Auction record smashed in Brisbane's roughest suburb
One of Brisbane's roughest suburbs has a new million-dollar-plus auction house price record, as ramshackle renovators drew as many as 70 bids Saturday. SEE AUCTION REPLAYS & RESULTS
This Woodridge home is now the auction house price record holder.
One of Brisbane's roughest suburbs has a new million-dollar-plus auction house price record, as ramshackle renovators drew as many as 70 bids Saturday seeking growth opportunities.
Woodridge, which has a reputation for being one of the toughest neighbourhoods in Brisbane, is in for some major gentrification after breaking through the $1.35m mark for a three bedroom house.
The home at 53 Nyanza Street has one bathroom and a double car garage, but it comes with a big bonus in the current market, sitting on a 2,023sq m block of land.
Ray White AKG agent Roxanne Liu who listed the home for auction, had to contend with a massive 21 bidders vying for the property.
She said any time there was a property with an upside to it, buyers were not afraid to compete.
The backyard includes a large shed.
"This property has potential for up to eight units to be constructed on it. The eventual buyer intends to hold on to the property initially and develop at a later point," she said in a Ray White AKG statement.
Principal Avi Khan said auctions were by far the best method for a transparent buying process for all properties in any area.
"Woodridge is highly popular at the moment and this sale showed how to best sell properties to give all buyers a chance to compete."
Woodridge has a new auction house price record.
It was only a matter of time before the area - renowned as a crime hotspot in decades past - breaks through with more million dollar house sales - with some recent results including 2 Elizabeth ST for $900,000 with a 1,740sq m block and 25 Laburnum St going for $801,000.
The area's top house price figure overall is expected to hit $1,440,500 as soon as another Woodridge property at 134 Ewing Road is officially declared settled. It is currently listed as "pending settlement advice" by agent Alex Simule of Raine & Horne Springwood who confirmed it was under offer at that record level.
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This fixer upper at 107 Kennington Road, Camp Hill, was sold under the hammer for $1.221m after 70 bids.
One of the most contested houses to go under the hammer on Saturday was the ramshackle 107 Kennington Road, Camp Hill, which was listed by Place Camp Hill agents Shane Hicks and Antonio Puopolo.
The home, which was put up for sale by the Corporation of Trustees for the Catholic Church in Brisbane, was highly contested by 10 bidders with over 70 bids cast throughout the auction.
Described as "entry level", the rundown property eventually sold for $1.221m, offering the new owners an opportunity to turn "a perfectly flat corner block" into a major money earner.
"Whether you choose to embark on a renovation journey to bring the lowest brick home back to life or opt for a complete rebuild to realise the potential of the location, the possibilities are endless. Convenience is at your doorstep, from quaint cafes and restaurants to reliable bus services, everything you need is within easy reach," was how Mr Hicks described it.
This home at 211 Stanley Terrace, Taringa, requires renovations and sold for $1.32m.
Meanwhile, a three bedroom house at 211 Stanley Terrace, Taringa, listed by Vern Gilbert of Plum Property Brisbane West, required a lot of renovation work and potentially a rebuild depending on the buyer.
That did not deter those who registered for the auction, with the opening bid for the 1962 home at $1.2m. Six more bids were cast - $1.21m, $1.23m, $1.25m, $1.3m, $1.31m and then the final offer of $1.32m which is what it sold for.
Apart from its prime location close to Indooroopilly shopping centre, cycling distance to the University of Queensland and near several coveted schools, the home packs views of the Brisbane city skyline off its back deck.
Mr Gilbert said the home did require a lot of work but it would pay off given the stunning location.
City skyline views off the back deck.
The successful buyers said they had been trying to buy a home in the Taringa area for a while, close to friends of theirs who lived up the road but also planning ahead for when their son has to go to university.
Mr Gilbert said "the generous 607sq m block size provides ample space for building a new home. Alternatively, the existing house can simply be renovated, with the option to add a deck to enjoy the convenient lifestyle and stunning city views at night".
