Auction blog: Home sells for seven times what owner paid

The hot pre-Easter weekend auction action kicked off with a cottage selling for seven times what its owner paid, one of more than dozens of homes set to change hands today as strong demand continues across South East Queensland.

Dozens of properties across Greater Brisbane are going under the hammer today with seven of them being live-streamed to put you right in the thick of the action. There are some notable entry-level homes and developer and investor stock up for grabs. 

You can follow some of the hottest auction action here with an entry-level house at 17 Pansy St, Wynnum, kicking off the purchases at 8.30am.

Location, location, location... a two bedroom cottage several blocks from the water in Wynnum drew strong interest.

A two bedroom character cottage on a 405sq m block in Brisbane's bayside sold under the hammer Saturday morning for seven times what its owner paid, with the opening bid at four times what she forked out in the 90s.

The home at 17 Pansy St, Wynnum, which drew three registered bidders, was bought by its owner for $95,000 26 years ago.

It was in original condition - right down to the rotary clothes line in the backyard - when agents David Lazarus and Renee Brace of Belle Property Manly listed it for auction.

Built in 1950, according to CoreLogic records, the post-war home is eligible for removal or demolition subject to council approval.

This neatly kept character cottage in Wynnum has the magic of two-street access with a post-war home on it, giving the new owner multiple options for development.

One of the key attractions of the 405sq m block is that it has dual street frontage, giving the new homeowner multiple options for development in an area that has seen massive demand in the past two years.  

Auctioneer Justin Nickerson of Apollo Auctions confirmed the opening bid came in at $450,000 with a strong activity amongst the bidders pushing the price into the $700,000s.

The home finally sold under the hammer for $731,000.

Over 230 homes were listed for auction across Brisbane this week, with the pre-Easter weekend always one of the hottest on the calendar.

Mr Nickerson said committed buyers were out in force trying to secure property in the hot SEQ market.

"The feel at the moment is the quantity of buyers has dipped but the quality hasn't slipped at all."

Originally published as Auction blog: Home sells for seven times what owner paid