By Sarah Webb
A striking family home in Brisbane’s south that was inundated during the 2022 floods fetched $1.6 million under the hammer on Saturday, making it one of the top sales in the area for a home that copped internal flooding.
The five-bedroom home at 81 Ormadale Road in Yeronga attracted two local bidders, with a couple from Chelmer nabbing the keys.
The five-bedroom home at 81 Ormadale Road in Yeronga sold for $1.6 million.Credit: Ray White Annerley
Bidding opened at $1.4 million and climbed steadily in $50,000 increments before reaching $1.51 million, close to the reserve, where it was declared on the market.
Co-selling agent Alicia Wilson of Ray White said it was a fantastic result that showcased buyer demand in Yeronga, even for homes in the flood zone.
“If this house was 500 metres up the hill it would have sold for even more,” Wilson said.
The home was inundated in the 2022 floods.Credit: Ray White Annerley
She said the home had remained in the same family for 20 years and had been well-maintained and repaired after the floods. The owner was downsizing to a South Brisbane unit.
In Teneriffe, a three-bedroom apartment in the heritage-listed Winchcombe Carson Woolstore sold for $1.655 million on Saturday with two registered bidders battling it out over the phone – from interstate and overseas – for the address, 9/22 Florence Street.
Selling agent Ben Percival of Percival Property Group said the overseas buyer, bidding from New Zealand, won the auction.
“It was very fast, and it opened high at $1.585 million – we didn’t expect that,” he said. “It then went up to $1.6 million and jumped to $1.65 million.
“That was very close to the reserve, and it was a great result. The owners have been there for eight years, and in my opinion, this apartment, in terms of heritage stock, is the best in Brisbane.”
The 136-square-metre apartment features hardwood floors and a large balcony.
Meanwhile, a Noosa Heads holiday home without ocean views sold for $15 million at auction – setting a benchmark for the coveted Little Cove enclave.
The seven-bedroom property at 2/1-7 Bayview Road is now the highest-selling non-waterfront home, sans a Laguna Bay view, and is one of Queensland’s top-10 property sales clocked this year.
The auction drew three registered bidders – two locals and one from out of town – and unfolded over almost an hour in a “strategic and spirited” showdown until the out-of-town buyer clinched the keys.
Designed and built by Sunshine Coast interior designer and developer duo Deborah and Glen Watson, the multi-level home called Lumiere is their fourth project in the region.
In 2017, the pair snapped up two adjoining blocks of “virgin” land for just under $3 million combined, transforming them into a pair of trophy homes over almost four years. Their neighbouring property, Coco Prive, fetched $13.5 million in 2021.
Bidding for Lumiere opened at $10 million, with two of the three bidders duelling it out until just past the $14 million mark.
“At times it was like pulling teeth,” said selling agent Chris Miller of Tom Offermann Real Estate.
“We’d get $50,000 rises and then it would jump up by $400,000.”
The auction paused at $14.35 million for negotiations with the sellers, before resuming and reaching the final figure of $15 million.
“Deborah and Glen are over the moon. For them, this home was such a labour of love,” Miller said.
“Deb was the mastermind behind the floorplan and of all the other projects they have done this was the one she allowed herself to personalise.
“Passing the baton was bittersweet … Deb still talks about sitting on that vacant block when it was just a sand dune, with a sketch pad and a pencil.”
2/1-7 Bayview Road, Noosa Heads.Credit: Domain
While Miller declined to disclose the reserve price, he said it was in line with the result. He added the buyers were lured in by the home’s rainforest views and its dual-living layout as they would potentially open it up as a holiday rental.
The home features seven bathrooms, six car spaces, Carrara marble fireplaces, two hot tubs, two iridescent-tiled salt pools with floating day beds, an infra-red-sauna and a Tesla car charging port.
While Lumiere now holds the record for a non-waterfront property, the suburb house price record is double that – achieved at 43 Witta Circle in May through Tom Offermann’s agency.
There were 229 scheduled auctions in Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 41 per cent from 159 reported results across the week, while 16 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance.
AMP Capital chief economist Shane Oliver said while Brisbane’s property market was continuing to outperform Melbourne’s and Sydney’s, the 41 per cent clearance rate was soft and reflected the impact of high interest rates.
“Average mortgage rates are now sitting at 6.5 per cent, and that’s having the effect of pushing up listings as some homeowners struggle with their mortgages,” Oliver said.
“And with economists debating over whether it will be a February or May rate cut, that’s keeping a lot of homebuyers on the sidelines.
“The motivation to sell in Sydney or Melbourne and move to Queensland is also tapering off, and that’s starting to weigh on demand,” he said.
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.