Are Brisbane auctions going the way of Sydney?
2015-08-31
A weekend
auction in Brisbane’s Dutton Park points to Queensland’s capital pushing past
reserves in much the same way Sydney and Melbourne have been doing for some
time.
There’s been much talk – for
at least two years now – of the Queensland market taking over the mantle from
Victoria and New South Wales, after those markets reach boiling point. While
that point has yet to be reached, it does seem as though they’re slowing, and
the evidence from the weekend would suggest that the market in Brisbane is
extremely hot.
The auction for 50 Deighton
Road attracted a large amount of interest, not only because of the site’s
position just 2.5 kilometres from the CBD, but also the tragic state of the
building that still stands (just!) at the address.
The house itself is in such a
state of disrepair that it’s uninhabitable – indeed, it’s structurally unsafe
to enter – but that didn’t stop it realising $168,000 over its reserve,
fetching an impressive $668,000.
That surprising price,
however, is still considerably less than the suburb’s median house price,
currently $757,000.
The buyer is said to be an
investor with intentions of building a dream home on the plot where the
dilapidated 1946 Queenslander currently stands.
According to Gunther Behrendt,
of Ray White Stones Corner, who managed the sale, there were 25 registered
bidders for the auction, though many more people turned up to view the
spectacle.
The agent says he has seen
definite evidence of an increasingly hot market in Brisbane, with two of his recent
sales advancing way over the reserve. Added to this weekend’s success, Behrendt
says, his recent sale of 32 Ross Street in Woolloongabba means his last two
sales went $800,000 over reserve.
“We could sell a whole street
over with the amount of interest we have at the moment,” he says, adding, “it
might sound like a cheesy estate agent line, but my advice to Brisbane
homeowners thinking of selling is to make hay while the sun shines.”
source:http://www.apimagazine.com.au/api-online/news/2015/08/are-brisbane-auctions-going-the-way-of-sydney
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