Their first Brisbane house flip nets Melbourne couple $3.55 million

A Melbourne couple have almost doubled their money on a Wilston Queenslander that sold for $3.55 million under the hammer on Saturday.

The five-bedroom home, 46 Angliss Street, last sold for $1.885 million in 2022, with the couple giving it a cosmetic glow-up before selling to buyers who inspected it just minutes before bidding began.

For the vendors, it was their first Brisbane flip after relocating to the Queensland capital for a lifestyle shift, with the pair pulling off a revamp that included a new kitchen, bathroom, paint and carpet.

According to Domain’s latest House Price Report, Wilston has clocked some of the steepest price growth over the past year, with house medians soaring 25 per cent to $1.9 million.

Bidding for the home opened at $3 million and surged in rapid $100,000 jumps until it was called on the market at $3.5 million. The hammer fell shortly after, with the keys going to a local couple and their adult son who loved the home’s 810-square-metre block and dual living options.

“They only saw the home five minutes before the auction … they came through the open home we had just prior and it was exactly what they were looking for,” said selling agent Alistair Macmillan, of Ray White Wilston.

Ray White’s Alistair Macmillan said the sellers of 46 Angliss Street, Wilston, were “ecstatic” with the result. Credit: Ray White

“The home has a great downstairs section, so the parents can live upstairs and their son – who comes up once a week from Melbourne – can use the space downstairs.

“They’d just sold in Wilston and weren’t looking too intently … in fact, their son hadn’t even seen the home.”

Macmillan said the sellers were “ecstatic” with the result. “They didn’t expand the house in any way, shape or form. And they did a fantastic job – the quality was great – but it’s still a huge price difference from what they paid for it,” he said.

“We had about 50 people show up, even with the rain.

“And since COVID, house values here have risen 40 to 50 per cent.”

It was their first Brisbane flip after relocating to the Queensland capital for a lifestyle shift.Credit: Ray White

The home was one of 183 auctions scheduled in Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 43 per cent from 98 reported results, while 18 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance.

AMP chief economist Shane Oliver said Brisbane’s clearance rate was slightly higher than in previous weeks, likely buoyed by buyers still playing catch-up after two disrupted weekends.

“The whole market around Australia has seen the boost from the rate cut waning and with the election being called, it adds uncertainty,” Oliver said.

“They did a fantastic job – the quality was great – but it’s still a huge price difference from what they paid for it,” the selling agent said.Credit: Ray White

“But in Brisbane, the cyclone was just two weeks ago and then last weekend people were probably still recovering.

“Historically, buyer demand and even consumer goods slow down a bit in an election year amid buyer certainty. We’ve also got Easter and Anzac Day before we go into the election, so it’s going to be a disruptive period.

“But if we get a rate cut in May, once the election is out of the way we could see a far stronger winter.”

In Auchenflower, a double-storey Queenslander on an 824 square metre block at 14 Macintosh Street collected $2.8 million under the hammer by an interstate couple – originally from Scotland.

The home, which features a pool, grand staircase, French doors, expansive deck and four bathrooms, last sold for $1.575 million in 2020. Since then, the vendors made only minor updates, including security screens and fresh paint, before selling to make a seachange.

Bidding opened at $2.5 million and rose to $2.6 million, with a handful of $50,000 bids thrown down until the hammer fell close to the reserve.

“It was done and dusted in 20 minutes,” said selling agent Simon Wheelans, of Place West, who added that 25 people showed up.

“The buyers were just over the moon. They loved the big block. And they had put in so many offers recently on other properties and missed out,” Wheelans said.

Across town in Morningside, a four-bedroom, two-bathroom townhouse at 2/59 Ison Street fetched $1.485 million after three bidders duelled it out in front of a crowd.

The architecturally designed home, built seven years ago, features soaring ceilings, floor-to-ceiling glass doors and sits on a 312-square-metre parcel.

“If it was just 100 metres down the road on the Hawthorne border, the price would have been much higher,” co-selling agent Eliza Schultz, of Place Bulimba, said.

Bidding started at $1.35 million and rose to $1.4 million, before pausing just shy of the undisclosed reserve. It sold after negotiations.

“This home almost had a loft style so it attracted a lot of downsizers and a lot of people with teenagers or kids in their early 20s,” Schultz said.

“But on the day, we actually just had one downsizer bidding, then an investor and a man from Cannon Hill, who was the ultimate buyer.”

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