset house in the suburb. 

More than 100 people watched a staggering 20 registered bidders try to walk away with the keys in an auction that lasted only 15 minutes. Bidding was initially quiet, but once it opened at $700,000 the price jumped to $950,000 in a matter of moments. 

The price then continued to rise above $1 million before stalling briefly at $1,060,000. After a final bid of $1,061,000, the hammer was dropped and the house was sold. 

Selling agent Kosma Comino, of LJ Hooker Sunnybank Hills, said the house, part of the Sovereign Gardens estate, attracted intense interest over its three-week campaign, with more than 100 parties inspecting. 

“It’s a very popular estate in Wishart,” he said. “It’s tightly held, as soon as one goes in there they go ballistic. The second reason [it was so popular] is that it’s quite a big lowset and close to Mansfield High School – it’s in the catchment, so a lot of young families want to get in the area. 

“It just had a lot of interest, and a lot of hype, and that’s why it was a successful auction.” 

The buyers are a young family with three kids moving from the inner city. Their children are going to Mansfield State High soon, and they wanted to be closer to the catchment area. Mr Comino said proximity to the well-regarded school was one of the biggest factors driving growth in the area. 

“People are actually thinking 15 years ahead now,” he said. “All the buyers that are coming through – it’s young families that have a two or three year old and they’re thinking about high school already.

“I’m a testament to it as well, because I’ve just bought in the catchment. I don’t even have kids and I’m thinking about it.”  

On the other side of the city, the two-bedroom, one-bathroom Queenslander on 405 square metres at 10 Stewart Street, Paddington, was sold under the hammer for $920,000. Eight registered bidders battled it out for 30 minutes to walk away with the keys to the well-maintained house. 

Bidding opened at $700,000, jumped to $720,000 and then to $750,000. Someone offered $5000 at that point, but the auctioneer refused to take the bid. 

The price continued to rise in increments of $20,000 and $25,000 until it was sold for $920,000, more than $100,000 above reserve. 

Selling agent Angela Mastrapostolos, of Ray White Paddington, said there had been plenty of interest in the house, with more than 80 parties through during the three-week campaign. She said interest came from a mixture of different demographics, because of the property’s location and condition. 

“It’s a really good position there close to Rosalie – there are cafes, restaurants, cinemas. Also the positioning of the block,” she said. 

“Also the authenticity of the property, it had never been touched. It was all original. A lot of developers want that, a lot of first-home owners want it, a lot of people getting into the area want it because they can add their own touches.” 

The vendor was selling due to a change in circumstances, while the buyer plans to renovate and live in the house. Mrs Mastrapostolos said both parties were happy with the result. 

“The whole thing was lovely, it all just went smoothly,” she said. “Lovely buyers, lovely sellers. Just a nice real estate story. We want them all like that.”