Family snaps up Coorparoo home for $2.6m and plans to knock down and rebuild

A young family that snapped up a four-bedroom home in Brisbane’s inner east for $2.6 million is now planning to knock it down and rebuild.

The home at 119 Buena Vista Avenue, Coorparoo, had been owned by the same family for 50 years before it went to auction at the weekend. 

Auction

119 Buena Vista Avenue, Coorparoo QLD 4151

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Place Estate Agents Bulimba’s Shane Hicks said 12 bidders registered for the hotly contested auction, held before a crowd of more than 100 people on Saturday.

“Bidders varied from developers who wanted to chop it [the 1391-square-metre block] up and we had families who would have lived in it just as it is,” Mr Hicks said. “The ultimate buyer wanted to build one big home there.”

The auction started with an opening bid of $2.3 million, with three bidders fighting it out to the end.

After the price reached $2.5 million, bids rose in increments of between $5000 and $10,000, Mr Hicks said.

The buyers made the winning bid and were now planning to build a large, prestige home on the block. It was the third such project they had undertaken in Brisbane, he said.

The vendors were planning to move to a smaller home in the Gold Coast.

“They had raised eight children in the home,” Mr Hicks said.

The Coorparoo sale was one of the biggest reported in Brisbane ar the weekend, with the preliminary clearance rate at 47 per cent after 61 auctions were scheduled and 36 results reported on Saturday.

Seven properties were withdrawn from auctions across the city.

In the inner-northern suburb of Red Hill, a four-bedroom home sold for $1,292,000 under the hammer, with the vendors selling it because they wanted a bigger garden.

“Both [sellers] are keen gardeners and COVID made them realise they wanted to enjoy a garden,” Ray White Paddington selling agent Judi O’Dea said.

Two registered bidders fought it out for the keys to 15 Primrose Terrace, with a professional couple snapping up the home.

SOLD - $1,292,000

15 Primrose Terrace, Red Hill QLD 4059

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The buyers were upsizing from an apartment, looking for a house for the next phase of their lives, Ms O’Dea said.

In Hamilton in Brisbane’s north-east, Ray White Clayfield’s Ashley Robinson was not only the selling agent for a five-bedroom home that was auctioned, he was also the vendor.

The newly renovated property at 59 Allen Street sold for $1.16 million with just one bidder registering for the sale.

SOLD - $1,160,000

59 Allen Street, Hamilton QLD 4007

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“That’s all I need – one bidder,” Mr Robinson joked.

The buyer, a young doctor, is planning to use the traditional Queenslander as an investment property, Mr Robinson said.

The current market meant that those who were not serious about buying, were not turning up to auctions, he said.

“I prefer a market like this because the buyers out now are serious and are all looking to buy,” Mr Robinson said,