The holidays are approaching fast, but there are still plenty of people buying and selling houses at auction in Brisbane, as this method of sale becomes increasingly popular with buyers and sellers.
Some 93 houses went to auction this weekend, with a reported clearance rate of 44 per cent.
The five-bedroom, three-bathroom house at 12 General Street, Hendra, in Brisbane’s north, sold in a lengthy auction. Almost 80 people watched as six registered bidders battled it for more than an hour for the keys to the family home.
Bidding opened at $1.2 million and worked its way up to $1.6 million. At that point, the auction stalled, making way for extended negotiations. The negotiations led the highest bidder to increase their bid to $1.7 million. The house was then called on the market and sold.
Selling agent Damon Warat, of Ray White Ascot, said the property attracted immense interest, the majority of which came from young families, before auction.
“Good family homes on 607 square metres, with a kitchen downstairs always attract good interest,” he said. “There’s always a large demographic of buyers that want to buy them.”
The buyers were a young family who had recently moved from interstate. Mr Warat said they were intent on buying, and had even planned to bid at another
auction that day if they weren’t successful at this one.
Elsewhere, the four-bedroom, two-bathroom house at 92 Morehead Avenue, Norman Park, sold at a well-attended auction for $1.22 million.
Almost 80 people packed into the home to watch the seven registered bidders attempt to stake their claim on the beautiful
Queenslander. Bidding opened at $1 million.
The price then worked its way up to $1.17 million, at which point it was called on the market. Bidding continued until the price hit $1.22 million, the hammer was dropped, and the house was sold.
The buyers were a professional couple looking to buy a family home, while the vendors planned to relocate overseas for work opportunities. Both parties were satisfied with the result.
Selling agent Shane Hicks, of Place Estate Agents Bulimba, said the successful result pointed to an
auction market that was performing healthily in the lead-up to the holidays.
“I think the lead-up to Christmas, there’s a sense of urgency, and, of course, there’s been a few less homes on the market,” he said.
Mr Hicks said he had seen a general increase in the popularity of
auctions in Brisbane, where it had been traditionally less favoured. He said this was probably due to interstate migration from places where auctions were preferred, and also more public knowledge of the process itself.
“I genuinely think Queensland buyers are becoming very accustomed to the
auction process, and are actually really starting to like it,” he said. “I find people in Sydney and Melbourne don’t even like the private treaty. Queenslanders, as well, are saying ‘it seems to be transparent, it seems to be fair’.”
On the other side of the city, the three-bedroom, two-bathroom house set on 607 square metres at 31 Billington Street, Alderley, sold under the hammer for $1.35 million. About 40 people gathered for 15 minutes to watch eight registered bidders battle it out for the charming home.
Bidding opened confidently at $1 million, knocking out all but two of the registered bidders. The price continued to rise, but once it hit $1.19 million only one bidder remained.
At that point the auction stalled, and negotiations began with the highest bidder increasing their bid to $1.25 million. The other bidder then jumped back into the fray, and bidding continued until the house was sold at $1.35 milllion.
“It was a classic auction,” selling agent Craig Clysdale, of Ray White Alderley, said. “One of the very rare ones where the whole auction audience applauded at the end of it. It’s a great neighbourhood, and I can say that because I live just up the street.”
Mr Clysdale said the success of the auction can be attributed in no small part to the vendors being open to advice from him and his team.
“One of the best parts of it was the sellers took every piece of advice I gave them about marketing, presentation and everything else,” he said. “You couldn’t have asked for a better seller.”
The buyers are relocating back from
Sydney to be closer to family, while the vendors plan to move to a luxury townhouse that will require less maintenance. They were both pleased with the result.