A Brisbane couple has forked out a record $2.09 million for a five-bedroom home in Tarragindi at a high-stakes auction where one half of the couple was across town bidding furiously for another house at the same time.
The couple, who ended up beating a Melbourne phone bidder to nab 12 Glenaplin Avenue on Saturday, paid $240,000 above the reserve in a move that selling agent Fiona Greene, of Luv and Co Estate Agents, said was a record for the street and also one of the highest transactions clocked in the leafy suburb in years.
The last home to break the $2 million barrier in Tarragindi was sold in 2016, when 60 Denham Terrace fetched $2.45 million. The highest recorded sale for the suburb remains at $2.8 million, for 128 Prior Street in 2015.
“It’s a cracking price for a 600-square-metre block but it was a special home, too. The seller was a builder and he built it as his forever home, so it was really high end,” Ms Greene said.
But, while the property was a rare, real estate gem, she also felt the outstanding result proved just how desperate buyers were to bag an abode amid historically low stock levels.
“It’s interesting because we’ve had a couple of buyers who have split up like this as a couple (to attend two different auctions at the same time). I guess because everyone is missing out, they think they have to hedge their bets,” she said.
Throughout the campaign Ms Greene said the Tarragindi home attracted a whopping 147 inspections with six bidders pre-registering in what was a phenomenal result for a quiet suburb where the median house price was $857,000 in March.
“Since January it (the Brisbane market) has been epic and everything we’re listing is selling for well above the reserve,” Ms Greene said.
Brisbane clocked the nation’s second highest median sale price at auction on Saturday with 44 homes selling for an average of $1.325 million, according to the latest Domain data. Only Sydney topped the Queensland capital with a median auction sale price of $1.43 million.
For Ray White Paddington agent Judi O’Dea, the stellar figure comes as no surprise as record high prices continue to be set amid soaring interstate and overseas migration.
“Our medians have crept up and while I understand the implications for first home buyers. The truth is that (rising prices) is what’s happening here. There’s a lot of cash and there’s a lot of pressure from overseas and interstate buyers — it’s all about supply and demand,” Ms O’Dea said.
17 Grace Street, Red Hill QLD 4059
She sold a modern, five-bedroom abode on an elevated 405-square-metre block for $1.7 million at 17 Grace Street, Red Hill, on Saturday in a strong auction that came hot on the heels of a cracking $2.93 million transaction clocked on Wednesday night for 28 Prince Street, Paddington.
But while it’s a stellar week of sales for the long-time agent, Ms O’Dea said the Paddington auction came at a high price with the vendors accepting a short settlement period that would effectively leave them homeless, sparking her to offer up her own home.
“They rang me the next day crying and saying they couldn’t find anywhere to live. I have a self-contained area under my house so now they are coming with their cat Atlas to live with me,” Ms O’Dea said.
While she joked the move was indeed going above the call of duty for most agents, Ms O’Dea said the reality was the painfully tight stock levels crippling the Brisbane market were taking their toll on fearful vendors who were unable to list their homes for fear of being unable to find another.
“We’ve still got a tsunami of buyers but (while) there is a bit more stock (than before) the problem is people are wanting to sell but they can’t find somewhere to go and I can’t see the situation really easing up this year,” she said.
“I have a board full of properties ready to go on the market, but my sellers can’t move so the situation is still very tough.”
Across Brisbane, inner-city Clayfield was the star performer on Saturday with three properties collectively fetching nearly $6.5 million in the blue-chip suburb. The first — 15 McGregor Street — sold just prior to auction for $2.5 million through McGrath New Farm, the second – 11 Bayview Terrace – clocked $1.9 million under the hammer through Ray White Ascot and the third was put away by Ray White New Farm sales manager Nicholas Given for $2.092 million at 125 Alexandra Road.
15 McGregor Street Clayfiled QLD 4011
Mr Given said a Brisbane man snapped up the five-bedroom home for his daughter in what he described as a relaxed auction.
“The buyer saw value in the land and thought it’s very hard to get a sight like this and didn’t want to let it go,” he said.
The highest recorded sale of the day was achieved for a three-bedroom cottage on a 304-square=metre block at 253 Kent Street, Teneriffe, which fetched an eye-watering $2.525 million through Ray White New Farm’s Matt Lancashire.
Outside Brisbane, the top auction of the day came from 47-49 Knightsbridge Parade West, Sovereign Islands, which sold under the hammer for a cracking $7 million through Ray White Runaway Bay.
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