Couple outbids downsizers to set benchmark for north-west suburb

Armed with determination and a house full of scribbled affirmations, a young couple set a record for Upper Kedron with a three-bedroom home on Saturday, paying $1.301 million in an emotional auction showdown.

Upgrading from their first home in Keperra, the couple outbid eight other punters, most of them downsizers, as Brisbane’s auction scene roared back to life after the summer lull.

Bidding for 54 Tooloom Circuit opened at $900,000, with rapid $10,000 increments driving the price up before the pace slowed to tense $1000 bids in the final stretch.

The Upper Kedron home sold for $1.301 million at auction.Credit: Domain

“All nine were having a crack up until that point,” said selling agent Lee Warren of Ray White Ashgrove.

“It just didn’t stop. An investor bidding over the phone pulled out at the $1.2 million mark, leaving a downsizing couple and the young couple.

“They were so emotional. They were over the moon and crying when they got it. They had written [affirmations] on mirrors all over their house [ahead of the auction].”

House prices in Upper Kedron have grown by 20 per cent over the past year, with the median now at $1.2 million, according to Domain.

While affordability remains a concern across Brisbane, Warren said Upper Kedron’s popularity had soared thanks to its proximity to blue-chip neighbours.

“What’s driven that growth is people from other more established suburbs like Ashgrove, Bardon, and even The Gap buying here.

“There, the same house [as Tooloom Circuit] would cost you $1.8 million or even $2 million.”

The home was one of 177 scheduled auctions in Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 36 per cent from 110 reported results, while 10 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Brisbane’s clearance rate remains soft but consistent, reflecting a market still adjusting after a period of rapid growth, according to AMP Capital chief economist Shane Oliver.

“Brisbane’s market had a strong run over the past 18 months, but we’ve seen a slowdown,” Oliver said.

“The city tends to lag about six months behind Sydney, which itself is behind Melbourne – where the market is only just starting to bounce back.”

Affordability remains the key challenge in Brisbane, with the city’s median house price surpassing the million-dollar median mark in December last year.

“That affordability crunch is having an impact, especially after the double-digit gains we’ve seen,” Oliver said, adding that an RBA rate cut this month or in April could reignite buyer confidence.

Belmont’s acreage pockets are defying the trend, with a five-acre property collecting $3.9 million under the hammer in the highest-recorded auction sale across Brisbane over the weekend.

Featuring a run-down three-bedroom home on a whopping 2.02-hectare block, the property – at 104 Boston Road – attracted four bidders who doled out more than 25 bids over a drawn-out auction. Kicking off at $2.7 million, bids surged in increments of $50,000 and up to $200,000, before narrowing to $10,000 jumps.

The home was called on the market at $3.8 million, which was close to the reserve.

The winning bid came from a family living in New Zealand, with a relative bidding on their behalf, outmuscling a Brisbane-based family in the final stages.

“We exceeded our expectations by hundreds of thousands,” said selling agent Richard Myers of Place Wynnum Manly.

“The pre-auction offers were significantly below what we achieved on the day. It’s a real case study in how competitive bidding can uncover the true value of a property.”

Myers said the property’s appeal lay in its rare five-acre size – nearly double that of most acreage blocks in Belmont – along with its location close to the CBD.

“Belmont is outperforming other acreage suburbs,” he said.

“It’s just five minutes from Westfield Carindale and 10 minutes from the city, which is driving demand beyond what we’re seeing in comparable areas.”

Meanwhile, a rare six-bedroom home on a sprawling 622-square-metre block in Paddington sold just over reserve on Saturday, securing Brisbane’s second-highest auction result of the weekend at $3.28 million.

The property at 51 Stevenson Street drew four registered bidders, with two going head-to-head in a fierce duel. Bidding kicked off at $2.8 million, starting slow with erratic increments before quickening in a tense back-and-forth, with 22 bids clocked before it went under the hammer.

“It’s pretty rare to see a home like this come up in Paddington,” said co-selling agent Marianne Hewitt of Place West.

“A large family home on a relatively flat block with so much potential – that’s what made it so appealing.”

The keys went to a young family with a small child, recently returned from overseas, who loved the family-friendly layout and potential. They edged out the underbidder who was a local living nearby.

According to Domain, Paddington’s median house price is now $2 million following a 15.6 per cent hike over the past year.

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