As the number of properties for sale across Brisbane tightened on the first day of winter, a buyer's agent knocked almost all of his 13 competitors out of the running with a whopping opening bid, but a couple hunting for a forever home shakily held their nerve.
Atlas real estate agent Mark Diamond had been fielding strong interest for the three bedroom hilltop home at 33 Barford Street, Moorooka.
All up 14 bidders registered for a chance to own the property which has picturesque views of the sunset and the hills around Mt Coot-Tha.
Even auctioneer Justin Nickerson was floored when the opening bid came in at $1.4m for the property which saw several bidders immediately put down their paddles.
The opening bid took everyone by surprise.
But that strategic move by a buyers agent didn't stop two others who had registered from having a go at securing the home. All up 22 bids were cast, with the price jumping in $10,000 and $20,000 increments.
A couple who had been looking for their new home on and off for a while tossed up whether to keep going, but held their nerve even as every bid they made was immediately countered.
"Big deep breath," Mr Nickerson said after the $1.6m bid was made – a figure which the home eventually sold for.
The successful buyers were elated to come out on top. One said "I'm still shaking", while the other said "I think the first bid blew everyone out of the water, including ourselves almost".
An overcast morning in Moorooka but the views from this property were still lovely.
Mr Nickerson said the 14 registered bidders was a high number. "They had a lot of interest through the campaign. It's a cool house, in such a good location, great view, a bonus studio and it's one of those that draw people in."
Mr Nickerson said the 14 registered bidders was a high number. "They had a lot of interest through the campaign. It's a cool house, in such a good location, great view, a bonus studio and it's one of those that draw people in."
Neighbours bid for home which lands eight times previous sale price
The winning bidders want to sub-divide and build rooming accommodation.
A three bedroom home in Coopers Plains drew three neighbours among nine bidders at auction Saturday – securing eight times its last sale price.
The property at 24 Bovey Street, Coopers Plains, has been held in the same family for more than 29 years, according to property records, and had been bought for $100,000 in 1994.
Ray White agent Anton Silaen confirmed “three of the bidders were actually the neighbours".
“The sellers have been living there for many years, and they have decided on a tree change and are moving to Toowoomba to become farmers.”
The house was built in 1986 according to records.
Ray White auctioneer Phil Parker saw four of the nine registered bidders active during the auction, which saw the home eventually sell for $850,000.
Mr Silaen said "the final buyer owns the neighbouring properties and wants to subdivide and build rooming accommodation".
"The sellers wanted $800,000, so getting $50,000 extra was a dream price for them."
This sprawling two level home has sold for $2.317m at auction.
A Brisbane real estate agent has re-sold a home for buyers that she sold to in 2020, securing them $967,000 more than they paid.
Place Ascot agent Janelle McKenna had sold a five bedroom, three bathroom home with parking for five vehicles to the buyers in August 2020.
The buyers spent three years and nine months at the home, in the process adding another bedroom and freshly painting the property before it came back on the market.
It sold under the hammer for $2,317,000.
Ms McKenna described it as a "magnificent Queenslander with swimming pool and renovations", with the home "just a stone's throw from popular cafes, boutiques and parklands".
The home is on a prime 810sq m allotment with loads of room for a large family.
'Promising project for renovators' sells for $1.825m
The beautiful mid-century home may need some work, but its charm was undeniable.
A home marketed as "not only a place of residence but a promising project for renovators or investors" drew strong interest when it went to auction – landing a massive price.
Mario Sultana of Place Newmarket took 60 Davidson Street to auction highlighting its "mid-century charm with boundless potential".
He said "60 Davidson Street offers the rare chance to own and tailor a mid-century gem, making it an exciting prospect for those looking to make a mark with their next home."
Around 70 people attended the auction, with eight registered bidders.
This is how the kitchen looked to buyers who walked through, and it still fetched $1.825m under the hammer.
Place auctioneer Peter Burgin saw bidding open at $1.5m, and progress to $1.525m before pausing for further instructions. When the auction resumed it was at $1.55m where it was declared on the market triggering a flurry of bids, many of which were in $50,000 increments.
