A post-war cottage that last sold in the 1960s for just over $7000 has been snapped up for a whopping $1.271 million at auction, after 17 registered bidders battled it out for the Ashgrove four-bedroom abode adorned in weatherboard and Besser brick.
The “knock-down” property at 21 McCormack Avenue – which had been in the same family for five decades – sparked a feeding frenzy among home-hunters on Saturday, with 78 bids accrued after the bidding started at $800,000.
Selling agent Matthew Jabs, of Place Estate Agents Newmarket, said the auction was one of the most emotional sales he’d clocked, with more than 100 people turning out to witness the transaction of the 1960s abode.
“This home had been in the same family [for all those years] and it has all the key elements. It’s north-facing with city and park views and, in terms of the actual house, it can be knocked over,” Mr Jabs said.
“All the bidders wanted to build their dream home there and, in the end, it was a local family that bought it.
“It was very emotional because of how long the family had had the home. It belonged to an elderly lady and it’s the only home she’s ever owned.”
The cottage, which sits on a 607-square-metre block, was one of a handful of pre-war and post-war homes to transact for close to a million dollars or more over the weekend – alongside a handful of high-end sales, revealing the strength of the city’s market.
In total, 35 properties were sold from a reported 49 to deliver a clearance rate of 71 per cent, almost double the rate from this time last year.
Among those was a prime piece of land with a run-down original two-bedroom Queenslander at 37 Pine Street, Hamilton, which clocked one of the weekend’s top results after it sold for $1.837 million to a local family through Dwight Ferguson, of Ray White Ascot.
The ageing home, which sits on a 1365-square-metre parcel in one of the city’s top blue-chip suburbs, features just two bedrooms and a bathroom. It attracted 23 registered bidders.
“Most of those bidders had a go so it was a bit of a frenzy initially,” Mr Ferguson said.
“We got down to three bidders at the end and then announced the home was on the market at $1.7 million, and the reserve was below that.
“This is the best level of auction activity I’ve seen in 30 years — buyers have a lot of confidence. I didn’t expect this [level of market action]. It’s just incredible.”
In Paddington, an old cottage at 19 Plunkett Street that was renovated into a glamorous four-bedroom masterpiece clocked the city’s top reported sale of the weekend, after it fetched $2.45 million under the hammer through Nick Penklis, of Space Property.
Mr Penklis said a mature couple from the Sunshine Coast won against six registered bidders, with interest being high throughout the campaign thanks to the quality of the renovation and the prime location.
“The sellers rebuilt the old cottage after they bought the home 10 or 11 years ago – and that old cottage is now the main bedroom,” Mr Penklis said.
“I think everyone in Brisbane is getting good results right now and more people are putting one step forward at auction.”
At a Ray White auction event in Bulimba, the very first home of sellers Brisbane Lions AFL player Ryan Lester and his wife, Emi, sold under the hammer for a reserve smashing $931,000, just over $300,000 more than they paid in 2014.
The modest three-bedroom, two-bathroom cottage, at 12 Princess Street, Camp Hill, attracted 151 groups over a two-week auction campaign, with nine registered bidders battling it out on the day.
Selling agent and principal ofRay White Metro North David Treloar said the bidding came down to two competitive parties, with the under-bidder being a Hong Kong expat, and the ultimate buyer being a Kangaroo Point local.
“All of our auction campaigns at the moment are only running for two weeks, because of the insatiable demand from buyers,” Mr Treloar said.
“And, this was a small home in a really ordinary street, but it was something a buyer could just move into.
“It was also the first home of Mr Lester, who was married last year. He and his wife have had a baby and he’s signed a new two-year contract, so he’s looking for something bigger.”
A pint-sized two-bedroom cottage on a 405-square-metre block at 51 Didsbury, East Brisbane, secured a top result on Saturday, after selling for $925,000 – $225,000 more than the vendors paid for it in 2014.
Selling agent Madi Roche, of Ray White Bulimba, said a first-home buyer secured the winning bid in what she described as an “insane auction”.
“We actually sold that property to the vendors in 2014 for $700,000, so they were over the moon. They weren’t expecting it to sell for so much.
“I think a year ago we still would have had a lot of interest on that home but maybe it would have sold for about $820,000, so that’s a big price jump.”
Wrapping up the hot weekend of auctions was the indoor/outdoor masterpiece at 23 Deramore Street, Wavell Heights, which Place Estate Agents New Farm agent Heath Williams sold for $1.2 million.
Mr Williams said the home, built by Owen Architectures director Paul Owen, had accrued enormous interest over just two weeks and was snapped up by a local buyer.
“We gave out 15 contracts prior to auction but it ended up being a two-horse race between two girls,” Mr Williams said.
“We’d set out with a four-week campaign, but we reduced it to two because the numbers were so high.”
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