Plummeting stock levels and a looming interstate buyer swarm sparked local upgraders to dominate high-end auctions across Brisbane at the weekend, as real estate experts warn Queenslanders are now more desperate than ever to bag a slice of the property pie before the state floodgates open.
With property stock levels continuing to nose dive leading to Christmas, local buyers with cash to splash pounced on classic Queenslanders through to modern mini mansions on Saturday, fuelled largely by a fear of missing out once interstate home hunters are again able to travel north.
Joanna Gianniotis, of Place Bulimba, sold the stunning 1925, renovated Queenslander at 15 Hamel Street, Camp Hill, under the hammer for $1.75 million on Saturday, and said Brisbane upgraders were nothing short of out in force for the hotly contested auction.
“Local buyers are in upgrade mode and that’s either because they now want a home with an office or they are spending much more time at home and not travelling overseas,” Ms Gianniotis said.
“It’s all about lifestyle (for these buyers). COVID has changed that and money is also cheap (right now).
“There are also only five weekends left until Christmas and with little around, buyers are feeling the pressure for when Sydney and Melbourne buyers (return).”
The Hamel Street auction attracted five registered bidders with a Rockhampton woman flying in on the day to secure the winning bid on the classic five-bedroom, three-bathroom abode.
“The home is a beautiful 1925 Queenslander that was raised and renovated – the owner was an interior decorator and she did an amazing job,” Ms Gianniotis said.
15 Hamel Street, Camp Hill. Photo: Place Estate Agents
While the sheer style of the home and the size of the block attracted a stream of foot traffic leading up to the auction, Ms Gianniotis said sales in general were up and their office had enjoyed soaring auction clearance rates in the past month, alongside increased competition among hungry buyers.
“Bigger blocks (like 15 Hamel Street) have been in really hot demand – people just want bigger land right now.
“What’s keeping me up at night now is simply not having enough stock for when those interstate buyers arrive,” she said.
Inside the renovated 15 Hamel Street, Camp Hill. Photo: Place Estate Agents
The Hamel Street home clocked one of the biggest reported sales across Brisbane on Saturday, of a total of 49 auctions held throughout the city. A total of 26 confirmed results were recorded from the day, totalling $9,927,000 and an auction clearance rate of 54 per cent.
Mitch Palmer, of Ray White Broadbeach Waters, echoed fears of plummeting stock levels and said despite his office witnessing some of the highest buyer activity in two decades, simply securing enough homes to sell into next year was their biggest challenge.
“I think we are seeing that local buyers do want to get in and secure something before the potential rush (of interstate home hunters arrive),” Mr Palmer said.
He sold the modern masterpiece at 54 Edinburgh Road, Benowa Waters, under the hammer for an impressive $1.538 million on Saturday in what he said was a great result for the suburb – with a local buyer securing the winning bid.
“This was hotly contested with seven registered buyers battling it out – and it really came down to the wire with three families fiercely contesting at the end,” Mr Palmer said.
“Bidding actually started back at $1 million, but as is the case with the power of auction, that competition drove the price all the way up and well beyond the highest offer prior, of $1.4 million.
“The market is very strong with incredibly low stock and high demand driving exceptional competition.
“In fact, it’s one of the strongest markets I’ve seen in 18 years, and we’re expecting 2021 to be very strong as well.”
Other top auction results across Brisbane included a small, renovated worker’s cottage at 36 Confederate Street in leafy Red Hill – which sold for a whopping $937,000 after more than 85 groups went through the property during the campaign.
The post “Brisbane auctions: Locals make desperate rush before Christmas and the borders reopen” by Sarab Webb appeared first on the https://www.domain.com.au/ Blog
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