Australia auctions: Sprawling Indooroopilly home smashes reserve
A sprawling hilltop Queenslander in Brisbane and a luxury waterfront estate in Sydney’s exclusive Kangaroo Point collected the top national sales at auction over the weekend as buyers across the country proved pandemic restrictions aren’t curbing the insatiable appetite for luxury homes.
In the Sunshine State capital’s leafy pocket of Indooroopilly, it was an ageing four-bedroom cottage on a 2107-square metre slice of prime real estate at that fetched the top sale of $4.5 million – almost $2 million more than the second-highest auction reported in the city on Saturday.
It’s the first time the prized property has changed hands in almost 50 years, a fact that selling agent Alex Jordan of McGrath Paddington said drove buyers to pay the top price.
“It was a good result, and it’s a beautiful and special property … and it’s a huge parcel of land that was on the market for the first time since 1968,” Mr Jordan said.
“But it was very emotional for the family … it was a tough decision to sell, and it’s an extremely rare land size that only comes up (in this part of Brisbane) once in a generation.”
While a local buyer claimed the coveted property prize after beating 15 other registered bidders, Mr Jordan said the appetite of interstate and, particularly, expat buyers had recently soared to new heights.
“We sold 10 Lance Street in Sherwood three days ago, and that’s a house that had a price guide of $1.8 million to $1.9 million, but it sold to an expat buyer in Ankara, Turkey, sight unseen for $1.94 million cash unconditional,” Mr Jordan said.
Nearby in the prized suburb of Corinda, Ray White Sherwood agent Douglas May claimed the city’s second-highest auction sale of the day with a rare acreage home at 140 Cliveden Avenue.
The four-bedroom abode, which occupies an incredible 24,000-square-metre block, a stone’s throw from the river and just over nine kilometres from the city centre, sold under the hammer for $2,850,500 to a neighbour.
He said the auction attracted nine registered bidders, who were a mix of developers and owner-occupiers.
“It was an exceptionally rare piece of real estate being acreage that was so close to the city,” Mr May said.
“And Corinda was rated as one of the top liveable suburbs in 2020, so to have acreage there and along the train line [is just so rare]. There are only one or two pieces left.
“In the end, it went to one of the neighbours, and they are going to retain it as acreage. They are equestrian lovers, and they’ve actually already got their horses there.
It was a fairy tale ending for the owners and the local community, whom Mr May said did not want the esteemed estate to fall into the hands of a developer.
“It’s great news for the family as they have owned it for 50 years.”
In Sydney, the immaculate four-bedroom, six-bathroom mini-mansion at 7 St Lukes Way, Kangaroo Point, collected the nation’s highest sale price at auction after it sold for $6.151 million under the hammer.
The waterfront abode, which is loaded with prestige features, including a heated pool and a gargantuan media room, occupies a 1013-square-metre block and was sold through McGrath St George for almost double what it last sold for in 2015.
While it scored the top price for the weekend, an ugly duckling three-bedroom brick home at 14 Irene Street, Abbotsford stole the auction show after 17 online registered bidders led to a local developer forking out $4.4 million – a whopping $1.5 million more than it collected three years ago.
The cottage, which boasts a 697-square-metre parcel of land, fetched $650,000 above the reserve in an event that selling agent Antonio Ariola of Belle Property Drummoyne said was fierce.
“I sold this property for $3 million three years, so it’s jumped [a lot] in that time frame … and we sold it for well over the reserve, which is not what we were expecting,” Mr Ariola said.
“The seller; he was over the moon … and the buyer, they are a developer, and they are going to build a duplex there and hold onto it and live in it.”
As to what lead to the cracking sale, Mr Ariola said it was the size of the block and the north-facing position, with a lack of stock in the tightly-held pocket further fuelling the bidding war.
Over in Balmain, a classy one-bedroom apartment at Loft 1/6 Thames Street sold under the hammer for $1.19 million after a local owner-occupier outbid 13 other buyers at the online auction.
Selling agent Benjamin Martin of Ray White Balmain said the chic unit was once part of the old Christian Brothers at Balmain school block – with the original facade still intact.
“There hasn’t been any decrease in the level of buyer demand on this property because of the rarity of the block,” Mr Martin said.
Across Sydney, the auction clearance rate for the weekend was 75 per cent after 433 properties sold from a reported 476. In total, $439 million in property was transacted, with the median price a strong $1.41 million.
In Melbourne, a slightly softer auction clearance rate of 67 per cent was racked up on Saturday after 457 homes were sold from a reported 680 – resulting in a median sale price of $905,000.
While the city was still dealing with its fifth lockdown, agents reported strong online bidding with buyers willing to put their virtual paddles up from the comfort of their homes.
Despite that, the city’s top auction, at 34B Bourneville Avenue, Brighton East, was snapped up a day prior after selling agent Richard Slade of Buxton Real Estate Sandringham was forced to make a quick judgement call.
“Because of the lockdown and the level of buyer interest, it was better for the owner [to accept the deal just prior],” Mr Slade said.
“In the end, we had three groups making offers and negotiating … and it was all local interest.”
The stylish four-bedroom, three-bathroom townhouse fetched $2.6 million – a cracking result that Mr Slade said was possible thanks to its unique design and interior space sprawled over three levels.
“It had a living zone downstairs, and you could see through to the pool, which was a bit of an X-factor for buyers,” Mr Slade said.
“There was a lot of buyer interest, and that’s also because there’s a shortage of good homes on the market.”
That buyer appetite was evident for a four-bedroom brick home at 34 Arum Walk in Mernda, which attracted 25 registered online bidders on Saturday, which resulted in a reserve-busting $755,000.
Selling agent Ben Pellicori of Ray White Epping said it was the highest number of bidders of any auction sale in the country that day thanks to its stellar location and the fact that the spacious home was built just five years ago.
“I think the owners presented it really, really well. The home itself was just beautiful … and this level of buyer interest, it’s definitely not something we see a lot,” Mr Pellicori said.
“And we would have loved to have had the auction at the property, but we had to have it online and, in the end, it worked out for everyone.”
Mr Pellicori said bidding opened at $600,000, with a local buyer snapping up the home after 36 bids.
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