The bids went from $1.56m to $1.6m, $1.615m, $1.62m, $1.625m, $1.63m, $1.635m, $1.64m, $1.65m, $1.66m, $1.65m, $1.675m, $1.68m, $1.7m, $1.75m, $1.775m, $1.8m, $1.81m, and $1.82m – before finally hitting $1.825m where it sold.
The property was built in 1975 and transferred to a second owner for $0 almost 26 years ago.
Eleven bidders registered at the auction of this Hillcrest home.
A home in Hillcrest has seen one of the biggest number of bids cast today as 11 bidders registered for auction.
The four bedroom, two bathroom, double garage home at 25 Spruce Circuit sits on a 377sq m block and was taken to auction by Ray White Brookwater and Greater Springfield agents Kenton De Klerk and Phillip De Klerk.
"This home offers unparalleled connectivity and convenience, being just a 12-minute walk from a bustling retail precinct that includes the Grand Plaza shopping centre," was how they described it.
Neat, tidy and ready for its next owner.
Fully fenced and pet-friendly, the sellers had bought the vacant land for $255,000 in 2021 and then got council approval to build a 124sq m house on it valued at $124,319, according to property records.
Auctioneer Justin Nickerson said bidding opened at $510,000, with the 32 bids taking the property to $709,000 which is where it sold under the hammer.
If the total basic outlay was close to $380,000 for the sellers, that would make their gross return close to $330,000 – a return of about 86 per cent in just three years.
Hillcrest is located in Greater Brisbane's south, about a half hour drive from the capital's CBD.
A three bedroom home in Salisbury is now a $1m-plus property after it drew 15 bidders to auction.
Ray White Annerley agent Bevin Powell took 71 Chalfont Street to market with its big drawcard being a massive 1,100sq m block which has development approval for sub-division.
"The potential for creating one or two new lots is within reach," was how Mr Powell marketed the home.
"Outside, the property is adorned with a variety of mature fruit trees, including avocado, persimmon, mango, and jaboticaba, delivering a bountiful harvest. Additional highlights include hardwood floors, ample under-house storage, full fencing for privacy, and the convenience of brand new solar panels."
The crowd was a mix of investors, developers and owner occupiers.
“The winning bidder was an investor, and the sellers were the family of a deceased estate sale and they are very happy with today’s outcome,” he said.
“The Brisbane market seems to just keep rising. I am seeing huge numbers of registered bidders in the last few months. There are a lot of people looking to buy.”
The home's 1,100sq m block has DA approval for sub-division.
The area is very family friendly with street parties and annual Christmas lights displays being "cherished traditions", he said.
There were no public records of what the property was previously bought for, but the highest prices fetched by homes in Salisbury have been large blocks, including $1.515m fetched for a three bedder on a 2.023sq m block at 104 Golda Avenue in April, and the suburb's top sale of 179 Henson Road which had a four bedder and a large double block that sold for $2.451m during year two of the pandemic.
Brisbane homes for sale tightens on first day of winter
In a sure sign of housing supply struggling to keep pace with demand across Brisbane, the number of homes being auctioned is considerably tighter – up just 2 per cent across Queensland for the entire week to 278 homes – just as other states experience Super Saturday, with Melbourne alone seeing more than 1,100 homes being auctioned on Saturday.
Real estate agents are reporting increased numbers of pre-auction offers and early bidding registrations across several Brisbane auctions already, with the day expected to see strong competition.
Brisbane auctions are following a traditional mid-year slowdown with numbers easing off into the start of Winter, while New South Wales and Victoria continue to see strong activity, according to PropTrack economist Paul Ryan.
“Some of this (southern) strength in auction numbers reflects a bring forward to avoid the King’s Birthday long weekend, observed everywhere next week except Queensland and Western Australia.”
There were 143 auctions scheduled across Brisbane this week – up 29 per cent year on year, with 135 in the rest of Queensland, which was a 16 per cent fall compared to 2023’s listings across the region.
Next week those numbers are expected to be lower still, with 129 auctions in Brisbane, and 111 in regional Queensland, followed by 124 the week after that for the capital, and a stronger 137 for the rest of the state.
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