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Australia auctions: Sprawling Brisbane home smashes reserve by $750,000


A sprawling hilltop Queenslander in Brisbane and a luxury waterfront estate in Sydney’s exclusive Kangaroo Point collected the top national sales at auction over the weekend as buyers across the country proved pandemic restrictions aren’t curbing the insatiable appetite for luxury homes.

In the Sunshine State capital’s leafy pocket of Indooroopilly, it was an ageing four-bedroom cottage on a 2107-square metre slice of prime real estate at that fetched the top sale of $4.5 million – almost $2 million more than the second-highest auction reported in the city on Saturday.

It’s the first time the prized property has changed hands in almost 50 years, a fact that selling agent Alex Jordan of McGrath Paddington said resulted in the reserve of $3.75 million being blasted.

“It was a good result, and it’s a beautiful and special property … and it’s a huge parcel of land that was on the market for the first time since 1968,” Mr Jordan said.

“But it was very emotional for the family … it was a tough decision to sell, and it’s an extremely rare land size that only comes up (in this part of Brisbane) once in a generation.”

While a local buyer claimed the coveted property prize after beating 15 other registered bidders, Mr Jordan said the appetite of interstate and, particularly, expat buyers had recently soared to new heights.


61 Dennis Street, Indooroopilly QLD 4068 

“We sold 10 Lance Street in Sherwood three days ago, and that’s a house that had a price guide of $1.8 million to $1.9 million, but it sold to an expat buyer in Ankara, Turkey, sight unseen for $1.94 million cash unconditional,” Mr Jordan said.

Nearby in the prized suburb of Corinda, Ray White Sherwood agent Douglas May claimed the city’s second-highest auction sale of the day with a rare acreage home at 140 Cliveden Avenue.

The four-bedroom abode, which occupies an incredible 24,000-square-metre block, a stone’s throw from the river and just over nine kilometres from the city centre, sold under the hammer for $2,850,500 to a neighbour.

He said the auction attracted nine registered bidders, who were a mix of developers and owner-occupiers.

“It was an exceptionally rare piece of real estate being acreage that was so close to the city,” Mr May said.


140 Cliveden Avenue, Corinda QLD 4075 

“And Corinda was rated as one of the top liveable suburbs in 2020, so to have acreage there and along the train line [is just so rare]. There are only one or two pieces left.

“In the end, it went to one of the neighbours, and they are going to retain it as acreage. They are equestrian lovers, and they’ve actually already got their horses there.

It was a fairy tale ending for the owners and the local community, whom Mr May said did not want the esteemed estate to fall into the hands of a developer.

“It’s great news for the family as they have owned it for 50 years.”

In Sydney, the immaculate four-bedroom, six-bathroom mini-mansion at 7 St Lukes Way, Kangaroo Point, collected the nation’s highest sale price at auction after it sold for $6.151 million under the hammer.

The waterfront abode, which is loaded with prestige features, including a heated pool and a gargantuan media room, occupies a 1013-square-metre block and was sold through McGrath St George for almost double what it last sold for in 2015.

While it scored the top price for the weekend, an ugly duckling three-bedroom brick home at 14 Irene Street, Abbotsford stole the auction show after 17 online registered bidders led to a local developer forking out $4.4 million – a whopping $1.5 million more than it collected three years ago.

The cottage, which boasts a 697-square-metre parcel of land, fetched $650,000 above the reserve in an event that selling agent Antonio Ariola of Belle Property Drummoyne said was fierce.

“I sold this property for $3 million three years, so it’s jumped [a lot] in that time frame … and we sold it for well over the reserve, which is not what we were expecting,” Mr Ariola said.

“The seller; he was over the moon … and the buyer, they are a developer, and they are going to build a duplex there and hold onto it and live in it.”

As to what lead to the cracking sale, Mr Ariola said it was the size of the block and the north-facing position, with a lack of stock in the tightly-held pocket further fuelling the bidding war.

