Rare as hen’s teeth: House on Brisbane’s only private lake smashes reserve by $300k

A Brisbane buyer has shelled out $2.325 million for a rare waterfront home on the city’s only private lake after setting eyes on it for the first time hours before the auction.

The five-bedroom property, nestled on a 1446 square metre block at 52 Baikal Place, Westlake, features a tennis court and a pool, while being one of just 88 homes that boast exclusive access to the suburb’s lake.

Four bidders, including an interstate and overseas punter, battled for keys – pushing the sale price more than $300,000 past the reserve.

Bidding opened at $1.8 million with all four bidders duelling it out in $50,000 leaps until it hit $2.2 million. The final stretch saw bids slow to $25,000 and $10,000 before two hopefuls fought in just $500 increments.

Selling agent Jason Yang, of NGU Real Estate, said homes of that size and in that location were as rare as hen’s teeth.

“The last home of this calibre to sell here was more than a year ago. Westlake has Brisbane’s only private lake – to access it you have to own a home there,” he said.

“And of those homes, there are only five or six that have a tennis court.

“The fact that we had four bidders on a $2 million-plus property speaks volumes about the demand here. Normally, you’d get just one.”

The property last changed hands in 2016 for $1.22 million.

Yang said Brisbane’s Centenary suburbs had some of the city’s lowest turnover rates, with a nearby home at 39 Westlake Drive in Mount Ommaney also selling on Saturday for the first time in 25 years.

The five-bedroom, three-bathroom home, on a 1185 square metre block, fetched $1.747 million after eight registered bidders battled it out. The reserve was set at $1.7 million, with a local downsizing couple outbidding an interstate punter.

“The home was in a fairly original condition, but we had 90 groups through during the campaign and that’s partly because Mount Ommaney doesn’t get many listings,” Yang said.

The home was one of 183 scheduled auctions in Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 33 per cent from 112 reported results, while 22 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance.

Despite the soft clearance rates, four registered bidders went head-to-head for a sprawling family home in Sunnybank Hills, which sold under the hammer for $1.456 million on Saturday.

The four-bedroom, two-bathroom home sits on a 994 square metre block at 6 Ashwood Court, and had a reserve of $1.45 million.

Selling agent Kathy Lu, of LJ Hooker, said bidding opened at $1.1 million and rose quickly to $1.4 million before stalling.

She said a local buyer nabbed the keys after falling in love with the property’s top location, block size and beautifully kept home, which had remained in the same family since 2007.

“The Brisbane market is still very strong and I think we will stay this way in the new year … but we have seen a shift in buyer behaviour with more stock on the market,” Lu said.

In Grange, an old cottage at 70 Evelyn Street that underwent a meticulous six-year renovation to become a five-bedroom family home sold for $3 million under the hammer.

Selling agent Brooke Copping of Ray White said the stunning home, on a 422 square metre block in one of the suburb’s best streets, attracted 12 registered bidders, four of whom vied for the keys.

Bidding started at $2.625 million before moving quickly to $2.8 million and then slowing until a family, returning to Brisbane after a stint in Sydney, outmuscled another interstate buyer.

Copping said the sellers were ecstatic, adding the quality of the build and the home’s location next to parks and amenities fuelled a strong result.

“While there is certainly a lot more stock on the market at the moment, properties that are a new build or have been renovated are in high demand and fetching really good prices,” she said.

“The owners were unsure about whether to go to auction, but in the end, this massively exceeded their expectations.”

She said the vendors had bought the home several years ago when it was a block with just a small shack. They spent about six years turning the property into a designer home featuring an outdoor area and a pool.

LJ Hooker chief economist Matthew Tiller said across Brisbane properties were still experiencing strong demand, but a shift in stock levels was slowing price growth.

“We have seen a good lift in listings this spring and that has helped taper that very strong price growth seen across the city,” he said.

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