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‘Flicked a switch’: Buyers bid big at South East Queensland auctions

Flicked a switch Buyers bid big at South East Queensland auctions

A four-bedroom home in Mermaid Waters garnered so much interest that buyers from Denmark, Saudi Arabia and the United States inspected the property on FaceTime.

But it was a Queensland buyer who snapped up the waterfront home at 20 Tequila Court for $1.71 million.

20 Tequila Court, Mermaid Waters QLD 4218

20 Tequila Court, Mermaid Waters QLD 4218

4Beds 2Baths 5Parking

It was the first time the home, on the Gold Coast close to Broadbeach, had been offered for sale since being built 36 years ago.

Ray White Mermaid Beach co-principal Conner Malan said the buyer, a woman from Toowoomba, was one of 14 registered bidders on the day.

“She used an advocate, who was very flamboyant,” Mr Malan said. “He was bidding in eights trying to convince the other bidders he was bidding for a Chinese buyer.”

The winning bidder would now be calling the property her forever home, and was planning on some renovations, he said.

The property was one of almost 50 auctions held at the weekend across South East Queensland.

Brisbane’s preliminary auction clearance rate sat at 52 per cent, after 46 auctions were scheduled and 25 results reported. Five properties were withdrawn from auction on Saturday.

In Brisbane’s western suburbs, 23 buyers registered to bid on a very popular property.

The property, at 7 Salisbury Street, Indooroopilly, had a four-bedroom removable home on a double block of land, which many buyers were interested in.

7 Salisbury Street, Indooroopilly QLD 4068

7 Salisbury Street, Indooroopilly QLD 4068

4Beds 2Baths 2Parking

The home was snapped up by a developer/investor for $1,191,000 after an action-packed auction.

Doug Disher Real Estate director Doug Disher said bidding opened at $1 million, setting the scene for other buyers.

“There were some people there because they wanted to be close to schools,” Mr Disher said.

So many people turned up for the auction that some had to be asked to move onto the street or a safe distance away to allow for COVID-19 social distancing.

The vendor, who lives overseas, watched the action unfold through a live stream, Mr Disher said.

“They were selling because the home was surplus to their needs,” he said. “[They] were delighted with the result.”

In Bulimba, in Brisbane’s north-east, a four-bedroom Queenslander on a low-maintenance block at 7 Birkalla Street sold under the hammer for $1,452,500.

7 Birkalla Street, Bulimba QLD 4171

7 Birkalla Street, Bulimba QLD 4171

4Beds 3Baths 2Parking

Ray White Bulimba’s Jonathan Peck said the vendors, who had owned the property for 10 years, undertook a full renovation four years ago.

“They’re delighted to be able to move onto their next chapter,” Mr Peck said.

Eight buyers registered to bid on the property that had been inspected by more than 60 people in the past four weeks, Mr Peck said.

“The Brisbane property market continues to be red hot and Bulimba has now been on an upward trajectory for some time – it’s great to see so many buyers out and about,” he said.

Another fully renovated Queenslander at 19 Gordon Street, Hendra, sold under the hammer on Saturday, for $1,058,000.

19 Gordon Street, Hendra QLD 4011

19 Gordon Street, Hendra QLD 4011

4Beds 2Baths 2Parking
The four-bedroom home, also in Brisbane’s north-east, attracted four registered bidders, who fought it out for the keys.

Ray White Metro North’s Jon Finney said in the end it came down to two bidders, both young professionals, wanting to buy the home, which included large, decked outdoor entertaining areas.

“The winning bidder had missed out on three previous properties so they were determined to buy it with a capital D,” Mr Finney said.

The vendors, meanwhile, offloaded the home to make a full-time move to the Sunshine Coast, he said. Such sales showed how strong Brisbane’s auction market had become in the latter part of 2020.

“The confidence is here as strongly as it was lacking last year,” Mr Finney said. “There’s been a massive turnaround – it’s like a massive light switch has been flicked on.”

This article is republished from domain.com under a Creative Commons license. Read the original article.

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Brisbane

Mirvac Sells Golden Triangle Tower for $87m

Golden Triangle Tower

Melbourne-based property fund manager Forza Capital has picked up a prominent office building in Brisbane’s “Golden Triangle” from Mirvac for $86.7 million.

The property, located at 340 Adelaide Street—on the corner of Adelaide and Wharf Streets, comprises 12,800sq m of B-Grade office space across 17-levels, together with a ground floor cafe and parking for 100 cars.

