Run-down house sells for thousands over its expected price
A home in need of serious renovations still sold for thousands over the suburb median price, with housing growing more and more expensive in the cost of living crisis. SEE LIVE AUCTIONS
Nicholas Finch
less than 2 min read
July 13, 2024 - 11:33AM
National News Network
33 Lynngold Street, Woodridge
A home in need of serious renovations still sold for thousands over the suburb median price, with housing growing more and more expensive in the cost of living crisis.
13 registered bidders arrived at 33 Lynngold St, Woodridge, to bid on the property just a street away from Compton Rd.
The two-bedroom, one-bathroom house saw 5 active bidders competing for the best price on the small location, soon whittled down to two going head-to-head on the final price.
With $480,000 as the starting bid, the price quickly rose before stagnating above $600,000. The final bids were increasing by increments of $1,000, the winner gaining the property for $620,000.
SEE THE LIVE COVERAGE AND BLOG BELOW
Our auction livestream will run throughout the day, and our live blog will capture auction results from across Greater Brisbane.
With a land size of $612m², the property has room for a granny flat to be installed at the end of the backyard.
But the property has several handicaps. The granny flat would require soundproofing to combat noise restrictions, the house itself has a fall from the front to the garage, and the house itself is in need of a new kitchen, a new bathroom, and new flooring.
Even still, the property sold for $50,000 more than Woodridge’s median sale price of $567,750.
The property will be undergoing serious renovations when the new owner takes the house.
Harcourts Property Centre agent Rowena Gil said that while she expected a high turnout for the auction, the sale exceeded her expectations.
“It sold for more than what I expected”, she said. “Probably because of the potential that it has, and being so close to Compton Road”.
The new owner plans to conduct a thorough renovation project on the property moving forward.
SEE THIS MORNING’S REPLAYS HERE, & SCROLL FURTHER FOR LIVE BLOG:
While over 60 groups of buyers were interested in 111 Nyleta St, Coopers Plains, only one family was able to meet the sellers half-way – and they did it with one extra dollar.
The four-bedroom, three-bathroom property was a brand new build in a suburb growing in popularity, but 5 potential groups of buyers had certain conditions to meet before they would place their bids on the house.
One family, however, was willing to take the step to bid unconditionally for the sellers, who develop property as a side business.
111 Nyleta St, Coopers Plains
Featuring a new build, the design of the house sports modern amenities and a spacious backyard, while being less than 2km away from Robertson State School and Sunnybank State High School.
Place Estate agent Peter Ou said the now-buyers negotiated privately with the sellers the day of the auction.
“The seller just said ‘Look, the reserve’s $1.5 million. If you can beat it, it’s yours,’” he said.
The buyers responded by offering $1.5 million and a dollar – and the sellers accepted.
“The buyers are very conservative people," Mr Ou said. "They’ve been burnt before. So for them to trust me enough to negotiate with a seller was a very big deal for them.”
“[They're] a very deserving young family who lost out on a few properties, finally finding their dream home.”
Colourful house sparks active bidding war
30 Theale Tce, Ashgrove
18 registered bidders arrived to grab 30 Theale Tce, Ashgrove – and almost all of them were active participants in the following bidding war.
With nearly a hundred people showing up to admire the uniquely-designed three-bedroom, one-bathroom property, demand was high once bidding started at $1 million.
Around thirty bids passed with almost every registered bidder putting up a price, only slowing down to five bidders past $1.85 million.
The bidding ended at $1.86 million, going to a young professional couple excited to live in the area.
30 Theale Tce, Ashgrove
Before it was sold, the home belonged to a former real estate agent for 36 years.
Choosing to downsize and move to Sydney, the property was put up on the market without any changes to its original character: including hallway arches, fretwork and French doors across the house.
Space Property agent Michael Shean said the new owners plan "retain the current appearance of the property", keeping the style of the house intact as they settle into their new suburb.
“It’s just been very well maintained … [and] remains very unique," he said.
More than $20 million sold in blowout auction event
The Ray White Collective Auction Event, July 13. Picture: Nicholas Finch
Eleven properties have been sold at the Ray White Collective auction event for $22 million, in a bidding frenzy that saw 85 active bidders.
With 15 properties up for grabs, the total clearance across the campaign was at 83 per cent, with over a hundred onlookers filing in and out of the auction room as bidding commenced.
The highest-selling property was a three-bedroom, two-bathroom apartment at 5/27 Vernon Terrace, Teneriffe.
