Brisbane auctions: Local family wins out over investor at Paddington auction

It was a long, tight fight between an interstate buyer and a local family for a quintessential Queenslander in a popular pocket of Brisbane.

Three people registered to bid on the four bedroom, two bathroom home in Paddington, but it ended up in a battle of $500 bids between a Sydney investor and a family from the area.

And it was the family who won the day, buying the house under hammer for $1,142,500.

Selling agent Judi O’Dea of Space Property Agents said the investor went “neck and neck” with the Paddington family.

“There were quite a few tiny bids, the investor worked very hard,” she said.

Ms O’Dea said the investor was interested in a higher-end home to use as an “executive rental”, so will continue to shop in the area.

There had been plenty of interest from families in the home, but Ms O’Dea said properties like this were also attracting savvy interstate buyers.

“To be able to buy a home with four bedrooms, a classic Queensland home, in this price range in the city, you just can’t do it in Sydney,” she said.

“I think they [investors] see a lot more growth in the Brisbane market in the next few years.”

The Paddington home has certainly seen price growth – 16 Rockbourne Terrace last sold for $950,000 in 2013.

Besides healthy price growth, however, she said people simply want to stay in the area.

The winning buyers have just sold a home in Paddington and will move in with their three children and three dogs.

A crowd of about 40 showed up for the auction action: a mix of families and other locals interested in seeing what the property sold for.

“Some people are contemplating going on the market, and want to know how it goes,” said Ms O’Dea.

Another property with interest from both investors and owner occupiers failed to sell under hammer, despite a number of registered bidders.

16 Catherine Street in Woolloongabba passed in at $950,000, with negotiations for the keys to the fully renovated home continuing into the afternoon.

About 30 people attended the auction, which is located near the Mater precinct and in the catchment area for popular Brisbane State High.

Selling agent Suzeanne Leacy from McGrath Paddington said the three-bedroom, two-bathroom home was in a “very connected area”.

A unique feature of the property, originally built in 1895, is the ability to turn the downstairs into a separate flat for an elder parent, thanks to the bathroom and kitchenette.

She said another feature of the property is the “substantial backyard” and outdoor entertaining spaces.