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."
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
18 bidders drove up the price of this home to $1.35m.
The most popular auction in Brisbane over the weekend was an entry level home that had a whopping 18 bidders register to battle it out.
The three bedroom house at 33 Dover Street, Wilston sits on a 405sq m block in a street filled with multi-million dollar homes, including a four bed designer property at 87 Dover Street which sold for $2.178m just hours beforehand.
Real estate agents Alistair Macmillan and Sam Hagen of Ray White Wilston took the property to auction as "an incredible opportunity to join a sought-after pocket of this lifestyle location, close to all the action and surrounded by some of the area's best homes".
Fully kitted out for entertaining outdoors.
"Entry level is in strong demand," he said.
The sellers had bought the property for $495,000 in 2007, and set about remodelling it to suit the Brisbane climate and the block size including an extensive reconstruction in 2010 with not just environmental improvements to make the home thermally efficient and sound proof, but also contemporary updates right down to an extensive deck and impressive outdoor kitchen kitted with built-in barbecue, hot-plumbed sink, refrigeration and a built-in timber bench with storage.
The home is located a five-minute walk from Wilston village and a short drive to the CBD.
Council election threat to acquire racetrack fails to deter homebuyers
A home with demolition approval backing onto the racecourse has sold for $2.03m.
A threat by the Greens to compulsorily acquire a neighbouring racetrack failed to deter buyers on the hunt in Ascot-Hendra, with one snapping up a massive 713sq m property trackside at Doomben she'd tried to buy before auction just hours earlier.
Almost 60 homes are being auctioned off across Greater Brisbane throughout Saturday, with several selling ahead of time as buyers scramble to avoid competition – with the trackside home at 19 Raceview Avenue, Hendra, seeing strong negotiations beforehand to almost do the same.
The property, which sold for $2.03m, was believed to be among the highest per square metre price ever fetched on that side of the Doomben racecourse, and comes just days after the Greens floated plans to compulsorily acquire the neighbouring Eagle Farm/Ascot racecourse for social housing.
Auctioneer Peter Burgin of Place Estate Agents said a number of buyers were doing due diligence around the opportunities the property at Hendra presented, given it backed onto the racecourse and was "a great blank canvas" for investors or those wanting to build a dream home.
He said the property had demolition approval in place, though the buyer would have to wait to take any action given the current tenant was expected to remain until September.
The auction of 19 Raceview Avenue, Hendra, saw a $2.03m sale result.
Two bidders registered for the home – both of whom were understood to have also been actively presenting offers for the property before auction. Bidding opened at $1.95m, before going to $1.96m, $1.97m, $1.98m, $2m, $2.01m when the first call was made. It then went to $2.02m and $2.03m which is where it sold.
Agent Patrick McKinnon of Place Ascot said it was a great result as the offers ahead of auction were under $2m.
"That's why you never cancel auctions, now we've got a deal at $2.03m."
The buyer who did not wish to be named told The Courier-Mail she'd been looking for an investment site for a while. "We're looking for a long term development site for the future. We just love Hendra, we've been in Hendra for a long time. The potential is great. It's a great family suburb. Great views, you can see all the way to the city so we think it's a wonderful property."
27 Pepperina Place, Drewvale sold before auction for $1.15m.
Large family homes on the south side of Brisbane were among the most popular for those that sold prior to auction, including 27 Pepperina Place, Drewvale – a fully renovated house on a huge 1075sq m block, walking distance to a popular local school Stretton College.
Real estate agent Simon Au of Ray White Sunnybank saw the Drewvale four bedder sell 48 hours before auction for $1.15m. The suburb is on a massive upwards trajectory, with PropTrack showing the median price for houses rising 9.9 per cent in the past 12 months to $962,000 – with four bedder medians up even higher at 11.1 per cent to $950,000.
4 Dorval Cl, Mansfield, sold before auction for an undisclosed sum.
Also sold before it could go to auction at 4.30pm this afternoon was 4 Dorval Cl, Mansfield, which sold for an as yet undisclosed sum on Tuesday.
The five bedroom house was move in ready in what agents George Yang and Hamish Hooper of Ray White Sunnybank Hills described as “one of the most highly sought-after cul-de-sacs in the heart of Montclair Estate”. It was also within the catchment of top Brisbane government schools, Mansfield State and Mansfield State High.
