The Brisbane auction market remained steady this week, with 94 scheduled auctions and a reported clearance rate of 32 per cent.
A mid-60s home on just over a hectare of land in Kenmore was the site of an intense auction. The property was a deceased estate that served as the vendor’s family home for more than 55 years.
About 90 people piled into its spacious front yard to watch 12 registered bidders battle it out. Bidding opened at $900,000 and quickly make its way to $1.7 million in a series of fierce bids between the eight active parties.
After a few stalls, the competition narrowed down to three main bidders who continued to compete for the property. Finally, the property was sold for $2.2 million.
Agent David Hills, of Harcourts Results Calamvale, said the auction proved the perfect strategy for the property.
“We had people turning up on the day that hadn’t even seen the house. It was certainly an impressive crowd,” he said.
“We knew from the outset that it was either going to be a developer or an owner-occupier. Obviously, auctioning was the main way to go in terms of having multiple parties at play, to ensure we got the true market price.”
Hills said the long family involvement in the property made it a very special auction.
“It was certainly an emotional time for the parties at play from the family. Everyone had their own opinion of what they wanted to do with it,” he said.
“It had been a family home where they all got raised in, so there was quite a bit of emotional attachment to it. For them, the closure was something that had been some time coming. They were super happy with the result.”
The buyers, a couple, intend to live in the property with potential later plans to develop the block.
Meanwhile, a stately six-bedroom, three-bathroom home on 2545 square metres in The Gap sold at auction for $2.125 million in front of about 80 people. Seven registered bidders duelled for the property in an auction that lasted 10 minutes.
The opening bid was $1.8 million, at which point the auction stalled. After seeking instructions from the seller, the auctioneer came back to the floor to ask for more bids. At that point, the bidding became a contest between two main parties. After 10 more bids the property was sold.
Agent Michael Kleimeyer, of Ray White Paddington, said the auction was fierce.
“It was quite quick and aggressive,” he said. “When each of them bid, the other person bid within three seconds, so it went up quite quickly.”
Kleimeyer said the house was a unique find in the area.
“It’s at the top of a hill, and the 2500 square metres are actually flat which is quite rare for The Gap,” he said.
“The home is the original 1960s farmhouse for Watercress Farm, and it was fully renovated to a high standard in 2013. It’s quite a large home, and there’s two kitchens plus an outdoor kitchen.”
The property sold to a young couple, which Kleimeyer said he and his team had been hoping for.
“We secretly were expecting that,” he said. “That was our dream that it would happen, and it did.”
The owner was thrilled with the result. She originally purchased the house in 2011, and was selling to move closer to her children’s high school.
On the other side of the city, a gorgeous home set on two lots in Mount Gravatt East was sold under the hammer. About 60 people watched for 35 minutes as 12 registered bidders attempted to lay claim to the property.
Bidding started at $650,000, which was immediately followed by a vendor’s bid of $700,000. After further bids, the price rose to $890,000. That bid was referred to the vendor, then after a bit more back and forth the property was ultimately sold for $906,000.
Agent Grant Boman, of Ray White Mount Gravatt, said the house presented several options for potential buyers.
“In the short to medium term it’s a really rentable home. It’s pretty rare for these larger blocks, because often they’ll have a little shack on them, that isn’t worth much,” he said.
“The people that were largely bidding on it were wanting it for the land, and the ability to subdivide and use the two lots that were there.
“The people who ultimately ended up buying it will retain a block [and] sell a block. They’ll just build one house to have a family home in the street. They’ve done it because they wanted to be in Mansfield [school] catchment.”
Boman said the result showed that despite a faltering market, good property would always do well.
“Even in the market at the moment, good-quality real estate is still going to be well patronised by buyers,” he said. “Good-quality property will always get results no matter the market conditions.”
Smart buys: Brisbane’s best properties under $800,000 for sale right now
Here’s our pick of the best buys in Brisbane and some of its surrounds at the moment — and they’re all under $800,000.
34 Ivy Street, Toowong
With tongue-and-groove floorboards, a cast-iron fireplace begging for love, a sunroom, and a prime position on 405 square metres, this three-bedroom original workers’ cottage is bound to catch eyes of inner-west renovators. No price has been set yet but agent Alex Jordan says as a vacant block on land it would achieve over $600,000.
