Families sweep high-end auctions by smashing past suburb prices

Several homes on sale for the first time since being built have had auction results more than $1 million beyond their suburb median prices.

Two Greater Brisbane homes on the market for the first time since being built have had sales far greater than the median house prices for their suburb, in Queensland’s biggest auction week this month so far.

The five-bedroom, three bathroom house at 19 Castle Hill St, Holland Park West, had five registered bidders competing for the home on Saturday morning.

The median house price for Holland Park West is $1.225 million, which a decisive bidder soared right by when they placed a starting bid of $1.5 million.

19 Castle Hill St, Holland Park West

Three active bidders competed for the home, moving quickly up to $2.85 million before going in for negotiation.

After 20 minutes, the leading bidder emerged after having raised their offer, the home selling for a total of $3 million.

Vendor Denis Najzar of Place Woolloongabba said the house’s value was partially for its elevated position, offering a modern house with “beautiful urban and city views”.

“The original vendors constructed the property 12 years ago, and immensely enjoyed the location,” he said. “I believe given their feedback, they are extremely happy.”

The house went to a family looking to move into the home as an upsize from their previous property.

Bidders arrived on the rainy morning to compete for the property under shelter, with a view of the city in the distance.

That same morning, a newer build sold at auction: a five-bedroom, three-bedroom house in Fig Tree Pocket that had finished building in 2019.

The property at 3 Norman St had a starting bid of $2 million with five registered bidders, three active in their attempt to take the home for themselves.

With a suburb median house price of $1,852,500, Place Graceville agent Paris Arthur said bidding past that number represented a good bid from a buyer with a strong strategy.

“There was interest starting from just below that mark, but obviously there was a very strong bid in at the start,” he said. “That was probably someone really showing their force in the market there.”

The starting bidder ended up winning the auction, with the home selling for $2.18 million. The new buyers were a family who lived nearby, keen to move closer due to school accessibility.

Mr Arthur said the home’s appeal was partially because the old owners built it knowing it would eventually be sold.

“They built a very good home with the thought in mind that they’re not gonna be there forever,” he said. “[There is] desirability for something that is, for lack of a better word, plug-in and play … there’s no fuss over those ready-made homes.”

3 Norman St, Fig Tree Pocket

On Friday night, another house scheduled to go to auction sold for $3,888,888: a five-bedroom, three-bathroom house at 29 Glencairn Ave, Indooroopilly.

The buyers, a family living in both China and Brisbane, negotiated up to that price from an initial offer of $3.6 million, with 8 being a Chinese lucky number.

These sales come after PropTrack’s latest Property Preview report predicted November’s strongest auction week yet, with 364 scheduled auctions this week.

This represents a 4 per cent rise from auctions this time last year.

Greater Brisbane saw a 2 per cent decrease in auctions from 2023, at 186 this year. However, Regional Queensland’s auction numbers spiked, with an 11 per cent increase to 178 scheduled auctions.

Originally published as Families sweep high-end auctions by smashing past suburb prices