Brisbane’s sizzling high-end housing market soared to new heights after more than $20 million was splurged before the gavel could even strike at a special prestige property auction yesterday.
A total of 17 properties priced largely between $2 and $10 million were offered up at the coveted Ray White event at the Calile Hotel, with five snapped up in the days and hours leading up to the luxury extravaganza, revealing the strength of the city’s soaring market.
Although the bulk of the sales are yet to be released, it included a five-bedroom mini-mansion at 55 Beresford Terrace, Coorparoo, which transacted for $4.5 million before auction through George Petavrakis and Hamish Bowman, of Ray White New Farm.
Dubbed Casa Villa, the resort-style estate sits on a prime 2165-square-metre parcel that features a servery for poolside dining, a master suite with a private foyer and a 600-bottle wine cellar.
Before the event, which boasted prestige properties from Ray White’s New Farm, Bulimba, East Brisbane and Spring Hill offices, 25 Baldwin Street in Ascot sold for $2.2 million.
A bespoke five-bedroom abode at 53 Bunowang Street, Balmoral, kicked off the auction action and was quickly snapped up for $2.235 million – close to $100,000 above the reserve price.
“It was absolutely pumping, we had eight registered bidders with two on the phone and a family from Melbourne (bought it),” selling agent Trevor Egan, of Ray White Bulimba, said.
“It was a full house. The vendors are absolutely stoked.
“This auction is even bigger than our first prestige auction event we held last year.”
Ray White New Farm principal Haesley Cush said the special Sunday event was a direct result of surging demand for luxury homes in the Queensland capital.
“Late last year, borne out of the strength of the Brisbane prestige market, we hosted our first prestige property auction event. The day boasted 11 of Brisbane’s finest properties and nine sold. This Sunday’s event was even bigger and again presented some of the state’s finest properties,” Mr Cush said.
“We had interest from buyers locally, interstate and overseas. Many firmly believe that even with the recent energy in the Brisbane market it still represents incredible value on the east coast of Australia.”
Although Sunday’s prestige property gala stole the auction limelight, an additional 28 properties sold under the hammer across the city on Saturday.
A pretty three-bedroom home at 24 Malthus Street, Carina, fetched close to $1 million in what was a jaw-dropping result for the city’s burgeoning middle-ring suburbs.
Selling agent Craig Loudon, of WJ Tobin Real Estate, achieved $960,000 for the renovated home, a result he said had to be a record for three-bedroom properties within the now wildly popular family suburb.
“In the past three months, demand has really escalated here because people who were looking to buy in the more traditional hotspots (such as Camp Hill) were pushed out (due to skyrocketing prices),” Mr Loudon said.
Although Domain’s latest property data for Carina revealed the median price for a three-bedroom home is still $642,000, Mr Loudon said he simply had no stock left anywhere close to that figure, with new suburb price records in and around the area being smashed on what he felt like was a daily basis.
“We’ve seen a huge jump in prices since our January lockdown and the market has just gotten stronger and stronger (since then),” he said.
“The numbers we had at the auction on Saturday were just incredible. There were in excess of 200 people there, the place was heaving.
“Carina heights, Mount Gravatt and Holland Park West are all doing the same thing. As soon as I get something it’s gone.”
Across the fast and furious two-week campaign for the Malthus Street home Mr Loudon said an incredible 204 groups inspected the property with 24 registered bidders battling it out on the day.
“The place was beautifully renovated and styled and the layout was very open. Young families really loved that big backyard too,” he said.
“A young couple in their early 30s that don’t have kids yet (secured the winning bid) but I did have a stack of southern interest.”
Closer to the city, Mr Egan clocked one of the most exciting auctions of Saturday after a crowd of 200 turned out to witness the cracking sale of an “exceptional” Hamptons-style home at 123 Canopus Street, Coorparoo, which sold under the hammer to a local doctor for a reserve-smashing $2.53 million.
“It was a fantastic price and the house is just beautiful. We had six registered people and it sold for $155,000 over reserve,” Mr Egan said.
“It was a bit of a touch and go auction and the bidding came down to two buyers.”
Why the home fetched such a great price and such a roaring crowd of onlookers, Mr Egan said it was simply because the area was in higher demand than it had ever been.
“Coorparoo is one of the hottest suburbs in Brisbane right now and that’s because there are big houses on big blocks there.”
Across the rest of the city, a three-bedroom home at 14 Myuna Street, Balmoral, sold through Klein and Co Real Estate for $1.425 million, while a five-bedroom abode in Hamilton, at 137 Crosby Road, clocked $2.6 million through Elever Property Group.
In Hawthorne, 38 Beatrice Street sold under the hammer for $1.84 million through Belle Property Bulimba and a four-bedroom abode in Windsor, at 32 Bowser Street, sold for $1.17 million through McGrath Wilston.
Ray White Ascot agent Nick Kouparitsas accrued a jaw-dropping 31 registered bidders for 50 Grove Street, Albion, which sold under the hammer to a young family for $967,000.
He said the three-bedroom cottage proved to be a buyer magnet thanks to its highly sought-after location.
“Albion has become a really popular suburb, it’s very tightly held and not much pops up on the market so when it does buyers come flooding in,” Mr Kouparitsas said.
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