A stunning historic home in Brisbane’s inner north has changed hands for only the third time since being built, selling under the hammer on Saturday for a whopping $2.8 million.
It was an unusually quiet week for auctions in Brisbane, with only 36 properties put to market across the city. Despite this, there was a healthy reported clearance rate of 33 per cent, and a number of quality results.
The best of those saw the stately home known as “Highgate” at 117 Adelaide Street East, Clayfield sell for $2.8 million.
A rare example of Spanish mission architecture, Highgate has a long and storied history, with past owners including Elizabeth Hart of well-known Brisbane legal firm Flower and Hart Solicitors.
The six-bedroom, two-bathroom house set on a sprawling 1712 square metre block attracted attention from across the country for its beautifully-preserved original features and established gardens.
Bidding opened at $1 million, then quickly jumped in $500,000 increments to $2 million.
A few bids later the price hit $2.7 million, at which point proceedings were paused for negotiations between the owners and the bidders. Twenty minutes after that, the house was announced on the market at $2.8 million and then promptly sold.
“Highgate is a significant estate which has had only three owners since being built in the 1930s,” said selling agent Christine Rudolph, of Ray White New Farm.
“It was built by one of Brisbane’s most prominent architects, Richard Gailey, and held by the current family for the past 30 years. It was time to pass the legacy to another family.
“The buyer is a prominent Queensland pastoralist who loved the privacy, space and classic Spanish mission architecture. He and his family were delighted with the purchase.”
Elsewhere, a three-bedroom, two-bathroom unit was sold for $858,000 in the inner
Brisbane suburb of West End, despite agents decrying the difficulty of selling such properties.
About 15 people watched for half an hour as one registered bidder tried to stake their claim on the apartment at 266/8 Musgrave Street. Bidding opened at $800,000, and selling agent Karen Simons, of Place Graceville, said the price jumped from there.
“We only had one registered bidder, but we had a number of post-auction people who had interest,” she said. “The bid went from $810,000 through to $830,000 and then we underwent some negotiations, and finally got up to $858,000.
“In this situation we had a number of people who weren’t able to bid on the day, but were certainly there and hoped it fell over and didn’t get a result on the day so they could actually have a chance of buying the property.”
The vendors had been
living in the apartment for a number of years and had decided to move into a house nearby. Simons said they had originally chosen that area because of its location in the Brisbane State High School catchment.
“We see school often determining where people choose to buy,” she said. “I think we’ve all got to remember that it’s not just about the house, whether it’s got the right features; the bedrooms, the bathrooms. There’s also a big significant factor that plays into people’s minds as to what sort of lifestyle it’ll deliver them.”
The successful party had set their hearts on the property primarily because of its proximity to specific schools. Both the buyers and the vendors were pleased with the result.
“Everyone was happy all around,” Simons said. “The apartment market is a very tough market and there has been a lot of
oversupply. Many vendors have suffered losses in their sales, and that is something we have to battle and try to achieve the best result we can.”