McGrath, Alex Jordan 0410 424 749
81 Payne Road, The Gap
The rear of this multi-tone brick house surprises. There’s a single-garage-cum-workshop or home office between the double carport and an elevated timber sundeck, and there’s also a pool. It is fully fenced on a 625-square-metre block, and has three bedrooms with a further small room inside that could become a fourth bedroom or study.
Harcourts, Stephen Dangerfield 0412 145 802
48 Bringelly Street, Arana Hills
From its white picket fence to its flat sandpit-friendly backyard, the DNA of this three-bedroom, one-bathroom house is pure family. Set on a flat 607-square-metre block about 20 metres from the local bus stop, Grovely State School is 900 metres away and Arana Hills Plaza, restaurants and cafes are at the end of the street.
Coronis, Jo Dryden 07 3351 5151
19 Allamanda Crescent, Albany Creek
This substantial four-bedroom, double-storey house sits on a 1250-square-metre landscaped block. It has ample room for its pool and double garage, and there is a massive covered entertaining area and both casual and formal living and eating rooms. Two state high schools are located within 2.4 kilometres of the front door.
Style Real Estate, Claire Little 0422 755 171
40 O’Quinn Street, Nudgee Beach
This 54-year-old updated beauty on a double block opposite the beach offers three bedrooms, three bathrooms and 1000 square metres of land. Open-plan living and dining space, plenty of natural light, timber floors, and a second living area with clever built-in bench seating and storage are boons. The rear has a storage shed, two garden sheds and a single garage.
Calio & Scott Real Estate, Carl Calio 0416 145 288
6 Chase Crescent, North Lakes
Worth a look if a first-time home buyer, or investor watching budget-friendly growth areas, this super neat, modern three-bedroom, two-bathroom house also has a double garage. It is set on a low-maintenance and landscaped 486-square-metre block. It also has decent-sized, open-plan living and media rooms.
Hudson Property, Viv Robinson 0407 918 184
50 Windsor Place, Deception Bay
This two-bedroom, one-bathroom cottage on a 397-square-metre corner block has serious update or rebuild potential. Set three blocks west of Moreton Bay and one block to the suburban public primary school, it is liveable as a home or easily rentable with a modern kitchen and fenced backyard. It has a separate sunroom and a single carport.
Ray White, Lydia Robins 0438 166 763
441 Beenleigh Road, Sunnybank
This renovated, four-bedroom, one-bathroom house has parking space for two cars on a 708-square-metre block. The floor plan is open between living, dining and kitchen areas and the metro rail station is about 400 metres away. Its reserve price is unknown as required by Queensland auction laws, but it was found in a search for homes under $800,000.
Auction, June 29, 12.30pm
RE/MAX, Gary Dellios 0411 879 935
4 Parliament Street, Bethania
The federal election is done for 2019, but here is another way to get into Parliament. With three bedrooms and one bathroom, this brick-and-tile house also has a double carport and a double garage. On a flat 758-square-metre block, the back section is contained making for a fine play zone. Neutral timber-look flooring in the kitchen-meals area balances the retro swirl carpet in the living-dining.
LJ Hooker, Trina Wilson 0427 188 500
Cbus Property Plans $600m North Quay Tower
Cbus Property will partner with local Brisbane developer Nielson Properties to deliver a $600 million riverfront commercial building in the city’s CBD.
The 3,000sq m corner site, an amalgamation of 205 North Quay and neighbouring 30 Herschel Street, will now house the city’s latest A-grade commercial building.
The office development, to be known as 205 North Quay, will deliver 50,000sq m of net lettable area.
Cbus Property chief executive Adrian Pozzo said the site was ideal as it takes advantage of Brisbane’s strong economic outlook, employment growth and the state government’s infrastructure investment.
“205 North Quay is a major riverfront CBD site, ideally located to capitalise on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live,” Pozzo said.
“Queensland’s economic growth also anticipated to continue to outperform the Australian average.”
“We will look to build on these strong economic foundations and our past success with 1 William Street, to deliver a premium and future-focused commercial tower for Brisbane’s CBD in collaboration with our partner, Nielson Properties.”
