DEVELOPERS and first-home buyers have dominated the first full auction weekend across Brisbane with selling agents reporting the property market is strengthening ‘week by week’.
A vacant block of land in the outer Brisbane suburb of Stretton sold for almost double its land value at auction yesterday, setting a new suburb record.
In the inner city suburb of Bulimba, developers paid $394,000 above reserve for a splitter block, and first-home buyers have paid close to $800,000 for properties in Coopers Plains and Lutwyche.
“Every suburb in the whole inner ring of Brisbane is going up week by week,” Ray White Annerley agent Bevin Powell said after selling a three-bedroom house at 8 Chotai Place, Coopers Plains for $771,00 to first-home buyers.
At 99 Penson Street, Stretton, a 900sq m vacant block, with a land value of $660,000 sold under the hammer for $1.18 million.
“It’s a block of land, that’s why it’s so crazy,” LJ Hooker principal Peter Florentzos said.
“It’s an up-market suburb on the south side of Brisbane close to those acreage homes in the heart of Stretton. The guy who bought it is building one big home on it.
“This market is just ridiculously confident.”
Place Bulimba’s lead agent Matthew Hackett sold an 810sq m deceased estate at 34 Shakespeare Street, Bulimba to developers for $1.768 million, which was $394,000 over its reserve price.
The developers, Cielo Group, planning to build two homes and incorporate the former owner’s name into the new development.
A total of 25 properties in the Greater Brisbane region went to auction yesterday with more than half selling under the hammer.
In Brisbane’s north, 21 pre-auction offers were received for 1 Kellino Street, Geebung which sold at auction for $900,000.
The 24 registered bidders included expat Aussies bidding from The Netherlands and a Melbourne couple wanting to have a Brisbane property close to their daughter for when they visit.
“It’s insane at the moment, there’s so many people out there; now is a really good time be selling property,” Harcourts Solutions agent Xander Evans said after the Geebung auction.
In Lutwyche, first-home buyers bought 53 Bradshaw Street for $775,000 at auction.
“There’s a different sweet spot for first-home buyers today,” Harcourts selling agent Jo Drydon said after the Lutwyche auction.
“First-home buyers are now over the $750,000 threshold whereas 18 months ago $550,000 was where they were at.”
Place Bulimba’s Shane Kicks sold 17 Faraday Street, Camp Hill to a family at auction for $1.465 million and said the start of the school year is seeing more stock come onto the market than there was two weeks ago as families wait for children to settle into school before listing their properties for sale.
“The market is strong but it’s two different markets,” Mr Hicks said.
“Under $1 million is where the massive crowds are and it’s ultra competitive. Over $1 million, while it’s still strong, it’s not as frantic.”
Queensland’s most popular house going to auction yesterday on realestate.com.au sold under the hammer for $887,000 with 12 registered bidders.
The newly renovated three-bedroom family home at 45 Turquoise Street, Holland Park, was on a 701sq m block and had 150 groups through during its auction campaign. It sold to local buyers who were upsizing.
Saturday’s auction action wasn’t contained to Brisbane, with 10 local and interstate bidders registering to buy 17-19 Magnetic Place, Redland Bay, which sold for the street record price of $1.05 million, while another 60 people lined up for the first open home of a second house on the same street that will go to auction on February 20.
“It’s a cracker,” Ray White Wellington Point selling agent Mark Taylor said of the start to the auction year.