It was a busy week in the Brisbane auction market with 104 properties and an improved clearance rate of 42 per cent.
A thrilling auction in Grange saw 250 people watch eight registered bidders attempt to make their claim on a beautiful five-bedroom, three-bathroom property on 607 square metres.
Bidding for the newly built home opened at $1 million, climbed in $100,000 increments to $1.7 million before slowing to $50,000 and $25,000 jumps until the home was put on the market for $1.79 million.
The field narrowed to two participants, who bid in lots of $500. After a marathon 45-minute auction with more than 50 bids, the property was ultimately sold under the hammer for $1,820,500.
That marks the highest sale price for a property under 800 square metres in Grange. The previous record was $1,775,000.
All eight of the registered bidders were local families, exactly what agent Alistair Macmillan, of Ray White Wilston, was expecting.
“We were very much involved with the design process of the home,” he said. “We deliberately tried to build a property that was going to appeal to a broad market. The intention was to build a traditional-style home that appealed to a younger-type family.
“Our objective, even pre-build, was always to try and build a product that was going to put pressure on that record price, so we’re pretty chuffed to set a new record.”
Meanwhile, a two-storey house overlooking New Farm Park was sold for $2.27 million under the hammer. About 50 people watched as two registered bidders battled it out for about 25 minutes for the property.
Bidding opened at $1.8 million and jumped to $1.9 million. The price rose in lots of $50,000 to $2.25 million. At that point negotiations began, then the property was put on the market and sold for $2.27 million.
Agent Matt Phillips, of Image Property Aspley, said the location and layout of the home had been very popular with the 50 groups that had inspected it during the campaign.
“The master bedroom had a balcony overlooking New Farm Park, and there’s two other bedrooms with balconies overlooking [the park],” he said. “It’s only a one-way road through Hopetoun Way, so there’s not much traffic there.
“There was not many people who came through that didn’t like it. [We had] very positive feedback throughout the whole campaign.”
Phillips said the buyers had been eyeing the property keenly, and were thrilled with the result.
“They were really excited,” he said. “They were trying to secure the property the whole way along, so they were happy they could be successful on the day.”
On the other side of the city, a beautifully designed four-bedroom, two-bathroom home on 583 square metres was sold at auction. Three registered bidders fought it out in front of a crowd of 100 people to secure the property.
The opening bid was $1.3 million, followed by an auctioneer bid of $1.4 million. The price jumped to $1.5 million and then $1,625,000, at which point the auction paused.
After consulting with the agent, the third bidder raised their paddle for the first time at $1.8 million. After some negotiation the price was raised to $1,805,000, then the house was put on the market and sold at that price.
Agent Saeed Moghaddam, of Brisbane Real Estate, said the vendors were happy with the result.
“They bought this land three years ago, and started construction last year, and they were going to move into this property. But they got a job offer down in Sydney, and the offer was too good not to take,” he said.
“The situation gave [the buyer] the opportunity to move on in his life. In his mind, he was convinced that it was the best price he could get in this market.”
Moghaddam said the result shows that despite a struggling market, high-quality properties still did well.
“It still reflects that the Brisbane market is strong for good properties,” he said. “Either properties on the river or with great city views still hold their value even in this market.”
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.
- Developments1 year ago
Brisbane and interstate investors drawn to up-and-coming King Street precinct
- Real Estate4 years ago
Brisbane’s 5 most affordable suburbs within 15km of the CBD
- Market Place1 year ago
How to make $1 million ‘flipping’ houses
- Opinion3 years ago
Are we headed for a housing crash — or not?
- Market Place1 year ago
Seaside suburbs the star performers of southeast Queensland property market
- Market Place1 year ago
Looking for a property to rent? Good luck finding something here
- Opinion1 year ago
Ignore the Press: Brisbane on the Cusp of a Once-in-a-Generation Boom in Infrastructure Investment
- Market Place3 years ago
Brisbane real estate: Most expensive homes see growing sales results