Brisbane auction market runs hot as city remains in strong demand
A perfect storm of market conditions has sparked top results at auction across Brisbane this weekend, with the prestige sector continuing to “sell like hot cakes” as interstate buyers look north for luxury lifestyle homes.
Across Brisbane, a total of 52 properties went under the hammer at the weekend with 39 confirmed results, 20 sold, seven withdrawn and 12 passed in. The clearance rate was 51 per cent (compared with 48 per cent this time last year) and a total of $11,978,250 was clocked in sales, Domain figures show.
An architectural masterpiece in Highgate Hill came close to clocking the suburb record on Saturday after being snapped up for $2.75 million by two interstate surgeons seeking a slice of inner-city paradise. Across the river, a post-war cottage in Bardon sold for $1.14 million in a fiercely contested auction amid reports of soaring buyer competition fuelled by a lack of stock and Brisbane’s fast-growing reputation as a particularly liveable city.
With its timber facade and soaring ceilings, the architecturally designed abode at 9 St James Street, Highgate Hill, attracted scores of spectators and a handful of fierce bidders to the Saturday auction – eventually selling under the hammer for just over $100,000 shy of the suburb record.
The top recorded sale to date within Highgate Hill remains $2.9 million, achieved by 3 Fraser Terrace in 2017.
Co-selling agent Trent McDermott, of Hugo Alexander Property Group, said the sheer originality of the Richard Kirk-designed home at St James Street sparked the skyrocketing buyer interest that led to the near-record sale.
“We were pretty stoked We had 100 groups throughout the open homes and six registered bidders (on the day),” Mr McDermott said.
“This is our highest sale this year and our fourth one above $2 million – there’s a lot of activity in that high-price bracket.
“A lot of buyers are moving from Melbourne and Sydney and it’s hard to keep a hold of properties at the moment. It’s a great time to sell, especially with anything that’s big – they are going like hot cakes.”
Ray White Paddington agent Judi O’Dea sold the post-war Bardon home at 24 Fletcher Parade on Saturday, and said the stylishly renovated three-bedroom abode was now considered an entry level buy for the popular neighbourhood.
“We would have had about 80 inspections through that one with six registered bidders,” Ms O’Dea said.
“It’s an incredibly busy market and it’s a great market for sellers, $1 million to $1.2 million is entry level for those suburbs now.
“People are asking what’s driving this (level of activity) and it’s shortage of stock number one, and number two, you can’t spend your money anywhere else.
“We also put 10 Pleasant Street in Red Hill under contract (at the weekend) and it went to a Melbourne buyer sight unseen; the sale price was north of $2 million.
“There is a lot of interest out of Melbourne – and this is not the only case and it’s going to support our market next year.”
While a local couple with two children snapped up the Bardon home on Saturday, Ms O’Dea said buyer competition from across the country was fierce with the tree and sea change trend continuing to grow among home hunters craving a better lifestyle.
She said buyers were also quick to pounce on homes with an office that was close to greenery.
“Homes near a park are now incredibly sought after, and their prices have risen. We now understand that there could be another pandemic, so people are a little bit scarred by this. They will heal, of course, but I can see the scars there,” Ms O’Dea said.
Despite these scars, she said the Bardon sale followed a hot streak for the Ray White Paddington office, with four out of four auctions going under the hammer over the past month of Saturdays.
“I think auctions are working and I’m taking most of my sellers to auction at the moment because it’s a perfect storm.”
Place Estate Agents chief auctioneer Peter Burgin echoed the weekend of positive auction results and said two of their properties sold prior, with another going under the hammer at 11 Bruce Street, Grange, for just over $1.5 million through Matthew Jabs and Ross Armstrong, of Place Newmarket.
“Last month’s clearance rate (for Place) was 88 per cent and this month will be the same. It’s a lot higher than usual,” Mr Burgin said.
“We are seeing a lot of competition and some properties are getting over the reserve, lifestyle is everything.
“I think this trend will continue to the end of the year and 2021 will be significant. Brisbane will be the most liveable city in the country; this is Brisbane’s time.”
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