A mega auction event in Brisbane has wrapped up with six homes selling under the hammer for a grand total of $15.518m. Follow all today's auction action in our live blog.
More than 80 homes across Greater Brisbane are heading to auction today including at least eight that were postponed from last weekend due to ongoing issues with flooding and poor road conditions.
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We'll bring up-to-date auction results throughout Saturday so you can keep an eye on the Brisbane property market.
You can also watch auctions as they happen through our exclusive Livestream featuring Brisbane's top auctioneers. CLICK HERE TO WATCH.
Thanks for your company today as we continue to track the impact of recent floods on the property market. We started the day with a massive auction event in the inner city and then went out to the flood-impacted suburbs of Rocklea and Fairfield. Auction times are extending but there is still a lack of stock on the market and that is seeing active bidding at most auctions. Enjoy the read and we'll be with you again next weekend.
This three-bedroom house has been an investment for the seller and is currently leased until April 4. It sold over its reserve price.
The selling agent for this home at 14 Fernwell St, Tingalpa had to postpone last weekend's auction not because of the floods or impending storms, but because she and her partner were hit with a bad bout of Covid.
"I was a little devastated to have to reschedule but with so many properties selling prior to auction at the moment, the auctioneer was able to squeeze me in," REMAX Results Morningside agent Melissa Brown said.
Seven registered bidders took the four-bedroom house to auction today and it sold for $1.129m which was $80,000 above its reserve price.
Two weeks ago, 18 Cottenham St, Fairfield was an island, surrounded by floodwaters as Fairfield struggled to stay above water for the second time in 11 years.
"The weekend of the floods, we had no power to the property so we had an open home last weekend instead of the auction, and moved the auction to this weekend," LJ Hooker Annerley selling agent Jane Elvin said.
Four bidders took this five-bedroom, three-bathroom house on a 426sq m block to auction today with the property selling to a buyer from Greenslopes for $1.45m.
"I lost my business in the 2011 floods and jumped into real estate on the back of that and the Global Financial Crisis and the floods are very different this time around," Ms Elvin said.
"They've come off the back of a boom which is great. Our flooded and unflooded areas were on par in terms of property prices so we've been hit at a strong time for the market.
"I can't see those flooded properties dropping away nearly as much as they did in 2011. We have a housing shortage, we have good infrastructure, schools, public transport, we tick a lot of boxes. Locals are fiercely loyal to this suburb."
After the 2011 floods, Ms Elvin said banks insisted on a 50 per cent deposit for people taking out mortgages on flood-affected properties and that wasn't happening this time around.
"We had a contract crash in Rocklea in these floods and that house went under contract again two days later (for 10 per cent less), but the buyer took it as-is. In 2011, that wasn't happening."
She said an emerging trend is for flood-affected homeowners to buy a second house rather than rent as they wait for repairs on their property.
"Some of our flooded families are among our strongest buyers in the market at present," she said. " They are buying a house, and will repair their flood-damaged home to sell as an investment."
This auction is one that was postponed from last weekend with selling agents making the call to move the auction to today amid uncertainty around the weather at the end of last week. Five registered bidders took the five-bedroom, two-storey house to auction with bidding kicking off at $1.5m and two buyers actively bidding. The auction finished with a vendor bid of $1.9m and Damon Churchill of Churchill Real Estate has meetings lined up this afternoon to continue negotiating with interested buyers around this price.
Halfway between an apartment and a house, this three-bedroom townhouse is less than 10 years old and great buying in Annerley. It is much cheaper than a freestanding house, where the median price is now above $1m but with 187sq m of living space it has just as much room, and includes all the appointments needed for a three-level entertainer, including two bathrooms, a powder room, a large alfresco and a courtyard. The property is in a complex of two and has body corporate fees of approximately $1105 a quarter.
It's going to be a while before the Kedron Brook bike path is repaired enough to gain access to Nudgee Beach from the northern suburb but that won't be a worry for the new owner of this modern low set home with the dog-friendly beachside destination on its doorstep. Three bidders took the four-bedroom house on 600sq m to auction where it sold for $978,000. Nudgee's median house price is $811,250.
