An eye-watering $52.8 million in property has sold under the hammer in just one day across Brisbane, resulting in one of the most successful Saturdays for real estate in more than six months.
According to the latest data from Domain, 89 auctions were reported on across the Queensland capital on Saturday, with 65 selling for a median price of $1,057,500 and a clearance rate of 73 per cent.
The previous record for the past six months was $35.275 million, achieved on March 20, according to Domain records.
The highest recorded sale price in Brisbane at the weekend was paid for 57 Enderley Road, Clayfield.
The data paints a compelling picture of market strength that property experts say reveals more than just the level of buyer and seller confidence, but also the potential end to more than 12 months of record-low stock levels.
Place Estate Agents Ascot director Drew Davies, who transacted the highest recorded sale across Brisbane on Saturday, said the city’s fast-moving market was showing no signs of slowing and was now being spurred on by increased vendor confidence.
“Last month, our office had its biggest listing month in quite a while, so we have definitely seen stock levels ease up after Easter, but we’re still not seeing pre-COVID numbers,” Mr Davies said.
57 Enderley Road, Clayfield, was sold by Place Estate Agents Ascot.
He said the city’s high-end market was particularly firing, as evidenced by the reserve-busting $5.075 million he clocked on Saturday for an exquisite, architecturally designed family home at 57 Enderley Road, Clayfield.
The five-bedroom, three-bathroom Californian bungalow attracted 55 groups and dozens of inquiries throughout the auction campaign. Six bidders were registered on the day before a Sunshine Coast couple emerged as the winners.
“Clayfield has always been regarded as one of the best suburbs of Brisbane, and this [home is in] one of the best streets in Clayfield,” Mr Davies said.
Just up the road, in one of the inner-city’s most sought-after blue-chip suburbs, McGrath New Farm agent Brett Greensill sold a stately renovator on a rare, 880-square-metre block for a reserve-busting $3.775 million at 37 Llewellyn Street, New Farm.
He said the five-bedroom abode garnered 10 registered bidders before it sold to an Aussie expat in Singapore for $275,000 above the reserve price. The sale indicated just how rare the property was and just how much expats continue to see value and safety in the local market.
“There’s just nothing else for sale that’s comparable to this home and land size of 880 square metres in New Farm is like a paddock. The block is also on a corner which means you could subdivide it, although not one of the 10 bidders wanted to do that,” Mr Greensill said.
37 Llewellyn Street, New Farm QLD 4005
“This auction is a record for me for the highest number of bidders and for selling the most above the reserve. Once upon a time, we thought lower-order properties were suitable for auction and higher-end were suited for private treaty, but not anymore.
“In fact, I’m seeing the auction trend increasing as buyers are much more astute than they used to be and sellers understand the benefit. The real estate market is coming of age in Brisbane.”
Although the result comes off the back of Brisbane’s new-found love affair with auctions, Mr Greensill said it also spoke to the trend of overseas expat buyers prepared to splash millions on a home – he had sold high-end properties to two Singapore-based expats in the space of just seven days.
“I think what it proves is Australians who live overseas look back at our market and see value for money. They also see a safe haven to invest money in,” Mr Greensill said.
Rounding out the city’s top multimillion-dollar sales on Saturday was an elegant Queenslander at 17 Wattle Street, Ascot, which sold under the hammer for $3.1 million through Damon Warat and Alexander Shean, of Ray White Ascot.
17 Wattle Street, Ascot QLD 4007
Mr Shean said the classic five-bedroom abode attracted a big crowd and six registered bidders, with a local family emerging victorious.
“The floor plan [was a major attraction for buyers] but also the location – it is in one of the best spots in Ascot,” Mr Shean said.
Although mini-mansions and architectural gems dominated the city’s prestige auction scene, it was a crumbling shack with broken stumps and no driveway that drew a buyer turnout akin to a rock show – 32 registered bidders fronted up to nab the ramshackle cottage on a 450-square-metre block at 46 Jane Street, West End.
Auction 46 Jane Street West End QLD 4101
Despite the dilapidated home being in dire need of an extreme makeover, selling agent Holly Bowden, of Ray White Wilston, said a young couple ultimately forked out $1.56 million in the rapid-fire auction.
Pre-registrations for the home’s auction were still flooding in at 10 o’clock the night before.
“We held the auction with 80 people in the front yard, which is small and there was good participation from at least 16 of the 32 bidders. It was a fast auction, it started at $1 million, which was above reserve and it kept going. The winning bidder didn’t make one bid until the auctioneer Phil Parker announced they were playing for keeps at $1.42 million, which inspired another rush of bids up to $1.56 million,” Ms Bowden said.
Article Source: www.domain.com.au
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