Source : the age
A character home just 200 metres from a top Queensland school sold for $3.311 million after two families slugged it out in $1000 bids.
The five-bedroom, four-bathroom home, at 79 Gresham Street, East Brisbane, sits around the corner from Anglican Church Grammar School – better known as Churchie – one of the city’s most exclusive private schools for boys.
Set on a rare 984-square-metre block, the two-level home is a five-minute drive to the city, with luxury features including a spa-sized bath in the main suite and a near 12-metre pool.
Seven buyers registered for the Saturday auction at the Calile Hotel, which opened at $2.7 million.
Quick $100,000 rises took it to $3.25 million, when it was called on the market. Two Churchie families remained, making $1000 and $3000 bids until the hammer fell.
“The reaction was raucous applause,” said Brandon Wortley, of Ray White Bulimba.
“The buyers were stoked … they’ve now got one of the best schools in Queensland just down the road.”
Wortley said the home itself and even the suburb helped fuel the bidding war.
“The house is pretty unique. Not a lot of homes exist in East Brisbane on blocks this size,” he said.
“And the suburb is growing up quickly. There’s hype around the Gabba stadium works and a really good selection of dining options now.”
Wortley said renewed buyer confidence had improved across the city, with the agency clocking one of its busiest weekends since the federal budget.
The home was one of 138 scheduled auctions across south-east Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 28 per cent from 89 reported results, with 13 homes withdrawn.
Nearby in Hawthorne, a couple from New Farm were the sole bidders on a sprawling four-bedroom house at 64 Amy Street, eventually paying $3,450,690 to get the keys.
The four-bedroom, two-bathroom home sits on a 698-square-metre block and had been freshly renovated.
A crowd of 20 watched as selling agent Paula Pearce, of Place Bulimba, asked the buyer’s agent representing the couple if they wanted to open bidding.
They declined.
Pearce then placed a vendor bid of $3.4 million, sparking a long pause and an even longer negotiation.
“We ended up having a 35-minute conversation with the buyers. Finally, we got to a spot where both parties were comfortable,” she said.
“The vendor just wanted fair value and 690 was actually a special number for them.”
Pearce described the buyers as a mature couple and said their love of the river and Hawthorne’s coveted “avenues” sparked the move.
“They loved the fact that the home has beautiful street appeal and the walkability to shops and the river.”
While the result signalled prevailing buyer confidence, Pearce said the market remained tough. She put the auction success down to weeks of work before the listing went live.
“We spent three months renovating, and that included changing all the flooring, painting the whole place and fully landscaping the gardens,” she said.
“We even washed the house and placed beautiful plants throughout, alongside gorgeous linen sheer curtains.
“And that’s because the market right now isn’t interested in renovating – particularly for this demographic.
“We’re seeing a property market that’s hard to predict right now because of global conditions and you have to be ready to adapt.”
In Wavell Heights, a home dubbed a “dying breed” sold for $1.745 million to a young couple seeking a sub-$2 million foothold in a fast-growing suburb.
The five-bedroom, three-bathroom Queenslander sits on a 451-square-metre block and features a pool, rainwater tank and balcony.
The buyers were the sole bidders, offering a $10,000 bid after the auction opened at $1.7 million.
A 20-minute negotiation followed before it sold under the hammer.
“They were over the moon … and the vendors were pleased to see it go to a young family,” said selling agent Drew Davies, of Place Ascot.
“It’s a large home for this price point and being on a smaller block than is typical for this area, plus the fact it wasn’t freshly renovated, meant a cheaper price.
“So I knew it was going to sell. Wavell Heights has been on a hot streak, and we’ve seen a lot of young families trying to get a house here for under $2 million.”
Domain figures show median house prices there climbed almost 19 per cent over the past year to $1.65 million.
Davies expects more growth to come but said inspection numbers remained subdued.
“It’s down on what we would have seen last year … but the Reserve Bank of Australia’s decision to hold interest rates is certainly going to help momentum,” he said.
AMP chief economist Dr Shane Oliver said the market appeared to be in a holding pattern that only a rate rise or hike would likely break.
“I suspect we’ll remain subdued for a while. Investor activity is still going to be fairly subdued and petrol prices are back up, which makes conditions harder,” he said.
Oliver warned a spring influx of listings combined with softer confidence could spark fresh market challenges, though he still expects only a moderate decline in prices nationally.
