‘Went to war’: Bidders battle it out for the security of a home

Brisbane auctions attracted huge crowds and high emotions over the weekend, as buyers battled to put a roof over their heads and tightly-held homes went to market for the first time in decades.

Place real estate agents took six properties to auction on Saturday, with all selling under the hammer in front of huge crowds.

Another one scheduled to go under the hammer on Saturday did not even make it to auction day, with the completely original 1920s cottage at 28 Victoria St, Kelvin Grove, snapped up two weeks prior.

28 Victoria Street, Kelvin Grove

Two homes on the same street in Graceville sold under the hammer, with a two bedder at 25 Allardyce St fetching $955,000 in front of seven registered bidders and a 100-plus strong crowd.

25 Allardyce Street, Graceville

Down the road at number 43, also a two bedder, four registered bidders and a 50-plus strong crowd watched on as it sold for $995,000.

It was on the market for the first time in four decades, with property records showing the vendors bought the home in 1980 for an unbelievable $34,000.

The median sales price in leafy Graceville is now $1.2 million, which is up 41.6 per cent since the start on the pandemic property boom in 2020.

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43 Allardyce Street, Graceville

Place chief auctioneer Peter Burgin said the successful bidder for number 43 stood directly in front of him with her “game face on”.

“She basically went to war with everyone,” he laughed. “She was brutal.

“Anytime someone placed a bid, she was back at them with another $5000.

“But at the end, when the hammer fell, the emotion just overwhelmed her.

“She was on a mission to buy that home and it was so lovely to see that real estate means something, that it is not just some transaction.”

The Day - Place Estate Agents auction event

Place Chief Auctioneer Peter Burgin. Picture: Liam Kidston

A house at 1 Taylor St in Annerley, which was on the market for the first time in 48 years, also captured buyers attention, with eight registered bidders and a crowd in excess of 100.

It sold at auction for $2.055 million.

Property records show the original owners bought it for $29,000 in 1975, with the house passed down to family.

“Annerly can be a tough market to pick but this was a beautiful character home,” Mr Burgin said.

“The sellers were very emotional as it wasn’t about the money but about the legacy.

“But it is going in to good hands, with a local family making the successful bid.

“The husband was on the phone, his wife making the bids and when the hammer fell she basically melted.”

1 Taylor St Annerley

On a 810sq m block with subdivision potential, the traditional Queenslander has six bedrooms, open plan living and dining spaces, timber decks, firepit area, and tropical gardens.

Over in Enogerra, a retro red brick house at 2 Harley St sold for $1.35 million in front of seven registered bidders and a crowd of 80-plus.

2 Harley St Enoggera

But it was the backyard that was the hit, offering pristine lawns, established gardens, a pool and entertaining deck.

It was bought as a first home by a young couple

It last changed hands for $695,000 in 2016, with the median sales price in Enogerra soaring 69.4 per cent in three years to $1.2 million, according to the latest REA Market Trends report.

A young couple made the successful bid for their first home, Mr Burgin said.

Over in Sunnybank Hills, 4 Ribbonwood Street attracted six registered bidders and sold under the hammer for $881,000, while a riverfront apartment at 203/57a Newstead Terrace in Newstead earned its owner a tidy $500,000 profit since it was purchased for $1.206 million in November 2019.

4 Ribbonwood Street, Sunnybank Hills

It sold under the hammer for $1.735 million with four registered bidders.

203/57a Newstead Tce Annerley

Mr Burgin said sellers would be “mad” not to consider gong to auction in the current market.

“Around 75 per cent are selling at auction, but even those that don’t, they are selling just days later,” he said.

“The number of registered bidders has been increasing again, and there are more buyers than stock so there is healthy competition.”

He said actions were attracting a mix of buyers, including local and interstate buyers.

And while investors “are out there”, he said they were looking for value and yields while owner-occupiers were looking for security.

“They want a roof over their heads, they want the security of having a home,” he said.

The post ‘Went to war’: Bidders battle it out for the security of a home appeared first on realestate.com.au.

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