There's a large granny flat at the back of this single-level, three-bedroom house on a 607sq m block that last sold in 2004 for $250,000. While there was only one bidder on the property today, it did sell under the hammer for $933,500. The current median house price in Stafford Heights is $900,000, realestate.com.au data shows.
Ray White's March auction event has wrapped up with six homes selling under the hammer for a grand total of $15.518m.
A further two houses sold in the 24 hours before auction day for a combined $2.7m, while two houses passed in.
This was an 80 per cent clearance rate for the event at the Calile Hotel in Fortitude Valley, with an average of 3 bidders per auction.
Sales ranged from $420,000 for an apartment in inner-city Bowen Hills that had one bidder registered to $6.2m for a tennis court estate in Hamilton with six bidders.
Read all the auction results in the blog post below.
We're starting the day in the city with 10 homes going to auction at the Calile Hotel in Fortitude Valley through Ray White New Farm, Spring Hill, Bulimba and East Brisbane. There's seating for 90 in here this morning but the first four rows are creating a buffer between auctioneer Haesley Cush and the bidders with crowd numbers down a little on last month. We will update this blog post with all the results as they come in.
Lot 1: 48 Markwell St, Hamilton
Bidding starts at $4.5m for this tennis court estate on Hamilton Hill with six bidders involved. The auction goes up in $250,000 increases before slowing to jumps of $100,000. The auction stalls at $5.6m with Ray White auctioneer Haesley Cush pausing the auction to negotiate.
Update: The bid has increased bid to $6.2m and the home is on the market. No further bids are received and the house sells for $6.2m.
Lot 2: 32 Wisteria Cres, Mount Gravatt East 4 Bed / 2 Bath / 2 Car
A bid of $900,000 kicks off this home's auction with children in the room learning that adults also can count. At $1.5m three bidders take turns adding an extra $1000 to the price counting up from $1.5m to $1.511m before a man with a toddler on his lap breaks the counting rhythm with a bid of $1.515. At $1.526m the auction is paused for negotiations.
Update: An increased bid to $1.528m sees the house called on the market for sale and it sells for that price.
Lot 4 – 71 Lizzie St, Bardon – 5 Bed / 5 Bath / 2 Car
Buyers with budgets of between $3m and $4m are sitting in the room and on the phone for this auction. At $3.4m Ray White auctioneer Haesley pauses this auction to negotiate.
Update: With no further increase from $3.4m the house is passed in.
Lot 3 – 401/31 Longland St, Newstead 2 Bed / 2 Bath / 1 Car
Sells for $620,000.
Lot 6 – 100 Tinarra Cres, Kenmore Hills 4 Bed / 2 Bath / 2 Car
Bidding starts at $2.5m for this grand western suburbs home designed by Cottee Parker Architects. At $3.1m the auction pauses for instruction.
Update: An increased offer of $3.25m sees this property sell.
Lot 5 – 202/8 Jeays St, Bowen Hills, 2 Bed / 2 Bath / 1 Car
First-home buyer Max Boughey is the only bidder on this inner-city apartment and he buys it for $420,000.
Lot 10 – 17/83 O'Connell St, Kangaroo Point 3 Bed / 2 Bath / 2 Car
Passed in at $680,000 with no bidding from the floor.
Lot 11 – 2412/32 Refinery Pde, New Farm 4 Bed / 3 Bath / 2 Car
A penthouse in the heritage-listed CSR Sugar Refinery is the last on the Ray White auction list. Bidding starts at $3m and goes up in $100,000 increases. A phone bid of $3.45m takes the auction closer to the $3.5m where Ray White auctioneer Haesley Cush says the auction should have started. But there is still work to do and the auction pauses at $3.45m while the Singapore-based seller is contacted.
Update: An increased bid to $3.5m has been received and the apartment sells unchallenged for that price.
Sold in the 24 hours before auction:
House 10, 20 Mt Nebo Rd, The Gap 4 Bed / 2 Bath / 2 Car – Sold for $1.2m
5112/66 Lamington St, New Farm 3 Bed / 2 Bath / 2 Car – Sold for $1.5m
Withdrawn from sale:
120 Adelaide St East, Clayfield 5 Bed / 3 Bath / 2 Car
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