Massive modern mansion at The Gap sells for $2.25 million

While Brisbane’s temperatures stay low, its auction market has gradually started to warm up.

Two properties sold at about $2 million over the weekend with 68 auctions and a reported clearance rate of 37 per cent.

One of those auctions saw the sale of a stunning four-bedroom, four-bathroom house with city views on 3239 square metres at 26 Moyry Street, The Gap. About 30 people piled into the property’s spacious garden to watch seven registered bidders battle it out for nearly an hour. 

Bidding opened at $1.5 million, and slowly crept up in $50,000 increments until it hit $1.95 million. At that point, the highest bidder was pulled away for negotiations, and their bid was increased to $2.05 million. 

After a $2.1 million bid and more negotiations, the house was sold under the hammer for $2.25 million. Selling agent Angela Mastrapostolos, of Ray White Paddington, said there had been about 50 groups through the property over its five-week campaign, and that most of the interest was from families. 

“[The vendors] bought the land off me eight years ago,” Mastrapostolos said. “[They] built the home to live in forever, but his work moved him to Melbourne so they decided to sell.” 

The buyers were a family from Ashgrove, who were relocating to find a bigger yard for their children. 

On the other side of the city,  a Gatsby inspired mansion at 70 Woodlark Crescent, Parkinson, sold at auction for $1.98 million. Three registered bidders took to the floor to stake their claim on the gorgeous four-bedroom, three-bathroom house on a sprawling 4064-square-metre block. 

The opening bid was $1.9 million, which slowly worked its way up to the sale price in an auction that lasted more than an hour. Selling agent Emily Xiong, of LJ Hooker Sunnybank Hills, said the price was a record high for the area. 

About 20 groups saw the house in its four-week campaign. The eventual buyer was a local middle-aged family, while the vendor was from overseas. 

“They moved back overseas, so it’s too big for them to keep it,” Xiong said. “It’s definitely not an investment property, it’s for an owner-occupier.” 

Elsewhere, a three-bedroom, one-bathroom house on 464 square metres at 63 Sackville Street, Greenslopes, sold in an incredibly well-attended auction. A crowd of about 90 people gathered on the front lawn to watch for 20 minutes as six registered bidders attempted to claim the beautifully presented home. 

Bidding opened at $800,000, and worked its way up to $850,000. At that point, the house was put on the market, and ultimately sold for $852,500. 

Selling agent Jonathan Harper-Hill, of Belle Property Coorparoo, said there was immense interest in the property, with more than 100 groups inspecting over the course of the four-week campaign and another 50 inspecting at the auction itself. 

“It’s a very attractive house and it got a lot of interest from the neighbourhood,” he said. “There’s a shortage of quality stock on the market at the moment, and it was a beautifully presented home in a top street in Greenslopes.” 

The thrilled buyers were a family looking to get into a beautiful home on a good street. They had sold their house and had been actively looking for a replacement for six months. The vendors had recently bought a house elsewhere and were also delighted with the result.

Harper-Hill said the result of this auction was further proof of the continued strengthening of the Brisbane market.

“We’ve seen a change in the market over the past month,” he said. “There’s a lot more motivation in buyers at the moment, and I think there’s a belief that the market will be going up so buyers have been spurred into action.”