Bidders show up late, win auction for Red Hill Queenslander in seconds

A late-arriving couple who slipped into a Red Hill auction seconds before the gavel fell snapped up a rare three-bedroom cottage for $1,755,000.

The elevated two-bathroom Queenslander, at 18 Primrose Terrace, sits on a 529-square-metre block and features two levels and a spacious deck in one of the suburb’s most tightly held pockets.

Bidding for the home on Saturday opened at $1.65 million, with two parties parrying before pausing at $1.72 million — a $1000 rise at a time — when the third buyer arrived.

“They just turned up and walked through and said they’d like to purchase it,” said selling agent Russell Peter, of Pure Real Estate.

“It was a buyers’ agent bidding on behalf of the underbidder, and the owner was about to sign off at $1.72 million.”

Peter said the late bidders were buying the home for the mother to live close to a school 100 metres away.

“It’s rare that someone turns up when the bidding’s done and dusted and about to bang the hammer — it’s not the craziest thing I’ve seen, but it’s up there,” he said.

18 Primrose Terrace, Red Hill, in Brisbane.Credit: Pure Real Estate

“These homes don’t come up often — we took it to auction because we just couldn’t find similar comparisons.”

The vendors, interstate investors, had owned the home for nine years, having paid close to $900,000.

“At the first open home for this one we had 21 groups … and then we had about 35 groups today, which is strong,” Peter said.

“We were expecting what we got. Internally, within Brisbane, the market is still strong; you can’t find a rental, and prices are still going up. It’s quite a buoyant market.”

The vendors had owned 18 Primrose Terrace, Red Hill, for nine years, having paid close to $900,000.Credit: Pure Real Estate

According to data from Domain’s latest House Price Report, median house prices in Red Hill are now $1,612,500 following a 9.3 per cent annual hike and 86.6 per cent growth over the past five years.

The striking Queenslander was one of 95 scheduled auctions in Brisbane in the past week.

By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 43 per cent from 51 reported results, while four auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Despite the sluggish clearance, Ray White chief economist Nerida Conisbee agreed Brisbane’s market was strengthening, with their pricing data revealing a re-acceleration.

The Red Hill house sold to bidders who turned up minutes before the auction ended.Credit: Pure Real Estate

“We saw a significant slowdown at the start of the year, but it was a strong auction weekend despite the election, and I think that’s because people are pushing through and are just out and about,” she said.

“I think a lot of it also has to do with interest rates — there’s an expectation of two cuts in May, and there’s a lot more positivity around that.

“There’s also going to be more stability with the election over, and a lot of things are making property feel like a safer asset again.”

18 Mildura Street, Stretton, Brisbane.Credit: Ray White Calamvale

Over in Stretton — one of the city’s most tightly held markets — a six-bedroom, five-bathroom home on a 4047-square-metre block fetched $3.7 million under the hammer, making it one of just two acreage homes to transact there over the past two years.

Selling agent Eric Lu, of Ray White, said two bidders battled in a short auction with just three bids lobbed until the home – 18 Mildura Street – sold under the hammer.

“Bidding kicked off at $3 million, then the second bid jumped to $3.5 million, and the third took it to $3.7 million,” Lu said.

“The buyer is an investor from South Australia who bought it as a land-banking investment — they didn’t want to muck around, and they know the value here.

“The sellers are a family who lived here for 20 years, and the only reason they’re selling is to downsize — most people live here 20 or 30 years.

“There were a lot of people at the house, about 100 watching — most of them neighbours wanting to see the result.

“This is the first transaction for an acreage home this year.”

In Annerley, a three-bedroom, one-bathroom home on a 425-square-metre block fetched $1.31 million after a buyer from Mount Ommaney outmuscled two other bidders.

The home, at 10 Torrens Street, sits a stone’s throw to Princess Alexandra Hospital and in the Brisbane South State Secondary College catchment, while featuring hardwood floors and period details. The vendors are investors who have owned the home for seven years.

Selling agent Mark Diamond, of Atlas by LJ Hooker, said an active $1 million opening bid kicked off the auction, followed by bids to $1.1 million and then $1.27 million where it paused.

“It was at that point that the third bidder and ultimate buyer stepped in to negotiate the price to $1.31 million,” Diamond said.

“That’s our second recent auction in Annerley, and we’re finding it’s been quite strong for buyer activity — there’s just a lack of renovated, good-quality homes.”