A house inundated in the February floods nearly a year ago that is yet to be repaired has sold for less than its land value in an auction race between first-home buyers. LIVE BLOG
The Public Trustee is out and about in Brisbane today, taking six homes to auction across the region, including a prime piece of real estate in inner-city Paddington.
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We'll bring you auction results throughout the day and you can also watch homes sell under the hammer HERE.
Brisbane heads to auction with a 29 per cent clearance rate from last week as The Courier-Mail reveals how much the borrowing power of first-home buyers has been slashed by.
If it all seems a bit much right now, why don't you try to win your dream home? It might only cost $2.
4 Bed / 1 Bath / 2 Car on 405sq m
28 Keeling St, Coopers Plains
Coming to market for the first time in nine years, this four-bedroom cottage with a near-new kitchen sold under the hammer today for $733,000 after seven registered bidders took the property to auction.
Median house prices in Coopers Plains have grown by 16 per cent in a year to $865,000, based on 55 house sales.
Place Estate Agents sold seven of the nine properties it scheduled for auction today, worth a combined $8m. Here's how they each went:
4 Bed / 3 Bath / 3 Car on 405sq m
55 Orleigh St, West End
Auction result: Sold for $3.35m (5 bidders)
5 Bed/ 3 Bath / 2 Car on 406sq m
29 Ruskin St, Taringa
Auction result: Sold for $2.2m (2 bidders)
This property last sold during the boom in April 2021 for $2.1m. Its sale today after two years sees its value increase by $100,000, a 4.7 per cent rise.
5 Bed / 3 Bath / 2 Car on 873sq m
15 Taunton St, Annerley
Auction result: Sold for $1.575m (3 bidders)
462sq m vacant land
29 Parolin Pde, Rochedale
Auction result: Sold for $1m (6 bidders)
The land valuation for this block is $580,000.
4 Bed / 2 Bath / 2 Car on 733sq m
15 Seng St, Graceville
Auction result: Sold for $680,000 (3 bidders)
A detailed review of this auction is at the end of the blog.
405sq m residential land
9 Moolabar St, Morningside
Auction result: Passed in and now seeking offers over $825,000
6 Bed / 2 Bath / 6 Car on 711sq m
4 Westcott St, Drewvale
Auction result: Passed in with 2 bidders but sold straight after for more
5 Bed / 3 Bath / 3 Car on 670sq m
51 Herbert St, Camp Hill
Auction result: Sold prior to auction on February 2
3 Bed / 1 Bath / 2 Car on 751sq m
134 Whites Rd, Manly West
Auction result: Passed in at $770,000
4 Bed / 2 Bath / 2 Car on 600sq m
Passing in at auction this morning is this family home with ducted airconditioning that is now on the market seeking offers over $619,000.
Windaroo has a median house price of $755,000 and that is 20 per cent higher than it was a year ago, with too few property sales to calculate three-monthly property movements.
Why live in Windaroo? It's got a golf course, plenty of parkland, and the local high school was recently recognised for the improved results its students achieved during NAPLAN testing.
Ray White has just reported that 50 bidders have attended four house auctions from Northgate to Sunnybank Hills. The common denominator on all four properties is their price point, all around the $1m mark. But there the similarities end. They range from architect-designed, newly-renovated homes to a dwelling that needs to be gutted. Read the posts below for all the details.
3 Bed / 2 Bath / 2 Car on 600sq m
This fully refurbished, trendy lowset house has just sold for $1,175,000 after 18 registered bidders took it to auction.
Sunnybank Hills has a median house price of $950,000 which is an increase of 17.4 per cent over 12 months with PropTrack data showing the median has fallen by 7.6 per cent in the past three months.
3 Bed / 1 Bath / 2 Car on 607sq m
Another significant auction result in the sub-$1m market sees this 'total renovator' sell under the hammer for $950,000.
The property was coming to market for the first time in 40 years and attracted 15 registered bidders. The sale price was $200,000 over reserve.
Northgate has a median house price of $975,000 and that median has increased by 17.4 per cent in 12 months.
3 Bed / 2 Bath / 4 Car on 728sq m
There is strength in numbers and with 11 registered bidders hoping to buy this corner block in the sought after Village precinct of Coopers Plains, the property sold well above reserve for $955,000, with five bidders active during the auction.
PropTrack data shows the median house price in Coopers Plains is $865,000 and has grown by 14.4 per cent in 12 months.
3 Bed / 3 Bath / 2 Car on 343sq m
Auctioneer David Treloar welcomed six registered bidders to the auction of this architectural home. The reserve was set at $1.2m and the home sold for $1.325m with four of the registered bidders active during the auction.
The sellers are moving a little more rurally to have some space for animals. The buyers are a professional young couple.
A house inundated in the February floods nearly a year ago has sold for less than its land value, in an auction race between first-home buyers.
“The existing residence is an unrepaired flood-affected home full of potential, just waiting for the right buyer,” the realestate.com.au listing said.
The bottom quarter of most walls in the four-bedroom lowset house at 15 Seng St, Graceville, were missing, allowing anyone to see right through the building if they sat on the floor.
But it was the property market that most onlookers had come to scrutinise.
“There’s quite a lot of interest in the area about what’s happening here today and the residents in the area have been impacted and they like to see strong results,” Place Graceville’s Karen Simons said.
The size of the property, a 733sq m block, and its proximity to local parks and schools had had the full attention of bidders.
First-home buyer Thu Le was looking to move her family of four out of their small Highgate Hill apartment to give her two children a house with room to play outside.
“There are a lot of things to do I know,” Ms Le said. “But the kids have seen this house and they like it.
“I grew up in Vietnam, in an area where floods would come every year. It’s a little bit different here but hopefully we have no more floods coming this year.”
Standing across from her in the shade of the double garage was fellow first-home buyer Hamid Talebi who said the renovation task was not an issue.
“It is okay, I am doing some work in construction. I am not worried about it,” Mr Talebi said.
Place Estate Agents chief auctioneer Peter Burgin stood outside the garage in the full sun and started the auction with a vendor bid of $550,000 to encourage the hesitant first-time bidders.
Comfortable with this starting price, Mr Talebi increased the bid to $600,000.
“There should be hands everywhere, buyers,” Mr Burgin said. “This is Graceville, 733sq m, $600,000. I know there’s a bit of work to be done but do the work and prosper.”
Median house prices in the affluent southwestern Brisbane suburb of Graceville have risen by 64 per cent since the pandemic began, to $1.32m however over the past 12 months, that price growth has slowed to 1.6 per cent.
Ms Le entered the auction at this point, raising her voice with a quiet “Hey” from the depths of the garage as Mr Burgin sought a bid of $620,000.
“Sorry the sun’s right in my eyes, I can’t see a thing,” Mr Burgin said as he acknowledged the bid.
From here the two bidders moved ahead fluidly in increases of $10,000 or $5000 until at $670,000 the property was announced on the market.
Mr Talebi raised the offer to $675,000 but Ms Le came right back with $680,000 and the house sold under the hammer.
“We still need a quotation from a builder so we have no idea yet,” Ms Le said. “So it’s kind of risky but it’s okay.
Property records show the sale price was $30,000 less than the property’s current land value of $710,000.
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