Hot auctions: 449sqm block of land sells for $845,000

A 449sq m block of land in Mount Gravatt East has fetched a whopping $845,000 at auction - almost two and a half times higher than Greater Brisbane's median land price as the market begins to swing. SEE WHY & WATCH AUCTIONS IN ACTION

A 449sq m block of land in Mount Gravatt East has fetched a whopping $845,000 at auction - almost two and a half times higher than Greater Brisbane's median land price as the market begins to swing

The vacant hilltop block at 93 Eyre Street saw five people register as bidders with 12 bids cast - a result real estate agent Denis Najzar of Place Woolloongabba said was driven by more certainty across the real estate market now.

This as latest data from Oliver Hume put the median price of a block of land (gross) in Greater Brisbane at $349,200, with the median lot size in Q4 2023 measuring 340sq m. The land data was for new subdivisions coming up all across the capital region, driven by the relative affordability of land here as well as continued interest from interstate buyers.

"Block demand has picked up in recent months," Mr Najzar said. "We probably wouldn't have had the same interest if it was mid last year. There's a bit of confidence knowing that interest rates won't rise. People can probably now budget, they can forecast their repayments, so there is a little bit more confidence there definitely."

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He said while construction costs hadn't necessarily come back to previous lower levels, it was possible to now engage a builder, plan construction and fix contracts again.

"This particular block is sitting right on the crest of a fully developed street so there's not many left to be developed, with 360 degree views elevated, so we had spirited bidding with five registered bidders."

Mr Najzar, who marketed the property with colleague Matt Langfield, said the block itself was in an enviable hilltop position surrounded by prestige homes with potential for 360 degree scenic views across mountains and valleys in the area, eight minutes from Westfield Mt Gravatt and 20 minutes to the Brisbane CBD.

"A local buyer sold their unit and they're upgrading into a family house so they obviously are looking to build."

The Courier-Mail has been livestreaming several auctions across Saturday, which you can catch up on below, plus scroll down further for our live blog highlighting earlier results.

SEE REPLAYS OF EARLIER AUCTIONS & SCROLL DOWN FOR LIVE BLOG AS RESULTS COME IN

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