No stranger to Brisbane CBD’s commercial market, the project follows Cbus Property’s 46-storey “tower of power” at 1 William Street, home to the Queensland government.
The 205 North Quay development will add to the continued regeneration of the burgeoning North Quarter precinct, which will also include Mirvac’s 80 Ann Street tower to be tenanted by Suncorp, Shayher Group’s 300 George Street project and the recently completed W Hotel on George Street.
The development will also be located in Brisbane’s prime commercial district, capitalising on the major infrastructure projects nearby such as the recently announced Roma Street Station, Brisbane Metro, Cross River Rail and Brisbane Live.
“As a local Brisbane developer, we’re excited to be a part of the evolution of the North Quarter as it becomes a vibrant hub bolstered by outstanding connectivity to Brisbane’s CBD and premium infrastructure and amenity,” Nielson Properties director Ross Nielson said.
Cbus and Nielson have commenced preliminary discussions with the Brisbane City Council.
Last week, Brisbane-based Sentinel Property Group snatched up Makerston House, a neighbouring commercial property in Brisbane’s North Quarter precinct from investment management company Challenger for $103 million.
Further along the CBD riverfront, work has also commenced at the $3.6 billion Queens Wharf developed by the Destination Brisbane Consortium, a joint venture led by casino giant Star Entertainment Group, Far East Consortium and Chow Tai Fook Enterprises.
Work is also under way on Brisbane’s newest riverside public space, with the area between the Goodwill Bridge and 1 William Street to be developed into an above-water pedestrian walkway and recreational area called Waterline Park.
‘Why not Hendra?’ The luxury house that is poised to set a new benchmark for this Brisbane suburb
A prestigious new property in Hendra is tipped to break records when it goes under the hammer in a couple of weeks, setting a new benchmark for luxury in the area.
The five-bedroom, four-bathroom house may be located on General Street, but its myriad of bells and whistles means it’s anything but.
With a plethora of top-line features, including travertine tiles, state-of-the-art fixtures and a mosaic-tiled swimming pool, it includes a climate-controlled wine cellar as well as bespoke cabinetry throughout.
Marketing agent Patrick McKinnon of Place Ascot said the house was part of an emerging trend in the suburb towards luxury new builds. The developers behind the home, Innovare Builders, were quickly transforming the standard of Hendra homes project by project, he said.
“They’ve really lifted the benchmark for what’s expected in Hendra and set the tone for the quality that people look for here,” he said.
“This house should a set a record for the area for 405-square-metre non-racecourse property. The records are around the $1 millions and I think this is better than anything else comparable on the market right now.”
While perhaps not as well-known as its prestigious neighbouring suburbs of Ascot and Hamilton, Hendra’s gentrification is well underway, partly due to the redevelopment of Eagle Farm Racecourse.
The 379-square-metre statement home is within an easy canter of the racecourse as well as many cafe precincts.
Orazio D’Arro of Innovare Builders said Hendra’s multitude of attributes made the decision to develop there simple.
“In a nutshell, why not Hendra?” he said.
“We first chose Hendra because it is a gentrified living suburb with wide, tree-lined streets full of traditional and modern character houses and dotted by cafes, boutiques, other community businesses and gorgeous local parklands.”
Mr D’Arro said the design inspiration was Hamptons exterior meets modern European interior.
“Modern life requires thoughtful use of space and automation as well as comfort and this was at the forefront of each and every design and inclusion decision,” he said.
Located within easy commute of the Brisbane Airport as well motorways north and south, the home can be controlled from anywhere in the world via state-of-the-art automation and electrical integration.
“Part of a busy modern family’s lifestyle demands convenience – even while travelling – and the electronic aids offered up here deliver convenience in spades,” Mr D’Arro said.
Other features of the home include a rear patio designed for al fresco dining and summer barbecues, with a built-in, custom outdoor kitchen that features a barbecue and beverage centre.
The home also boasts an in-ground swimming pool lined with mosaic tiling and a manicured, drought-resistant lawn with landscaped gardens.
The property is located at 6 General Street, Hendra, and will go to auction on Saturday, June 22.
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