“It’s the highest value apartment to be sold outside of Hastings Street in Noosa … and these market-leading sales are watched closely by property owners and underpin the constant re-rating of values across the board, and that has been in strong positive territory now for a decade.”
In Brisbane, the incredible buyer firepower propelling the strong run of high clearance rates finally dimmed over the weekend, with a softer 72 per cent of homes reported for auction selling under the hammer on Saturday.
Despite the drop, just over $52.4 million in property transacted for a median sale price of $1.310 million, with an elegant four-bedroom home at 3 Nindethana Street, Indooroopilly, collecting the highest sum at $4.6 million.
Jack Dixon, of Dixon Estate Agents, co-marketed the home with Tom Lyne, of Ray White New Farm, and said a Brisbane local who was bidding by phone from out of state snapped up the prestigious abode, which last changed hands more than two decades ago.
“We had about 100 people – all on the tennis court – and six registered bidders. This result shows you how competitive auctions are at this of the market and it shows you how strong the market is. A couple of years ago you wouldn’t have auctioned a home like this,” Mr Dixon said.
“But the market is very strong – particularly for quality homes – and it hasn’t slowed down at all. In fact, I don’t think it will until Christmas Eve.
Mr Dixon said the home’s estate feel and a blue-chip precinct helped secure the cracking sale, with the city’s prestige sector still considered cheap as chips – particularly for interstate buyers.
“In the end the buyers will look back and be pleased they bought this home [for that price],” he said.
Across at 10 Wahroonga Road, Ashgrove, a quaint four-bedroom Queenslander with a white picket fence collected $2.225 million – a whopping $325,000 over the reserve.
Selling agent Brigette Righton of Ray White Ashgrove said nine registered bidders fought it out tooth and nail for the home, with a family winning the keys in what was a breath-taking auction.
“I didn’t expect the result but Ashgrove is still hot with plenty of buyers determined to buy,” Ms Righton said.
Throughout the NSW capital, property punters reported a tale of two markets with top homes in sought-after spots sparking bidding wars among buyers desperate to bag four walls for Christmas – with increased stock levels allowing buyers to turn up their noses at others.
Auctioneer Stu Benson, of Benson Auctions, said buyers were being spoiled for choice, which sparked registration numbers to drop on Saturday.
“I still had some great competition on a few of mine, and we’ve also seen quite a few properties selling prior with buyers a bit nervous about not wanting to end the new year homeless, so they are putting in decent offers [ahead of the auction],” Mr Benson said.
“My standout auction on Saturday was a rare, single level home at 11 Kentia Parade in Cherrybrook. It was a builder-built home and had a real attention to detail architecturally … and the buyers cottoned on to that.
“It sold for $2.3 million and that was $100,000 above the reserve, so there is still firepower.
“We had five registered bidders and then a young couple who had been looking for months – [and] had been missing out – got it. There was a cheer from the crowd.”
Mr Benson said the home, which was marketed through Jessica Campbell and Greg Nicolson of Louis Carr Real Estate, was in a suburb that had seen astronomical property price growth in the past 12 months, with many buyers still trying to buy a slice of the real estate pie before being priced out.
Over at 170 Forest Road Arncliffe, Nicholas Economos of Ray White Rockdale sold a three-bedroom home on a 347 square metre block for a reserve-smashing $1.4 million after nine registered bidders, of which four were active, duelled for the keys.
“I wasn’t expecting it to be honest. We knew we’d have a few buyers, but the bidding just went up in pretty big increments, and it was crazy.
“Bidding kicked off at a million (the price guide was $1.05 million) and then it went by $50,000 increments.
“The people who bought it are living a little bit closer to the city, but they couldn’t afford something there, and I know they just fell in love with this home.
“So, while things have toned down a bit but we didn’t see signs of that this weekend.”
Domain’s auction data revealed the softening clearance rates for Sydney continued on Saturday, with just 73 per cent of properties sold for a total of $723,015,276. The median sale price was $1.55 million.
In Melbourne, an even softer clearance rate of 66 per cent was collated after 735 homes sold under the hammer for just over $613.95 million. The median sale price was $1,056,750.
A dated three-bedroom brick house at 3 Hamilton Street, Kew East, fetched a whopping $320,000 over the reserve on Saturday after five active bidders raised their virtual paddles.
Co-selling agent Leigh Kelepouris of Ray White Oakleigh said the home’s five-star location, the block size of 671 square metres and the fact it wasn’t quite a knockdown with plenty of renovation potential led to the top result.
“Bidding kicked off at $1.7 million and quickly rose past the reserve of $1.950 to $2.27 million,” Mr Kelepouris said.
“This shows good family homes are still sought after it was a family from Oakleigh that snapped it up. The owners had only had it for a few years and they paid $1.92 million.”
Over at 17 Crimson Crescent, Epping, a striking four-bedroom home on a 571-square-metre block sold for $1.181 million after a family of five were finally able to end their long house hunt.
“They had probably been looking for the past six months and just couldn’t get anything. They had their heart set on this one, so they are ecstatic,” selling agent Con Tsalkos of Ray White Epping said.
“It was a really good auction … and it sold for $131,000 over the reserve, so it blew our mind.
“But there isn’t a lot at the top end of the market that ticks all the boxes … and there’s a lack of big quality homes in my area.
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