Mini-mansion sale smashes suburb record as buyers break budget

A rare five-bedroom, two-study mini-mansion in Underwood has smashed the suburb’s house price record – selling for $2.4 million in a blockbuster auction that capped Brisbane’s pre-Christmas market.

Despite setting a $1.8 million “max budget” and only seeing the home for the first time two days before the auction, the buyers – a family from Logan – outmuscled nine other bidders to claim the keys to 8 Glenview Court, paying $100,000 over the reserve.

The sale marks a turning point for Underwood, a suburb where the median house price sits at just $894,000, according to Domain’s latest House Price Report. Before Saturday, the suburb’s highest sale was $2.35 million, achieved just months earlier, with only four homes ever cracking the $2 million mark.

Ray White Rochedale agent Syed Ali said the result sent shockwaves through the community.

“This is a pivotal moment for Underwood. After the auction I had about five vendors come to ask me if I would come and see them next week for a valuation,” he said.

In a bid to draw a crowd and fuel street-party vibes, Ali organised food stalls and even a pianist for the Saturday spectacle. And while rain forced the crowd of more than 50 to pack into the home’s expansive interior, he said the atmosphere was electric.

The sale smashed Underwood’s house price record when it sold for $2.4 million at auction.Credit: Ray White Rochedale

Bidding opened at $1.5 million and shot up in quick $100,000 and $50,000 increments, with the bidders going head-to-head until the $2 million mark. From there, Ali said bidding slowed with three determined buyers duelling it out past the $2.3 million reserve. The Logan family sealed the deal with a final $50,000 bid.

The underbidder was a young man who had just arrived in the country, while the third-highest bidder was from interstate.

Ali said while the Logan family had set a hard $1.8 million limit, the home ticked so many boxes that they decided to offload a commercial property to make the purchase possible.

“This was actually the first property they looked at. And the wife only saw the home for the first time on the morning of the auction. But she just loved it. And their son loved the pool,” he said.

The young couple who offloaded the home had built it from scratch just a couple of years before. Ali said financial strain motivated the sale.

The home was one of 157 scheduled auctions in Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 31.1 per cent from 106 reported results, while 23 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Over in Manly, an architectural masterpiece with sea views at 140 Kingsley Terrace set a record, with a local buyer splashing $2.7 million to end an almost three-year house hunt.

Designed by Brisbane architect Anton Dovey and completed two years ago, the four-bedroom home blends coastal and Mediterranean vibes with its curved walls, raked ceilings, plunge pool and landscaped gardens.

Selling agent Gaby McEwan, of McGrath, described the auction as a remarkable result for a remarkable home. “There are only 1000 houses in the whole of Manly so when you’re buying here, you’re fishing in a very small pond,” she said.

“And the terraces are a fantastic location. You can pretty much throw away your car keys when you get here … the gentleman who bought it has been coming to Manly for water sports on the weekends and he was determined to buy here. He’s been looking on and off for the past three years.”

The buyer was the sole bidder, with the auction opening at $2.4 million before negotiations brought the price on par with the reserve.

McEwan said the sale capped a stellar year for Wynnum and Manly, where house prices skyrocketed. Domain’s September House Price Report revealed Wynnum prices soared by 22.1 per cent over the past year to $1.19 million, while Manly recorded a 42 per cent price hike to $1,597,500.

“Wynnum in particular has come into its own. It’s one of the hottest suburbs in Brisbane and I personally think it’s grossly undervalued,” McEwan said.

“I can’t see the fascination with New Farm or Bulimba. We don’t have a dirty river, and we have a supportive community and a relaxed and genuinely amazing lifestyle here.”

The buyers of a chic unit in New Farm on Saturday might disagree. The couple – who divide their time between the Sunshine Coast and Brisbane – splashed $1.44 million on the two-bedroom two-bathroom apartment at 51/166 Sydney Street to use as a city base.

Selling agent Aaron Woolard, of Place Estate Agents, said four bidders competed. The auction opened at $1.2 million and surged in $50,000 increments before pausing – just past the reserve – at $1.43 million.

Two final parties then battled it out, with the winners edging out a downsizing couple from the northside.

“It was a pretty unique property on the top floor and with city views and lift access while being two seconds away from New Farm Park and the river,” Woolard said.

The vendors, who purchased the unit off the plan nine years ago, recently decided to relocate to the Gold Coast.

“[The vendor] retired on Friday after 39 years of teaching, so they were over the moon with the result.”

Ray White head of research Vanessa Rader said Brisbane’s market ended the year on a strong note despite the soft clearance rates.

“There’s still underlying demand for property in south-east Queensland,” Rader said.

“Usually when it gets this close to Christmas things quieten down … but there are still some auctions scheduled for next weekend, which doesn’t historically happen.

“I think we will probably see another good year next year.”

Start the day with a summary of the day’s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.