Ipswich colonial home fetches record price at auction

THE sale of a two-bedroom home in East Ipswich has smashed records for the area.

ithink Property Ipswich auctioned 10 properties at Nourish Cafe in the Top-of-Town. Principal and real estate agent Ben Walker. Picture: David Nielsen

THE sale of a two-bedroom home in East Ipswich has smashed records for the area.

A colonial home on Kendall St, put on the market for the first time in decades, sold for $390,000.

In the lead up to auction night, real estate agents from iThink Property lead 57 groups of people through the house over a three week period.

The home was one of 10 properties offered for auction on Friday night and 13 bidders battled it out for the Kendall St property, which came in well above reserve.

Owner Anita Ace - who went along to the auction - hasn't lived in Ipswich for 20-years but didn't want to let the unique property go.

"I remember when we first saw it I fell completely in love with the ornate features and the large yard," Anita said.

"The location was good, we could walk anywhere, and it was affordable.

iThink Property Ipswich auctioned 10 properties at Nourish Cafe in the Top-of-Town. Picture: David Nielsen

"I thought the auction would be emotional but it was OK. We didn't have to sell but the price came back in a bracket we were happy with so we decided to let it go."

iThink real estate agent Trent Quinn said it was a rare buy in a quiet street with a low turnover of property.

RECORD BREAKER: A colonial home on Kendall St sold for $390,000 at auction on Friday.

"It's a tightly held precinct," Mr Quinn said.

"For example the last transaction in that street was two years ago and before that was more than three years ago; that was a sale within the family too.

Trent Quinn, iThink Property real estate agent

"We had offers in the lead up to auction night and they varied from about $300,000 to $330,000 but you get those people in a room and all of a sudden....

"It goes to show when you're in a buoyant market place, then auction is the best method of sale because it allows you to get a premium price."

Mr Quinn said while Ipswich wasn't quite a sellers' market yet, taking properties to auction where the environment was competitive, would give sellers the best outcome.

"To be considered a sellers' market the number of days on market needs to dip below 25 and we're not quite there yet," Mr Quinn said.

"But gee we're on the cusp of it."

According the latest REIQ Quarterly report, Ipswich homes take an average of 43 days on the market to sell, however, that dropped 4.7% in three months.   

iThink Property will hold their next large-scale auction in Toowoomba on April 12, followed by one in Ipswich on May 10.

Originally published as Ipswich colonial home fetches record price at auction