After a starting bid of 3 million, a series of short bids quickly escalated the price to its final sale at $3.9 million.
Sitting directly by the Brisbane River, the apartment is at the base of the building and with a private garden and outdoor terrace all for the new owners to enjoy.
57 Virginia Avenue, Hawthorne
The top-sold house is also close by the river: a four-bedroom, three-bathroom home at 57 Virginia Ave, Hawthorne.
13 registered bidders attended, with dozens of bids jumping across the floor throughout the rapid-fire auction.
At a starting bid of $2.5 million, the final bid almost went a million dollars up, landing at $3.445 million.
The two-story house sits on a street corner, complete with a fenced yard and swimming pool for private living near the CBD.
Another two properties were sold before the auction: a five-bedroom, three-bathroom house at 173 Kennedy Terrace, Paddington, and an apartment at 7/21 Vine St, Ascot.
Event auctioneer Haesley Cush said the event represented every part of Brisbane’s housing market, and it marked a promising start for the new financial year. “The start of a financial year is a bit like the start of a calendar year: it gives a good insight as to what’s to come,” he said.
It was also the first time two translators were present for a Ray White auction event, speaking Punjabi, Hindi and Mandarin. Mr Cush said several bidders utilised the service, and the agency plans to have translators present at future events.
“Brisbane has been an international city for a while,” he said, but it’ll only continue to grow.”
High-stakes bidding war won by only $500
47 Leura Avenue, Hawthorne
The most exciting auction at the Ray White Collective event was the back-and-forth bidding frenzy for a three-bedroom, two-bathroom house at 47 Leura Ave, Hawthorne.
The highest bid that day would walk home with the property, and after a starting bid of $1.5 million, the price quickly rose in a back-and-forth between two competitors.
Dozens of bids later, however, the margin for the final offer grew smaller and smaller. Bids increased by $5,000, then $1,000 – and soon, each potential buyer was increasing their bid by just $500.
The winner won by that margin, with the final offer sitting at $2,180,500.
47 Leura Avenue, Hawthorne
The winning buyer wasn't sure they'd even pursue the property, until they found themself sitting down at the event.
"I actually had another property that I was really keen on buying," they said, "but then I saw this one."
Deciding to attend the auction, the winner decided to set two prices: a basic price they were willing to comfortably pay, and a maximum price they would refuse to pass.
They then slowly increased the bid by $500 each time, careful not to get too close to their maximum bid too fast
"I thought I'd just keep cool," they said. "In the end, it paid off, and I'm really happy."
The winner was one of many excited attendees to the auction event that saw tens of millions of dollars sold. Picture: Nicholas Finch
The two-story home has an open-plan layout in the upper level, leading into a balcony that overlooks the garden and kids playground in the backyard.
The winning bidder was excited to explore the opportunities they now have with the house, in a community they're familiar with.
"I know the area, and I have a lot of family in this area," they said.
Queensland leading Australia in weekly auction rise
76 Harris Street, Hawthorne
Queensland has seen the nation’s biggest annual jump in auctions this week at 28 per cent – with over a hundred Brisbane homes up for grabs this Saturday alone.
Proptrack data shows the state has had a total of 286 auctions scheduled this week, a 28 per cent year-on-year improvement.
Greater Brisbane is seeing the most improvement in this category at 156 auctions, representing a 56 per cent year-on-year increase. Meanwhile, regional Queensland has 133 scheduled auctions, increasing from last year by 6 per cent.
The number of auctions is expected to increase to 348 next week, representing a 25 per cent year-on-year increase.
The top suburb for auctions in Queensland this week is Noosa Heads with 8 scheduled auctions, followed by Mooloolaba and Teneriffe at 6.
76 Harris Street, Hawthorne
This week, the most-viewed property in Queensland is a six-bedroom, three-bathroom house at 76 Harris Street Hawthorne.
With almost 150 inspections of the property within two weeks, the auction is expected to have an excess of five registered bidders when bidding starts at midday. The current owners bought the home in 2021, and gave the place a cosmetic overhaul that increased the size of the house and remodelled much of the interior and exterior.
Ray White agent Brandon Wortley said many members of the close-knit community within the picturesque suburb came to check out the changes to the house – including previous owners.
“Both previous sets of owners have come through the door, and they’ve both been blown away with how the 2024 interpretation of the original house has turned out,” he said.
“It’s very much a family home – in one of the most desirable markets in Brisbane.”
