Brisbane’s red hot property market has overflowed into the city’s generally sleepy auction scene with more than $10 million in homes and land sold under the hammer on Saturday, including an empty block in Kedron that fetched almost $1 million and the chic Camp Hill Queenslander of an AFL player that cleared almost $1.5 million.
Although hordes of home-hunters pounded the property pavement to a reported 29 auctions, it was the character home of former Brisbane Lion Alex Witherden, at 57 Burn Street, that clocked one of the top results.
His home achieved a reserve-topping $1.43 million – $230,000 more than he paid for the property 18 months ago.
The stellar result comes amid a raft of multimillion-dollar sales in the past few weeks alone as Brisbane house prices continue to climb to record heights and home-hunters battle it out for a piece of the dwindling property pie.
Ray White Metro North principal David Treloar, who sold the four-bedroom house for the 22-year-old AFL player, said 84 groups flocked to the home’s manicured lawns in the first week alone, with the auction moved forward by a week because of the sheer level of buyer interest.
“Alex loved that house and, while he tended it to be a long-term home, he got transferred over to Perth (to the West Coast Eagles), and so he had to sell,” Mr Treloar said.
“But the auction result is an indication of just how desirable these larger blocks of land are at the moment. I think people just want more space,” he said.
“The market is extremely strong.”
Perched on a 885-square-metre lot, the home features two bathrooms and a lavish backyard and was in a patch of Brisbane that Mr Treloar said was becoming nothing short of hot for local buyers.
On the other side of the city a 607-square-metre block at 52 Seventh Avenue, Kedron, sold for an incredible $992,000 to a young couple, after 31 registered bidders battled it out for the prime slice of dirt.
Selling agent David Lazzarini, of Ray White Lutwyche, said the severe lack of stock coupled with the record low interest rates had fuelled a buying frenzy – with home-hunters feeling more confident than ever to buy amid reports interest rates would remain at record lows for another three years.
“While I wasn’t expecting this (top) result, it’s the same story everywhere in Brisbane (right now), there’s just a severe lack of stock and there’s a lot of buyers that are ready to rock and roll. We are typically getting 50 to 80 groups through in the first week (of a home or block hitting the market),” Mr Lazzarini said.
Back in Camp Hill, Shane Hicks, of Place Estate Agents Bulimba, sold a quaint four-bedroom cottage at 2 Lewis Street for $972,000 under the hammer in front of a more than 120 people.
“We had seven registered bidders and just a massive crowd. It was a young couple from New Farm (who secured the winning bid) and it sold for well over the reserve,” Mr Hicks said.
“It was a very busy weekend and our office ran five auctions and four of those sold under the hammer while the fifth sold within two hours.
“I think the competitive market has helped the auction trend to grow and while it has always been strong in those inner suburbs for the first time I’m hearing buyers say they’d prefer to buy at auction.”
Within the Place Bulimba office, Carla Haddan also clocked a top result for 73 Lancaster Street, Coorparoo, that fetched $1.32 million after six registered bidders battled it out before a local downsizing couple secured the winning bid.
Wrapping up the top results was a stunning four-bedroom abode at 54 Linton Street, Kangaroo Point, which Simon Caulfield, of Place Estate Agents Kangaroo Point, sold under the hammer for $1.85 million following strong bids from four buyers.
The home sits on a 577-square-metre block and features a fresh-water pool and an expansive deck with soaring city views.
Across Brisbane 59 per cent of the homes slated for auction were sold, compared with 45 per cent this time last year.