Multi-million-dollar auction win in Bardon despite increased seller competition

A renovated bungalow in Bardon sold under the hammer on Saturday for a multi-million-dollar figure, despite increased competition between sellers in Brisbane’s inner west.

It took 40 minutes for the hammer to fall on the new five-bedroom home at 23 Campion Avenue, which was completed two-and-a-half years ago.

“They’ve done a beautiful seamless contemporary renovation at the back,” Space Property‘s Judi O’Dea said. “It’s everything that a family would want.”

The property’s five bedrooms were split between three floors, making it ideal for a growing family. The bottom level spilled out onto the courtyard, pool house and pool.

Auctioneer Nick Penklis held lengthy negotiations to get the property placed on the market. Although bidding started at $1.6 million, close to the final sale price, Mr Penklis had to go back and forth between buyer and seller to secure the sale.

It sold to a young family for $2 million.

Mr Penklis said it was getting tougher to lock down buyers as competition between sellers increased. “They’re not easy sells but as long as the buyer wants to buy and the seller wants to sell … It was a good result for all,” he said. “Sometimes if there’s more property there’s more buyers. There was definitely a lot of people there viewing [Campion Avenue].”

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Just around the corner on Saturday, was the open home of the “Graya Brothers” newest project: a five-bedroom home at 23 Mahara Street.

Rob and Andrew Gray are bringing increased competition to the inner west property market, making a name for themselves in Bardon and Paddington by routinely putting high-quality homes onto the market.

Despite the fierce competition for buyers, Rob Gray said he was still confident in appeal of high-quality homes.

“I feel pretty confident because there’s been heaps of houses on big blocks in Bardon that we’ve been selling over the years,” he said. “It’s quite a tough market but there’s no new stock and that’s what our house is, it stands out from the rest.”

He said rapid construction would increase competition between sellers in the years to come.

“Everyone’s caught on. The amount of construction in Paddington alone has formed up to be like what New Farm or Camp Hill was like a few years ago,” he said.

“Every builder I know is in Paddington. Every house is architecturally designed. In a few years there will be a lot more competition.”

Earlier in Ashgrove, another large family home went under the hammer in one of the suburb’s best streets.

The Queenslander at 51 Moola Street didn’t attract spirited bidding, but still secured a serious buyer – an interstate investor who kicked off the auction at $1.2 million.

Mr Penklis was auctioneer again, and took bids of $20,000 but the price didn’t nudge past $1.24 million.

Mr Penklis eventually put down a vendor bid of $1.28 million and after some negotiations, the house sold to the investor for $1.3 million.

Ms O’Dea said the home was positioned and built to accommodate a growing family. “You’ve actually got the Ashgrove school, Marist right in this street, she said. “It’s got everything people want.

“A family street and a family feel. That’s the fabulous yard, a big family pool and a house that faces that northerly aspect.”

On Brisbane’s southside, another renovated Queenslander sold at auction.

Just streets away from Balmoral , 52 Trafalgar Street, Morningside drew a crowd.

The home sold to an investor, who had a buyer’s agent bidding on their behalf, for $725,000. Place‘s Shane Hicks said Brisbane investors were growing fond of buying at auction.

“More and more we’re seeing interest in the auction process from cash buyers who are keen to purchase under auction conditions,” he said. “We believe there was big interest because the home appealed to so many demographics. It offered the opportunity to move straight in, renovate, rent, or knock down and build your dream home.”