Brisbane has clocked its highest auction clearance rate in six months as its property market charges towards a once-in-a-decade housing boom.
According to Domain’s citywide statistics for Saturday, 84 per cent of reported properties were sold under the hammer, compared with just 44 per cent at this time last year.
Although agents registered top results and “record” numbers of bidders across the board – including a six-bedroom brick home in Chelmer that sold for $4 million – it was the once cheap-and-cheerful cottages in the up-and-coming suburbs that stole the buyer limelight.
After attracting a crowd of more than 100 with an incredible 30 registered bidders, a three-bedroom Queenslander at 33 Heidelberg Street, East Brisbane, sold for a reserve-smashing $1.23 million – a result that co-selling agent Cathy Roche said was nothing short of jaw-dropping in a suburb that was finally on buyers’ radar.
“The auction was just something else. We could barely move through the crowd. And, we had 30 registered bidders (from as far as Hong Kong and Melbourne) which is the highest number I’ve ever seen – in fact I believe it’s a record,” Ms Roche said.
“It blew our minds and we (co-selling agent Madi Roche) didn’t expect to get that much for the home, we thought it would sell for about $1.1 million.
“But the market decided on the day and the vendors are just over the moon.
“The owner paid $865,000 in 2014 for that home, so the capital gain is enormous.”
Although there was nothing particularly special about the three-bedroom, two-bathroom home on a 405-square-metre block, Ms Roche said properties that needed little work, in a desirable suburb, were selling like hot cakes.
The city’s market was firing at a pace that was almost tough to keep up with, she said.
Nearby, in the “underrated” suburb of Tingalpa, Ben Salm, of Place Estate Agents Bulimba, sold a three-bedroom cottage on a 693-square-metre block at 20 Whitford Street for $765,000.
The price was almost $100,000 more than it would have fetched a year ago, he said.
“It well and truly sold over the reserve price. Tingalpa is coming into its own now and for a long time it was forgotten about,” Mr Salm said.
“People are discovering the area and the average (house) price rose by 10 per cent over December 2019 to December 2020, but that price is still considerably lower compared to other parts of Brisbane.
“We sold a similar property recently in Camp Hill – which is five minutes away — for over $1 million.”
First-home buyers snapped up the Tingalpa cottage at a fiercely fought auction that attracted more than 12 registered bidders.
Mr Salm said the Bulimba team went on to sell nine from nine properties under the hammer on Saturday, including 4 Dalma Street, Norman Park, which fetched $1.76 million.
Selling agent Chris Rice, of Place Estate Agents Bulimba, said six registers bidders battled it out, with an expat family securing the winning bid.
“It was a great result that exceeded our expectations and it sold very healthily above the reserve,” Mr Rice said.
“There’s just a real a lack of stock at the moment and the good quality stuff is getting absorbed pretty solidly.”
He said Brisbane’s auction scene was going from strength to strength, with clearance rates increasing almost week on week.
“But, while the market is firing, Brisbane is still massively undervalued,” he said.
Across the Ray White Queensland group, chief auctioneer Mitch Peereboom said they racked up an 86 per cent preliminary clearance rate, which came hot on the heels of a stand-out week of property action.
“This week has been phenomenal. We came off the back of an 80 per cent plus clearance rate last week, which has continued throughout our mid-week auction events this week, too. All parts of the market are performing,” Mr Peereboom said.
Angela Mastrapostolos, of Ray White Paddington, clocked the city’s highest recorded auction with the $4 million sale of 195 Laurel Avenue, Chelmer.
Ray White Ascot agent Damon Warat secured the second-highest transaction of the day in Teneriffe.
Mr Warat sold the modern masterpiece at 63 Kingsholme Street for $2.795 million in front of a crowd of about 100. A relocating Melbourne family secured the winning bid.
He said seven registered bidders battled it out for the five-bedroom home, which was built by boutique developer Bird Property Development Group.
“The bidding moved up in $50,000s to $2.65 million between two bidders. The house is unique because it’s so hard to find land at the moment and being a new build and not a renovator made it particularly sought-after,” Warat said.
In other top high-end sales, Lori Jones Quality Real Estate put away the spectacular five-bedroom estate at 271 Kenmore Road, Fig Tree Pocket, for $1.865 million and Belle Property Bulimba secured $1.45 million for 8 Trent Street, Mount Gravatt.
Article Source: www.domain.com.au
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