A new chapter for The Gables: Young couple pays $3.6m for historic Graceville home
With a toddler at their feet and a baby on the way, a young Brisbane couple outmuscled two other bidders to splash $3.62 million on one of the city’s most iconic heritage homes.
Graceville landmark The Gables was built in 1915 by architect Walter Taylor – the visionary behind the Walter Taylor Bridge – and sits on a 2011-square-metre block at 15 Molonga Terrace.
The five-bedroom estate, which was auctioned off on Saturday, has had just three owners in its century-long history and needs a $2 million restoration. But for the couple, who live just around the corner, it’s a dream project years in the making.
“They’ve loved this home for years, and now they want to restore it to its former glory,” said selling agent Douglas May of Ray White Sherwood.
“They are over the moon … but everyone in general was pleased to see them get it as it means a local family will be taking care of her.”
In front of a large crowd of locals, three active bidders vied for the iconic home, with the auction opening at $1.5 million. A flurry of $50,000 increments pushed the price to $3.5 million, when it was called on the market.
It then narrowed to two bidders, both local families, who battled in $1000 and $3000 increments until the hammer fell.
The sale marks a new chapter for The Gables, which has remained in the same family for 55 years.
While it bears the signature craftsmanship of Taylor, including an extensive entrance hall, grand silky oak staircase and a series of fireplaces, May said the property needed extensive work, including crack repairs and significant underpinning on half the home.
“While it wasn’t dilapidated, some buyers said they’d have to spend a few million,” he said.
Over in Morningside, a couple buying their first home paid $1.555 million for a house they could move to with just a few shopping trolleys.
The pair, renting a one-minute walk away, outbid four other parties to nab the three-bedroom home at 121 Stephen Street. The character cottage features landscaped gardens on a 445-square-metre block.
Selling agent Sam Battell, of McGrath, couldn’t disclose the reserve but said the sale price exceeded expectations and showcased the strength of renovated homes in the suburb.
“The winning couple came through three times to see the home as they loved the street and loved the location. In fact, the location was the primary driver for them,” he said.
“We literally joked that they just needed a big trolley to move in.”
Battell said five of the six registered bidders battled for the home, with bidding starting at $900,000 before ping-ponging in $50,000 increments to $1.2 million. From there, bids jumped in $20,000, $10,000 and $5000 rises.
“The couple that ended up buying it actually sat back until the $1.44 million mark and then they started bidding,” Battell said.
As for the vendors, Battell said they had owned the home for 10 years, undertaking a major renovation in 2015.
There were 192 scheduled auctions in Brisbane in the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 44.9 per cent from 118 reported results, while 17 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Fairfield, a father of four splashed $1.225 million on a postwar home to help his adult kids secure a foothold on Brisbane’s increasingly steep property ladder.
The three-bedroom house at 30 Cross Street sits on a 506-square-metre corner block and has the potential to be split into two or more properties.
Its development potential, the price point, and that corner block in a top Fairfield pocket attracted nine registered bidders.
“The nature of the home suited so many demographics,” said selling agent Darcy Lord of Place Estate Agents.
“But the father got it. He wanted to get his children a piece of real estate, given how hard it is to secure something in this market.”
Bidding opened at $900,000, quickly jumping to $1.15 million with five of the bidders driving the price up in $50,000 increments. The competition tightened at $1.2 million, narrowing to two bidders despite two still waiting in the winds.
As negotiations paused at $1.225 million, Lord said a silent assassin jumped in.
“We hadn’t seen him during the campaign, but he forced the higher bidder to go further,” he said.
But the determined dad stayed strong, paying just below the vendor’s expectations of $1.3 million.
LJ Hooker head of research and economics Matthew Tiller said across Brisbane the market remained buoyant.
“ I think for the south-east Queensland market in general it’s going to be another strong year ahead,” he said.
“But I do think there will be more listings early next year as vendors look to downsize their mortgage.”
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