Frantic bidding war “like television” in the first day of February auctions

One of February’s first auctions saw nearly a dozen bidders scramble for their chance at this 1950s suburban home.

One of Brisbane’s first February auctions saw nearly a dozen bidders scramble for a renovated 1950s home — only for the winner to plan on knocking it down.

The four-bedroom, one-bathroom home at 44 Kapunda St, Toowong, had eleven registered bidders on the Saturday morning. Agent Vern Gilbert of Plum Property Brisbane West described the scene as an intense bidding war between downsizers and others looking to rebuild on the land.

“This one was like television,” he said. “You had a very big, diverse range of buyers.”

44 Kapunda St, Toowong

A crowd of 50 attented the auction, packing around the house as bidding began.

The first offer was a flat $1 million, quickly rising by $700,000 over close to 20 bids.

Seven active bidders each staked their claim on the home, with offers jumping by hundreds of thousands of dollars at a time.

“Very spirited,” Mr Gilbert said. “No vendor bids had to be called; it was just flat-out, full-on.”

Only after a bid of $1.62 million did bidding start to slow, with offers increasing by increments of $5,000.

Slowly, two remaining bidders competed back and forth for the home, until a final offer of $1, 752,500 sealed the deal.

The home sold under the hammer, for nearly $200,000 more than the suburb median of $1,575,000.

11 registered bidders fought for the home, with some looking to downsize into it and some looking to knock it down.

The house had been recently renovated, and sold for above the suburb median.

Mr Gilbert said the vendors were a young couple who wanted to upsize in the area, and ended up “very happy” with the sale.

The 1950s home had been recently renovated, while still retaining classical features such as its French doors and casement windows.

“It was really good for the parents with little children,” Mr Gilbert said.

Its new owners plan to replace the building with a new multistorey home, to take advantage of the view.

However, the new owners — a family of four, with two boys — are looking to rebuild on the property, to make a home that highlights the nearby view of Mount Coot-Tha.

“It’s just going to be big,” Mr Gilbert said. “They’re going to retain [parts] around the back, and they’re going to put a pool in.”

The home is planned to be multistorey, to take full advantage of the surrounding view.

The rebuild will take place while the new owners’ children attend a secondary school in Toowong.

Originally published as Frantic bidding war “like television” in the first day of February auctions