Slice of Annerley history goes for $1.8 million at auction

A slice of Annerley history has sold under the hammer for $1.8 million after three determined bidders fought “tooth and nail” for one of the suburb’s last original Queenslanders.

Sitting on an 810-square-metre block at 48 Junction Road, the 105-year-old home – “not even legal height downstairs” – has been barely touched in 20 years but still fetched more than its $1.75 million reserve while sailing hundreds of thousands past Annerley’s median house price.

Seven registered bidders fronted up, but the contest boiled down to a local investor and an owner-occupier from central Queensland, with bidding starting at $1.4 million and climbing in $50,000 strides.

Selling agent Matt Slater, of Atlas by LJ Hooker, said the feverish result reflected Annerley’s surging popularity and the shrinking supply of original Queenslanders on large blocks.

“We had over 100 attendees through the house throughout the campaign and the online hits were over 70,000,” he said.

The 105-year-old Junction Road home has been barely touched in 20 years.Credit: Atlas by LJ Hooker

“The market has only gone up here. Annerley is one of those suburbs that’s just so close to everything great and homes like these are very rare. Most of the old homes have been bought and renovated.”

According to Domain’s latest House Price Report, house medians rose 11 per cent to $1.305 million over the past year.

The sleepout of the house at 48 Junction Road in Annerley.Credit: Atlas by LJ Hooker

The Junction Road house was one of 46 auctions scheduled in Brisbane on Saturday, a quiet long weekend.

Meanwhile, in Wynnum West, a $1.555 million sale unfolded with a twist between fitness mates.

The four-bedroom home, at 20 Ingleston Street, sold for just below the reserve after a tight two-bidder tussle, with the buyer turning out to be a workout buddy of both the vendor and the agent.

Selling agent Scott Kelleher, of Harcourts Property Centre, said the coincidence made for one of his most memorable auctions yet.

“I go to a local gym and so does the seller and the buyer. Even the local [bank] manager goes there and she’s doing finance for both,” he said.

“Something like this has never happened to me before. But I’ve known them all for about three years and it was such a special auction to be involved in.”

Bidding kicked off at $1.4 million and rose in a flurry of largely $25,000 increments before the buyers, a local couple originally from Britain, clinched the keys. The underbidder was an owner-occupier from NSW.

“The whole way through the buyers showed the most interest … their tactic was to be at the front edge but they went to their max to get it,” he said.

“They loved that this house has had everything done to it. It’s got a 10kW solar system and a heated inground pool, too.

“The vendors built it in 2018 and it was their dream home. But they come from Carina and have decided to move back there.”

Kelleher said the bayside market remained strong for the right properties, although competition had thinned.

Over in Robertson, a four-bedroom townhouse at 21/38 Barrett Street sold for $860,000 after 13 registered bidders, of which six were active, showed interest.

Bidding opened at $700,000 and rose in quick $10,000 and $5000 jumps until the $830,000 mark, with a final $1000 bid sealing the deal.

Selling agent John Heng, of Ray White Robertson, said the result underlined just how much the suburb’s market had shifted, particularly after median house prices cracked the $2 million milestone.

“No townhouse in this street has ever sold for more than $750,000,” he said.

“And two years ago, this particular home would have sold for about $600,000. But when house medians here got over $2 million, townhouses just went ballistic.

“The townhouse market is fairly small and just a handful sell every year. In this particular complex there are 26 of them – the last one that came up for sale was in 2016. It was this exact townhouse and I sold it to them for $460,000, which back then was above reserve.”

Robertson has collected some of south-east Queensland’s strongest house price growth over the past five years, with Domain data from late last year showing medians soared over 108 per cent in half a decade.

AMP chief economist Shane Oliver said Brisbane’s market remained slightly hamstrung by affordability and economic concerns, but said conditions would probably improve in spring.

“With Brisbane house prices jumping above Melbourne, it’s made the city less attractive for interstate migrants,” he said.

“The good news is that interest rates are on the way down but they are still high and in the meantime we have shifted from one source of uncertainty in those interest rates to worrying about the economy, given Donald Trump’s trade wars.

“We’ll see modest gains at best over the coming months.”