Australia's biggest weekend auction: Ascot mansion sells under hammer for $6.9m
A Tuscan-style mansion in one of Brisbane’s poshest suburbs has clocked a reserve-smashing $6.9 million at auction – the nation’s highest recorded sale of the weekend.
The five-bedroom abode, at 28 Palm Avenue, Ascot, attracted 13 registered bidders who battled it out for the slice of Italian paradise on Saturday, with dozens of prestige home hunters walking its exquisite Mediterranean halls during the intense auction campaign.
The property, which last changed hands in 2013 for $4.05 million, is sprawled over a 1453-square-metre block and boasts luxury features that span a chef’s kitchen, a sauna and even an opulent master suite with direct lift entry – ingredients that selling agent Damon Warat, of Ray White Ascot, said proved irresistible, even amid a soaring high-end market.
“The auction was electric, and it was hotly contested because properties of this calibre are few and fair between,” Mr Warat said.
“This is someone’s forever home, and it was blue-chip real estate with the land and the location being highly desirable. Prime land content is what is sought after (right now) and we can’t get enough of them. I have 12 disappointed buyers now.”
But for one unnamed buyer, the fierce battle, which led to the home fetching a whopping $1.3 million over reserve, has made all their real estate dreams come true.
“This campaign had all the right ingredients. There had been huge inquiry and interest from buyers, we have had 70-plus groups inspect the house. Inquiries came from both local and interstate buyers,” Mr Warat said.
“It’s a very special property but there’s no question the market is very strong and predicted to get even stronger.”
While the Tuscan-esque mini-mansion topped the weekend auction results, it was Camp Hill that earnt the gong for best-performing suburb after three homes sold under the hammer for close to a collective $6 million – all through Place Estate Agents Bulimba.
A charming but weathered old workers cottage at 44 Brisbane Avenue with a daggy kitchen clocked the highest price after 20 bidders battled it out to a reserve-smashing $2 million – which co-selling agent Shane Hicks said was a suburb record price for an old cottage on a block that size.
He said the incredible result of the five-bedroom home proved more than just the strength of the Brisbane market, but the fast-growing love affair with Camp Hill – a pocket he said was receiving unprecedented levels of interstate interest.
“We had a crowd of over 100 people and the auction kicked off at $1.505 million, and very early on the bidding sequence it went over reserve,” Mr Hicks said.
“The house had a charm about it but the kitchen and bathroom are probably 20 years old with laminate — there’s nothing flash about it and it’s a classic workers cottage.
“I must admit I did a ‘yahoo’ when it sold for $2 million. I think this one had so much interest because a lot of homes in Camp Hill can’t be knocked down or removed and this one had that option and it was on a 810-square-metre block. It’s also at the top of the hill and facing north.
“It had interest from developers and mums and dads and the ultimate buyer was a Sydney investor (who bought through a buyers’ agent). I’ve never had an auction like this — normally the day before we’re calling and chasing up the bidders and telling them to send their registrations through but this time, they were chasing us.”
Mr Hicks said the fast-and-furious auction lasted about 10 minutes and came down to two interstate buyers with the under bidder folding just shy of record-setting sale price.
“The owners had had this home for 25 years and they were rapt. They bought it in 1995 for just $152,000,” he said.
As for the fast-growing love affair with Camp Hill, Mr Hicks put the surge in buyers down to increased redevelopments and renovations, alongside the evolution of a suburb that had once boasted just one cafe, to a pocket brimming with top eateries while being close to great schools and hospitals.
Mr Hicks also clocked $1.725 million for the “ultimate family home” at 55 Watson Street, after 11 registered bidders fought it out over a “long” 40-minute auction.
“We always get good results on this street, and the appeal of this property is that it ticked all the boxes — you could walk in and do nothing. It was an awesome home on a large block. Bidding kicked off at $1.2 million and the eventual buyers were two local doctors.”
Just down the road Joanna Gianniotis, of Place Bulimba, sold a Hamptons-esque Queenslander at 60 Carranya Street for $1.88 million under the hammer, rounding out the top weekend for Camp Hill.
Across the city total of 39 homes were sold on Saturday resulting in a 81 per cent clearance rate as the Sunshine State capital’s auction scene continues to soar.
Additional top sales included a luxurious five-bedroom abode at 34 Lady Galway Street in Enoggera, which sold for $1.41 million through Image Property North Side and a five-bedroom home with city views at 11 Couldrey Street, Barden, which clocked $1.65 million through Prowealth realty.
Ray White Queensland chief auctioneer Mitch Peereboom said the group continued to see extraordinary sale prices with the market continuing to skyrocket across all price points.
“We look forward to the next few weeks and months ahead and we do so with so much confidence as we’ve got a lot of pent up buyer interest,” Mr Peereboom said.
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