In recent years, Mirvac has refurbished the building, upgrading the lobby and repositioning the external ground plane and retail.

Mirvac chief investment officer Brett Draffen said the proceeds from the sale will be redeployed into prime and A-grade commercial assets as well as its $22.4 billion development pipeline across the residential, office and industrial sectors.

The deal, negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, represents an 11 per cent premium to its book value in June.

“As the first major, post-Covid capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Phipps said.

Golden Triangle Tower1

The building is 93 per cent leased to tenants Covermore, Cerebral Palsy League and Oracle, and has a weighted average lease expiry of 3.8 years. Image: Supplied

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

Forza Capital director Ashley Wain said the asset represented exceptional value, given the building’s comprehensive refurbishment program, and was transacted with a high degree of certainty over a period of one month.

“Shortly after Covid struck, [we] identified the opportunity to prepare our investor base of sophisticated investors for opportunistic property investments.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics,” Wain said.

The acquisition represented $52.5 million of equity from Forza’s client base of family offices, high net worth advisory groups and individuals, and will now sit in the newly-established Forza 340 Adelaide Street Fund.

“The uncertainty in office investment markets has created really attractive investment metrics which, when combined with highly competitive debt funding, results in a target 8 per cent per annum distribution yield over the first five years of the investment,” Wain said.

Last week, Dexus listed a neighbouring A-grade office tower, located at 10 Eagle Street, with price expectations of $300 million.

 

The post “Mirvac Sells Golden Triangle Tower for $87m” by Ted Tabet appeared first on the theurbandeveloper.com Blog

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Brisbane

Yeronga trophy home fronting the Brisbane River listed

Brisbane River

A riverfront Yeronga, Queensland trophy home has been listed without a price guide.

The five bedroom, five bathroom abode is being marketed by Heath Williams and Nick Hurwood of Place.

Situated at 363 Brisbane Corso, the tri-level home fronts the Brisbane River.

Set on 916 sqm, it features two swimming pools and a private boat pontoon.

Other features include full-height stacked glass sliding doors opening out to a covered balcony which capture sweeping Brisbane River views as well as a ground-level rumpus or games room equipped with a bar, a projector and a linked balcony.

It is located seven kilometres from the CBD.

 

The post “Yeronga trophy home fronting the Brisbane River listed” appeared first on the propertyobserver.com.au Blog

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Brisbane

Mirvac offloads Brisbane office building for $87m

Mirvac office building

Mirvac has offloaded a 17-storey office building in Brisbane to Melbourne-based property fund manager Forza Capital for $86.75 million in one of the first institutional grade office deals to take place in the city since COVID-19 struck.

The building, which is in Brisbane’s ‘Golden Triangle’ at 340 Adelaide Street, had undergone an extensive refurbishment by Mirvac and sold at an 11 per cent premium to its last book valuation in June.

The property, which is 93 per cent leased to tenants such as Oracle, Cover-more Insurance and the Attorney General’s Office, has a 3.8 year weighted average lease expiry.

Brett Draffen, chief investment officer at Mirvac, said proceeds from the sale would be redeployed to grow its asset creation business and would allow the group to “capitalise on opportunities to create Australia’s next generation of workplaces, residential communities and mixed-use precincts”.

The office tower is the first asset to be acquired by Forza Capital following a $240 million capital raising from its client base of family offices and high net worth advisory groups in September and will sit in the newly established Forza 340 Adelaide Street Fund.

Forza Capital director Adam Murchie said they had advised their investor base to be prepared for opportunistic property investments shortly after COVID-19 had struck.

“Speed to transact was anticipated to be critical and we believed getting early capital commitments and being able to transact quickly would be paramount to securing new investments on attractive metrics.”

Forza Capital director Ashley Wain said the uncertainty in the office market had created attractive investment metrics.

“When combined with highly competitive debt funding [the metrics] result in a target eight per cent per annum distribution yield over the first five years of the investment.”

The deal was negotiated by CBRE’s Flint Davidson, Tom Phipps and Bruce Baker, and Matt Lawrence arranging the debt.

“As the first major, post-COVID capital markets transaction in the Brisbane CBD, this deal highlights the demand from onshore investors for quality office assets,” Mr Phipps said.

“As travel restrictions ease we expect the market to awaken in the first half of next year fuelled by historically low financing costs and Brisbane’s attractive yield spread.”

 

The post “Mirvac offloads Brisbane office building for $87m” appeared first on the afr.com Blog
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