Over in Balmain, a classy one-bedroom apartment at Loft 1/6 Thames Street sold under the hammer for $1.19 million after a local owner-occupier outbid 13 other buyers at the online auction.

Selling agent Benjamin Martin of Ray White Balmain said the chic unit was once part of the old Christian Brothers at Balmain school block – with the original facade still intact.

“There hasn’t been any decrease in the level of buyer demand on this property because of the rarity of the block,” Mr Martin said.

Across Sydney, the auction clearance rate for the weekend was 75 per cent after 433 properties sold from a reported 476. In total, $439 million in property was transacted, with the median price a strong $1.41 million.

In Melbourne, a slightly softer auction clearance rate of 67 per cent was racked up on Saturday after 457 homes were sold from a reported 680 – resulting in a median sale price of $905,000.

While the city was still dealing with its fifth lockdown, agents reported strong online bidding with buyers willing to put their virtual paddles up from the comfort of their homes.

Despite that, the city’s top auction, at 34B Bourneville Avenue, Brighton East, was snapped up a day prior after selling agent Richard Slade of Buxton Real Estate Sandringham was forced to make a quick judgement call.

“Because of the lockdown and the level of buyer interest, it was better for the owner [to accept the deal just prior],” Mr Slade said.


34b Bourneville Avenue, Brighton East VIC 3187 

“In the end, we had three groups making offers and negotiating … and it was all local interest.”

The stylish four-bedroom, three-bathroom townhouse fetched $2.6 million – a cracking result that Mr Slade said was possible thanks to its unique design and interior space sprawled over three levels.

“It had a living zone downstairs, and you could see through to the pool, which was a bit of an X-factor for buyers,” Mr Slade said.

“There was a lot of buyer interest, and that’s also because there’s a shortage of good homes on the market.”

That buyer appetite was evident for a four-bedroom brick home at 34 Arum Walk in Mernda, which attracted 25 registered online bidders on Saturday, which resulted in a reserve-busting $755,000.

Selling agent Ben Pellicori of Ray White Epping said it was the highest number of bidders of any auction sale in the country that day thanks to its stellar location and the fact that the spacious home was built just five years ago.

“I think the owners presented it really, really well. The home itself was just beautiful … and this level of buyer interest, it’s definitely not something we see a lot,” Mr Pellicori said.

“And we would have loved to have had the auction at the property, but we had to have it online and, in the end, it worked out for everyone.”

Mr Pellicori said bidding opened at $600,000, with a local buyer snapping up the home after 36 bids.


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Bridge to 2032 – Brekky Ck span approved, missing link for Games athletes’ village

Brisbane is set to have another major infrastructure project underway by the end of the year after Lord Mayor Adrian Schrinner lodged the final design of the Breakfast Creek green bridge with planning officers for approval.

The $67 million project is likely to provide a smoother connection for pedestrians and cyclists moving between the fast-growing riverside development at Northshore Hamilton and the CBD.

The 80-metre arch will cross Breakfast Creek to connect Newstead Park with the existing Lores Bonney riverwalk which was part of the now completed Kingsford Smith Drive upgrade.

“This is a crucial step towards securing the final approvals we need to commence work on the green bridge that will provide a $67 million investment in local industry, deliver a new active transport options and create 140 local construction jobs,” Schrinner said.

“The Lores Bonney Riverwalk is currently used 2300 times a day, and this new green bridge will improve safety and increase capacity to the riverwalk by creating a continues walking and cycling connection.”

He said the Breakfast Creek project would join the now-approved Kangaroo Point green bridge as fast-tracked investments to create jobs as the city headed out of the coronavirus pandemic.

Brekky Ck

The council has also linked the project to the 2032 Olympics, saying it will be a “key connector” for the planned Athletes Village at Hamilton and provide a critical transport link for the Games.

Two other cross-river pedestrian and cycle links connecting Toowong to West End and St Lucia to West End remain on the council’s green bridge program books but are yet to be funded.

The council insists the remaining bridges need federal and state government funding to go ahead.


