Couple snap up Hendra house after seeing it for first time five minutes before auction

The Brisbane auction market continued its strong streak at the weekend, with 74 properties going to auction across the city. There was a reported clearance rate of 56 per cent, more than double what it was at this time last year.

A beautiful two-bedroom, one-bathroom inner-city cottage at 17 Ella Street, Red Hill, in Brisbane’s inner north-west, sold at a well-attended auction. About 70 people gathered in the property’s backyard to watch for 25 minutes as 10 registered bidders fought to walk away with the keys.

Bidding opened at $680,000 and slowly crept its way up. When the price hit $840,000, instructions were sought from the vendor, the house was put on the market and ultimately sold for $865,000.

Selling agent Judi O’Dea, of Ray White Paddington, said it was a spirited auction, with many fun moments.

“We had someone in the audience – he wasn’t registered, but his wife was. He kept asking if we were on the market,” O’Dea said. “We came back and announced that we were on the market.

“The auctioneer turned to him and said ‘we’re on the market now, would you like to bid?’, and he gave us $1000, and his wife hit him and said, ‘You are not even registered!’

“That was a really fun moment because [the auctioneer] had to take the bid back. It’s actually a nice moment when some humour creeps in and it’s handled well, which this was.”

The vendor had owned the property for more than 10 years, and was moving to make room for a family. The buyers, meanwhile, had been shopping for this style of cottage for some time, and had missed out at three previous auctions. Both parties were pleased with the result.

Auction

23 Mein Street, Hendra QLD 4011

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Elsewhere, a three-bedroom, one-bathroom house at 23 Mein Street, Hendra, in Brisbane’s north-east, was sold under the hammer for $790,000. About 60 people, including several neighbours, watched on as five active and registered bidders tried to stake their claim on the deceased estate.

Bidding opened at $500,000, and worked its way up to $620,000. At that point, the price went up in $5000 increments until the hammer fell and the house was sold.

Selling agent and principal Kate Peereboom, of Harcourts Experience Ascot, said the buyers were local investors who had been looking for a few months, but hadn’t seen this particular house before the auction itself.

“[They] had never viewed the property, and arrived five minutes before the auction. They’d briefly seen it on the internet but not had time to inspect,” she said.

“We had to stop during the auction to complete their bidding registration, and away they went. They were determined to get it. It really made for quite an exciting atmosphere.”

Peereboom said the location and land were fantastic, but the house itself needed some work. Despite this, it sold for more than its reserve, and all parties were happy with the result.

“The general consensus around the area, including other agents, was that early $700,000s would be where it would pull up,” she said. “But, it kept on going. [There’s] very strong demand for that style of property, and there’s just not a lot of stock.”

SOLD - $1,010,000

8 Bramston Terrace, Herston QLD 4006

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Closer to the CBD, a three-bedroom, one-bathroom colonial house on 946 square metres at 8 Bramston Terrace, Herston, was sold under the hammer at a lengthy auction. Ten registered bidders squared off in front of a crowd of 30 people for about 30 minutes, with the eventual buyer paying $1.01 million.

Auctioneer and Place West principal Andrew Degn offered a first call of $900,000. After a quiet reception, one bidder piped in with an offer of $700,000 and the auction began in earnest.

The price jumped in lots of $20,000 back up to the original $900,000, but the increments decreased as the price continued to climb. There was a pause at $930,000, but after consulting with the vendor, the house was put on the market.

After several $5000, $2000, and $1000 bids, the property was sold. The vendor had owned the home for more than 30 years, and her children were acting on her behalf. The buyers were a family with small children.

Degn said the result showed how well the market had bounced back since last year.

“If I auctioned this house last year, I would have had half the number of registered bidders or less, and its performance would have been a lot lower,” he said. “The population is less fearful of financing again, and they’ve actually got a reasonable opportunity to take a position.

“We’ve got a conservative government remaining in place, and those structures that are conducive to potential capital growth in property. We’re really set for some blue sky.”