Brisbane new-found romance with auctions is fast becoming a serious love affair after a record-setting median sale price was clocked across the city on Saturday.
From the reported 39 properties sold under the hammer, according to the latest Domain data, almost $17 million in real estate was transacted with the average home selling for $1,247,500 – which is the highest recorded median price in the past six months of weekend auctions.
It’s a staggering figure that property punters say has cemented the widespread shift from private treaties, in line with Melbourne and Sydney.
Australia, we had 5.1 registered bidders on Saturday and across Brisbane we had an average of 8.1 registered bidders at every auction,” Ray White Queensland chief auctioneer Mitch Peereboom said.
“We also had an 87 per cent
clearance rate, which is double what we were seeing just before COVID,” said Mr Peereboom. 74 Gordon Street, Gordon Park.
It paid off to go to
auction, with Ray White recording prices achieved at auction were 11.7 per cent above the highest offer made during the sales campaign.
“The sale prices were extraordinary and competition between buyers is really driving those prices up. People see great results and that gives them confidence and auctions create more auctions,” Mr Peereboom said.
Across Ray White offices on Saturday one of the most exciting sales clocked was in the city’s smallest suburb of Gordon Park, where 16 registered bidders battled it out for a quaint five-bedroom Queenslander at 74 Gordon Street.
74 Gordon Street, Gordon Park QLD 4031
In the end, a
young family forked out $1.41 million for the winning bid, a whopping $200,000 above the reserve.
“The market is moving and changing every week and, whilst we have a shortage of stock, we are starting to see more sellers come onto the market. The results speak for themselves,” said selling agent Douglas May, of Ray White Sherwood.
In Cannon Hill Meagan Muir, of Place Estate Agents Bulimba, sold a stunning premium family home at 89 Erica Street for a reserve-busting $1.325 million after a Sydney buyer beat seven other registered bidders.
89 Erica Street Cannon Hill QLD 4170
“It ended up coming down to $1000 dollar bids and it took just seven minutes,” Ms Muir said.
“The buyers were so excited and they said they couldn’t wait to call
Queensland home. It was an all-round fantastic auction.
“In fact, this weekend really cemented Brisbane as an auction-friendly place. Buyers are finding great transparency and they can openly see what people are prepared to pay.”
Ray White Ascot principal Dwight Ferguson put away one of the highest recorded transactions for the day after selling 34 Isedale Street, Wooloowin, for $1.9 million.
34 Isedale Street, Wooloowin.
While nine registered buyers came out to bat, he said the bidding war ended up between a Sydney home hunter and a local, with the southern buyer walking away with the grand property prize.
“In the suburbs there were strong really prices on average and I suppose sellers see auctions as a benefit,” Mr Ferguson said.
34 Isedale Street, Wooloowin QLD 4030
In Murarrie, Tammy Dale, of Place Estate Agents Bulimba, sold the charming and almost century old cottage at 51 Woodanga Street for $930,000 in an auction she said wasn’t just emotional, but a happy-ever-after story for both the buyer and the seller.
“The buyer missed out on this home the last time it went up for auction [about a year ago] so you could tell she really wanted it. She ended up bidding higher than she originally talked about and, in the end, it was such a great outcome,” Ms Dale said.
51 Woodanga Street Murarrie QLD 4172
“The sellers bought this house for $750,000 a year ago and while they spent a bit of money it was a great result.”
In Grange, Ray White Wilston principal Alistair Macmillan sold 78 Carberry Street for a record-smashing $1.5 million after a battle between 12 registered bidders with a local family securing the prize.
“The highest sale price for an original Queenslander on a block over 800 square metres in Grange was $1.35 million, so we are absolutely delighted to have smashed that record,” Mr Macmillan said.
“The buzz around this auction was fantastic. There were close to 200 people in the backyard watching.”