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Green ‘Grand Central’: Cross River Rail unveils changes to parklands vision

Cross River

Developers of Queensland’s biggest infrastructure project, the $5.4 billion Cross River Rail, appear to have bowed to public pressure and moved to preserve more public space in its redesign of the city’s Roma Street parklands precinct.

The Cross River Rail Delivery Authority has confirmed it will allow more public open space in a revised development plan for the area.

A new development scheme for the Roma St precinct, which will contain the state’s most most important transport interchange (dubbed Grand Central) as well as the proposed Brisbane Live arena, identifies new green areas and more affordable housing than was originally planned.

The Palaszczuk government has insisted that the development of an underground Roma St station as part of Cross River Rail is a chance to revitalise an under-used part of Brisbane into a major opportunity for private investment.

The government expects that over the next 15 years there will be nearly 4200 new residents and more than 19,700 new workers within the 32 hectare Roma Street priority development area, bounded roughly by Wickham Terrace, North Quay and College Rd.

However, the delivery authority came under fire for giving over part of the Roma St parklands which houses a public car park and Brisbane City Council maintenance depot to residential and commercial development.

The authority now says under the finalised development scheme the precinct would have more “publicly accessible open space”.

“The existing 11 hectares of publicly accessible open space within the Roma St Parklands will not only be protected forever, but will be expanded even further by more than two hectares,” the authority said in a statement.

“The development scheme also provides for new social and affordable housing as part of new residential buildings parallel to the rail corridor, adding to the existing apartment complexes along Parkland Boulevard.”

“This scheme is all about renewing one of Brisbane’s most underutilised inner-city locations while protecting and enhancing the beautiful natural features that already exist. ‘

About 46,000 people each weekday are expected to use the new high-capacity underground station at Roma Street by 2036.


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Brisbane Olympics to Push Property Market’s Limits


Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

PRD chief economist Diaswati Mardiasmo said it was clear that hosting major events had served the property market well.

“The year after the 2000 Sydney Olympics, Newington (site of the athletes’ villages) and surrounding suburbs’ median house prices grew by 13.4 per cent,” Mardiasmo said.

“Median house price growth was not limited to the year after the Olympics. It grew by 38.5 per cent two years after, and 66.4 per cent three years after.

“The year after World Expo 88, South Bank and its surrounding suburbs grew by an average of 19.1 per cent and by 10.3 per cent after G20 Summit 2014.”

Brisbane property price predictions: Olympics 2032

Suburb 2011 2021 Projected Growth G20 Average
Hamilton house $824,000 $1,650,000 $3,990,670
Tennyson house $515,000 $970,000 $2,052,520
Chandler house $1,040,000 $1,600,000 $3,385,600
Woolloongabba house $623,000 $951,000 $2,012,316
South Brisbane house $805,000 $1,210,000 $2,560,360
Redland Bay house $450,000 $638,000 $1,350,008
Ipswich house $325,000 $435,000 $1,052,086
Herston house $697,000 $908,000 $1,921,328
Spring Hill house $950,000 $1,150,000 $2,433,400
Coomera house $353,000 $550,000 $1,163,800
Broadbeach units $463,000 $625,000 $1,322,500
Alexandra Headland house $570,000 $1,110,000 $3,348,760
Twin Waters house $651,000 $1,077,000 $2,278,932

^Source: PRD Research, AMP Pricefinder

“Bearing in mind the 2032 Olympics are still 11 years away, and based on how the Brisbane market is travelling, the potential to eclipse this price point is high,” Mardiasmo said.

“Regardless of the calculation method, the conclusion points us to Brisbane becoming a $1-million median house price city sooner rather than later. ”

Domain’s latest house price report showed median house price in Brisbane was $678,236, up 13 per cent annually.

Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.

Domain chief of research Nicola Powell said at the moment, low listing numbers and interstate migration were driving the price hike.

“It suggests that upgrading homeowners are fuelling house prices, as well as interstate and expat buyers moving from more expensive cities,” Powell said.

Melbourne and Canberra officially joined Sydney in the $1-million home club in the July results.


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