'Two Victor lawnmowers' stood between bidders at multimillion dollar auction
Neighbours mingled with homebuyers as a Dover St home went to auction.
A stunning multimillion dollar home in Brisbane's northside came down to the cost of "two Victor lawnmowers" as two bidders vied for control at auction.
The stunning four bedroom home drew neighbours who watched from verandas, vehicles, and on the footpath and were among the first to welcome the winners – a young family happy to get a foothold in the area.
The home at 87 Dover Street, Wilston, saw bidding open at $1.8m with four bidders active at the start. By the time it hit the $2m mark, some bids were coming in $1,000 increments, while others were several thousands, before hitting $2.175m when it was declared on the market. It then went to $2.176m, $2.177m, and then $2.178m.
The home sold for $2.178m.
Auctioneer Phil Parker told bidders at the first call that when it ends he can't reopen bidding, saying "we're talking two Victor lawnmowers, $1,000". The hammer dropped at $2.178m, which is higher than the median price for four bedders in the area that's currently $1.94m after rising 14.8 per cent in the past 12 months.
The 405sq m property was listed by Alistair Macmillan and Sam Hagen of Ray White Wilston as a quality fully updated two level home. Built in 2010, it was engineered for Queensland's climate with energy efficient features such as a durable Cedar clad exterior, fully insulated walls and ceilings, and a Colorbond roof for thermal performance. It also has ducted reverse cycle air- conditioning throughout, a RainBank rainwater harvesting system with two 3000L tanks, a Volta ducted vacuum system, a two-car garage and under-house storage.
This beautiful home was built in 2010.
Three bedder with city views nabs $1.4m in uni suburb
The three bedder is just 2.4km from the Brisbane CBD.
A three storey three bedroom house in popular university suburb Kelvin Grove has secured a $1.4m price at auction.
The house at 13 Blythe Street, taken to auction by Andy Flanagan of Ray White Ascot has views of the CBD skyline and across the northwest with dual decks, a tandem garage and a courtyard.
Nine bidders registered for a chance to secure the home located just 2.4km from the Brisbane CBD, 450m from the QUT campus and Urban Village precinct, 650m from Kelvin Grove State College, and 1.7km from Brisbane Grammar Schools.
Andy Flanagan of Ray White Ascot with auctioneer Phil Parker after the sale of the home.
The sellers had bought the property during the pandemic for $955,000, holding it for just over two and a half years to secure the $1.4m price which was close to $150,000 more than the suburb's median for three bedders.
"We had over 50 groups that came through, and really strong bidding and that goes to show inner city suburbs are attracting a lot of interest," he said. "The people who ended up buying it were locals and see the value in the area."
The suburb is close to Suncorp Stadium, Caxton St, Roma Street Parklands, and Paddington.
Mr Flanagan said auctions were still going really well in Brisbane. "We've got about a 96 per cent clearance rate for our team and we're seeing six to 10 registered bidders per property at the moment."
Standalone three bed houses in Kelvin Grove have seen prices rise in the past 12 months by 4.3 per cent.
This large family home sold for $1.211m in a flurry of bids.
A three bedroom home with its own backyard playground has more than doubled in price since its sellers bought it seven years ago – selling at auction for $1.211m Saturday.
The property which is on a 604sq m block at 4 Ryley Street, Murarrie, saw eight bidders register for a chance at landing the home.
Bidding went fast after opening at $950,000, with a flurry of bids seeing the price jump to $1.01m within 30 seconds, and then $1.07m within a minute, $1.13m by the two-minute mark , $1.175m within three minutes, and $1.195m after four minutes.
The home is a haven for those with young children.
A two minute pause was called when the price hit $1.207m, before the bids with several coming through eventually pushing the final result to $1.211m nine minutes after the bidding began.
Agents Jordan Trottemant and Frank Lombardi of Place – Bulimba took the property to auction as one that was "perfect for socialising, and hosting family and friends all year round", with the kids sure to love the play area and the large fully fenced and secured front yard.
The sellers had bought the property for $550,000 over seven years ago.
The sellers had bought the property for $550,000 in 2016.
The supply of new Gold Coast units on the market has plummeted, with a report warning the crunch on the property sector has worsened in the past 18-months.
