A RETIREE who secured his son’s first home at auction competed against eight registered bidders for the property in one of Brisbane’s fastest growing unit markets.
Steven Ma, of Eight Mile Plains, made the top bid of $580,000 for the three-bedroom, two-bathroom townhouse in Sunnybank – marking a new record price for the Deason St complex of 23 units.
The property was marketed by Ray White Rochedale agents, Anton Silaen and Sam Maleki, and last sold in March 2022 for $500,000 after 8 days on the market.
It had attracted strong interest from first-home buyers locked out of the housing market through the Covid boom, Mr Silaen said.
Sunnybank and neighbouring Acacia Ridge recorded the city’s strongest quarterly growth, with unit prices up more than 24 per cent to a median of $504,000 in the three months to March, PropTrack data shows.
Auctioneer Phil Groom took an opening offer of $450,000, with three bidders active in the final throes of bidding.
Around 12 more bids were quickly fielded before the auction was called.
Mr Silaen said the renovated two-storey townhouse was sought after by young buyers competing for a diminished supply of affordable properties for sale in the area.
Just three other units were listed for sale in Sunnybank on realestate.com.au this week.
Many buyers who had previously set their sights on buying a free-standing home were settling on units or townhouses instead, with interest rate hikes and their effect on borrowing power pushing more people into the lower price brackets.
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“They kept on missing out or they thought the price was too high then, and now they can’t afford to buy the house they wanted so they are all coming to buy units,” Mr Silaen said.
“Interest in this townhouse has been extremely high because people have no choice.
“There’s a shortage of properties available for sale in the area, not just for units, but houses too.”
Mr Ma said his almost 40-year-old son will move into the unit with his partner.
“I’m happy - more than him,” he said.
His son had been living at home with Mr Ma and his wife.
He had spent three weeks attending open-home inspections and auctions in the area, and was happy with the sale price despite bidding $30,000 over his budget.
“My budget is $550,000 but sometimes I’m crazy,” Mr Ma said.
The highest price previously paid for home in the complex was $510,000 in May 2022, while about 85 per cent of the units were owner-occupied, property records show.
The complex was located within walking distance to public transports, shops, a medical centre and schools, Mr Silaen said.
The post ‘I’m happier than him’: Father buys first home for 40yo son appeared first on realestate.com.au.