Brisbane Minnippi at Cannon Hill to go to auction as rates rise

Homebuyers were lining up to secure a piece of one of Brisbane’s most popular suburbs, as a range of lots went to auction for a record-setting amount.

Homebuyers were lining up to secure a piece of one of Brisbane’s most popular suburbs, as a range of premium Cannon Hill land lots went to auction for a record setting amount, up to $1.6 million each.

Located 11 kilometres from Brisbane’s CBD, Cannon Hill’s 125-homesite Minnippi estate, developed by Urbex in partnership with Brisbane City Council, released the final 15 lots for sale via an online auction on Wednesday June 22, 2022.

Minnippi had four lots sold prior to the auction — run by auctioneer Justin Nickerson from Apollo Auctions — proving the demand to secure premium land in the sought after suburb of Cannon Hill, just 11 km from the Brisbane CBD.

There were 35 registered bidders for the official online auction, and a significant amount of people who tuned into the Minnippi website to watch the auction live for the results.

An additional two lots sold under the hammer at the auction and three lots immediately following the auction at record prices for the catchment; a $1.3 million to $1.6 million sale.

Earlier, Urbex Realty General Manager Craig Covacich said the lots were rare opportunities for homebuyers to secure a ‘slice of luxury’ close to the CBD in the midst of a surging Brisbane housing market.

Cannon Hill’s 125-homesite Minnippi estate will sell its remaining lots this week. Picture: Contributed

“The city’s median housing values climbed a further 1.7 per cent in April, taking the three-month growth rate to 5.7 per cent which is the fastest quarterly growth rate in housing values among the capital cities,” Mr Covacich said.

“Adding to this, in the past 12 months property values increased in almost every part of Brisbane, with a median house value uplift of 29.7 per cent over the past 12 months.

“These figures alone show the enormous growth rate of Brisbane’s market which is increasingly become one of the most intense markets in Australia.”

Locally in Cannon Hill, median home values have increased 37.6 per cent over the past 12 months, but the suburb remains an affordable option within the inner eastern catchment of Brisbane’s CBD which has seen it become a highly-sought-after place for many locals and interstate buyers.

“Minnippi really provides an incredible and rare opportunity for these buyers to purchase premium land in this stellar locale and provides much-needed supply in this increasingly popular area,” Mr Covacich said.

Minnippi is 11km from Brisbane’s CBD. Picture: Contributed

Minnippi is neighboured by more than 90ha of open space and parkland and will be joined by a golf course and an environmental habitat as work continues.

“We’re experiencing high demand for these superior home sites with three of the 15 lots sold prior to auction.”

The auctions will follow another estate sale in Logan from over the weekend.

Four Greenbank lots went to auction for AVID Property group in the Covella estate and two were sold.

AVID General Manager Queensland Bruce Harper said they were delighted with the turnout and the keen interest that resulted in the prices being received.

“It shows that there is a strong demand for larger lots and that AVID’s decision to provide larger housing choices to our customers was the correct one,” Mr Harper said.

“The two unsold are expected to be snapped up quickly when they are released to the broader buying public through a direct sale process.”

Of the four lots available, the two largest lots 2600 sqm and 2400 sqm sold for $660,000 and $640,000 respectively, setting record prices for the project.

Of the 60 people in attendance, around seven registered buyers contested at auction.

Australian Bureau of Statistics (ABS) data shows 43.6 per cent of Australian homeowners are dissatisfied with their homes because they are too small, with only five per cent of households stating their homes are too large.

Recent data from the ABS shows the average size of a new block of land shrank across the nation with Brisbane experiencing the biggest reduction of around 20 per cent.