Friday, 29 May, 2020

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Buyers in a $1m-plus house hunting frenzy in Brisbane

It was a good day to go under the hammer for sellers seeking a sale over $1 million.

A number of properties across the city changed hands with winning seven figure bids, and there were many willing buyers clambering to get their hands on them.

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The result comes as local agents plead with sellers still sitting on the fence to get in touch, with a rush of buyers looking for new homes to call their own.

One of the biggest confirmed sales of the day was at 26 Moyry Street in The Gap — a four bedroom hilltop house on a whopping 3239sq m block with mountain and city views.

This house at The Gap sold for $2.25 million

Ray White Paddington agent Harrison Mastrapostolos said four of the eight registered bidders raised their paddles at the 11am auction, with bidding starting at $1.7 million.

He said the process slowed at the $2 million mark, with bids increasing in $10,000 instalments before the hammer fell about 45 minutes later at $2.25 million.

“The Gap is hot right now,” he said. “Our days on market are way less than 30 days.

“People are moving out this way because they can get more land and more bang for their buck.

“The same property just a suburb over in Ashgrove would have cost an extra $200,000 at least.”

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It sits on a 3239 sqm block bordering Enogerra Reservoir

Bordering the Enoggera Reservoir, the sprawling property has a pool, tennis court and outdoor kitchen, plus that acreage feel just 12km from the CBD.

Mr Mastrapostolos said there had been a few offers prior to the auction, but the property was ultimately won by a local family.

He said local buyers were acting more quickly to secure the right property, and sellers were also starting to wake up to the rejuvenated market.

“There is not a lot of stock on the market yet but having said that, we signed seven new properties in The Gap, Ashgrove, Bardon and Paddington in the past week.”

“The market is moving again,” he said.

CoreLogic data shows that the median house price in The Gap has risen by one per cent in the past three months to $702,000.

Meanwhile, a ‘Gatsby-inspired home’ on a 4064 sqm estate at Parkinson also sold under the hammer for $1.98 million.

This Parkinson mansion was bought by a local family for $1.98 million

LJ Hooker Sunnybank Hills agent Emily Xiong said three local registered bidders battled for the property.

“The new owners love the house and the size of the land,” she said.

The new owners were drawn to its design and the size of the land

And in Wilston, an updated Queenslander house at 14 Lovedale Street sold for $1.22 million.

There were six registered bidders, with four of those trading bids until a family from Western Australia landed the knockout blow.

This updated Queensland in Wilston drew a big crowd at auction, selling for $1.22 million

Ray White Wilston agent Alistair Macmillan said there were more than 75 group through the property over the four week campaign.

The new owners, he said, had migrated from the west coast and had been renting in Wilston while on the hunt for their new family home.

It was bought by a family who have moved from Western Australia and just screams ‘Queenslander’!

“The highest offer we had prior to the auction was $1,050,000 so it proves that holding your nerve and making it to auction day has real benefits,” he said.

“We had four registered bidders battling it out on the day with all of the interest coming from local families that wanted to live within walking distance of Wilston State School and St Colombus State School.”

In Wilston, median house values have jumped by three per cent in the past three months and six per cent in 12 months to $1.035 million.

The data, released on Friday, shows that overall the Brisbane City and Greater Brisbane regions have held steady, with median house values of $685,000 and $535,000 respectively.

Meanwhile, negotiations were continuing on two other properties that are expected to sell for well in excess of $2 million each within days.