A record-setting $43 million in real estate sold under the hammer across Brisbane on Saturday in an incredible feat of strength that has revealed the city’s soaring market is showing no signs of slowing.
From the 71 auctions reported 63 transacted to achieve a 89 per cent clearance rate, compared with 65 per cent last week and a meagre 33 per cent this time last year.
It’s also the highest amount fetched in a single day of Saturday auctions in more than six months, with several multimillion-dollar properties sold amid reports of fierce bidding wars.
Although one of the top sales included a sophisticated Queenslander at 92 Elfreda Street in Enoggera, which collected $2.301 million through Place Estate Agents Newmarket, it was a laid-back family suburb on the outskirts of the city that stole the show after hundreds of buyers and onlookers flooded three separate auctions, resulting in milliondollar-plus sales.
92 Elfreda Street, Enoggera QLD 4051
Wishart, which is 14 kilometres from the city and has a median house price of just over $800,000, could have been mistaken for an inner-city borough after the three homes collected a combined $3.644 million. Property punters said house prices in the increasingly popular patch have risen by as much as 25 per cent in a year.
Ray White Annerley principal Geoff Sellars sold a dated, low-set brick abode on a 646-square-metre block at 106 Delavan Street to two first-home buyers for $1.067 million on Saturday, and said the price and number of bidders told more than just a tale of the city’s soaring market, but also of a suburb where demand was skyrocketing.
106 Delavan Street, Wishart QLD 4122
The young buyers were forced to compete against 35 registered bidders for the modest four-bedroom house, forking out $217,000 over the reserve price in front of a crowd of more than 150.
“Wishart has always been fairly popular as well as the Mansfield area, there are people who just buy there to be in the Mansfield High School catchment, but not in the like of what we’re seeing at the moment,” Mr Sellars said.
“There’s an enormous amount of confidence in the market and it becomes a snowball effect. Interest rates are low and people have just prioritised buying property over things like travel and I think the bank of mum of dad is the fifth biggest bank in Australia right now so a large majority of buyers are first home buyers. The confidence over the past 12 months has driven them to that point but a lot of their parents are fronting up money (to help them get their deposit over the line) as well.
“And, in Wishart, I would have thought 106 Delavan would be lucky to be a mid-$700,000s property so there has been a 25 per cent price increase here in some parts.
“At its worst, I think this is the new normal and we have set new average prices for a lot of suburbs. I don’t think we’ll go down from here and there’s definitely the potential for things to strengthen.”
LJ Hooker Sunnybank Hills agents Rob Senic and Kosma Comino sold the other two Wishart homes under the hammer on Saturday, collecting $1.45 million for a contemporary abode at 44 Craig Street and $1.127 million for the slightly rundown four-bedroom house at 22 Cotswold Place.
44 Craig Street, Wishart QLD 4122
It was the Cotswold Place property that Mr Comino said attracted an almost rockstar turnout, leading to a 45-minute auction, about 50 bids and a sale price that was $127,000 above the reserve.
“While I knew it would be a good auction because that part always does well, we were thinking it would sell for a maximum of $1,030,000 but then, during the auction, we had a lot of people rock up late and we had a total of 15 registered bidders,” he said.
22 Cotswold Place, Wishart QLD 4122
“From the 15 registered, we had six of them really fighting for it – they were a very mixed group. The bidding opened at $800,000, and it was really rapid then on the fifth bid we hit the reserve.
“A family ultimately won the auction and it’s funny because they had actually missed out on the last two auctions with me in that pocket.”
Mr Comino said first-home buyers and young families looking to upgrade into their second home were making up a large portion of the buyer demographic, with that enticing school catchment attracting half of the buyers, and the suburb’s location being the “X-factor” for the rest.
“You’re also close to the motorway and then you’re close to Westfield Garden City – in fact, if you drive through there now, it’s busier than the city centre. It’s gotten crazy there now.”
Elsewhere, Ray White Carina agent Jose Peralta sold a striking four-bedroom family oasis at 22 Faraday Street in Camp Hill for $1.401 million, and next door in Norman Park, Paula Pearce, of Place Estate Agents Bulimba, sold a modern Queenslander at 64 Morehead Avenue for $1.675 million under the hammer.
64 Morehead Avenue, Norman Park QLD 4170
In Northgate, Ray White Aspley agent Dwight Colbert transacted the meticulous four-bedroom abode at 26 Mann Avenue for $1.07 million in an auction he said attracted nine registered bidders before fetching $120,000 above the reserve price.
“They were all local buyers and many with young families but in the end it was a retired couple who bought the place as they have six grandchildren. My sellers are upsizing and have bought at Nudgee Beach as they have three children and want some more room,” Mr Colbert said.
“There’s still a lot of desperation for good stock, and it feels like a shortage of listings which I know is helping with competition.”
Article Source: www.domain.com.au
from Queensland Property Investor https://ift.tt/3qfggir
via IFTTT
