Bidding frenzy, 900 watching: Couple score bargain entire block of units for $1.47m

A North Coast couple scored a rare win in one of the hottest Brisbane markets on record, bulk-buying a block of four units for $1.47m at auction in front of over 900 people.

38 Julia Street, Wavell Heights sold under the hammer Thursday for $1.47m.

A North Coast couple scored a rare win in one of the hottest Brisbane markets on record, bulk-buying a block of four units for $1.47m at auction in front of over 900 people.

The auction in Wavell Heights, one of Brisbane’s hottest middle ring suburbs, drew 21 registered bidders Thursday, after a massive 350 enquiries, and 907 people tuning in to the auction via Facebook Live and Instagram Live.

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21 bidders registered for a chance to score the entire block of units.

The units are older and larger than newer two-bed units coming to market.

The four, two-bedroom units, at 38 Julia Street, Wavell Heights, were sold as one combined lot by Adcock Prestige auctioneer Jason Adcock, closing under the hammer at $1.47m – or about $367,500 per unit.

“It’s unusual to be able to offer an entire block of units for sale,” Mr Adcock said in a statement after the sale.

“I received more than 350 inquiries while I was marketing it either by phone or email, that’s why we ended up bringing the auction date forward.”

The units are in high demand Wavell Heights, where two-bedroom units median rent is $360 a week.

The kitchens in each of the four units are a good size.

He said bidding started at $1m and progressed in a flurry to the final $1.47m figure. It’s believed the winning couple plan to keep the block of units as an investment.

According to realestate.com.au figures, the median price of units in Wavell Heights was $359,500 for all units, with current two-bedroom unit listings priced between offers over $299,000 and offers over $390,000.

Loads of space around the unit block with potential for future redevelopment.

Each unit has a large lockup garage with laundry space.

Of five individual two-bedroom units listed for sale in Wavell Heights, two are already under offer – 2/48 Julia Street which was looking at offers over $390,000 and 5/37 Rode Road which was after offers over $320,000 – while the three remaining are on bustling Rode Road – 5/22 Rode Road (offers over $299,000), 1/7 Rode Road ($308,000) and 5/34 Rode Road (offers over $329,000).

Median rent for two bedroom units in Wavell Heights is $360 a week, and the area is classified as a high demand market by realestat.com.au with over 1,644 visits per property, which is double the Queensland average.

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Originally published as Bidding frenzy, 900 watching: Couple score bargain entire block of units for $1.47m