When the price hit $1 million, the crowd laughed.
Not because it was cheap – but because even in Brisbane’s red-hot market, no one quite believed a two-bedder in Nundah had just crossed that line.
A couple of minutes later, just $3000 on, the hammer fell and the laughter turned to cheers – leaving six battered bidders who’d slugged it out for a two-bedroom Nundah unit close to shell-shocked.
The apartment 603/1 York Street, Nundah, sold under the hammer for $1,003,000.Credit: Ray White New Farm
The reaction was justified. It’s one of the highest prices ever paid for a two-bedroom pad in a suburb where only a handful of units have cracked seven figures. Less than 10 years ago the apartment sold for about half that – and five years ago Nundah’s median unit price was $385,000.
Today, it’s $715,000 – up 19 per cent in the past 12 months, according to Domain’s latest House Price Report.
And at the Friday auction of 603/1 York Street, Nundah, the seven-figure sale price cemented just how far the former bridesmaid suburb has come.
“I think the crowd was in disbelief when the price hit $1 million,” said Ray White New Farm’s Simon Petrie.
“People started laughing … they didn’t expect it to go over $850,000.
“But while Nundah might not be as flashy as your New Farms and Teneriffes, it’s a genuine lifestyle suburb with a village feel. And people clearly love that.”
Sold on Friday as part of Ray White Collective’s two-day auction event, the home attracted seven registered bidders, spanning first home buyers to downsizers.
Bidding opening at $700,000 and rose in $25,000 bids to $850,000 and was called on the market at $880,000 – just over the reserve.
“Buyers just loved the positioning and natural light,” said Ray White New Farm’s Simon Petrie.Credit: Ray White New Farm
Three bidders pushed up the price in largely $1000 rises until a “mature investor” buying a city base nabbed the keys.
“It went beyond our expectations,” Petrie said.
“But buyers just loved the positioning and natural light and the fact that the Toombul cricket field is just across the road and the floor plan felt homely.”
Petrie said Nundah’s coming of age had long been brewing.
“I broke the Nundah townhouse record back in 2023 for a sale over $1 million and back then we thought this is an area you have to be aware of,” he said.
While the Nundah unit was far from being Brisbane’s top sale – that title went to 19 Wordsworth Street, Bulimba, which fetched $5.5 million – Ray White Collective principal Haesley Cush said apartments were the surprise packets of the weekend.
“I believe we’ll see more and more plus $1 million sales like this. The fact that there was a buyer within $1000 of the final amount tells the buyer the price he paid has been validated,” said Cush.
“And that’s the benchmark.
“First home buyers are really hotting the market up it’s lifted that market.”
The home was among 149 scheduled auctions across South East Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 54.5 per cent from 99 reported results, with 14 homes withdrawn.
In Coorparoo, a land-banking parent paid $1.155 million for a two-bedroom cottage on 405 square metres at 7 Riddings Street – outmuscling nine active bidders in front of a chocolate-and-champagne Valentine’s Day crowd.
Bidding opened at $900,000 and climbed in quick $20,000 rises to $1 million before two parties pushed it to $1.155 million, just over reserve. The underbidder was an investor.
“It was a pretty crazy auction … the investor who bought it was earmarking it for their young child and that’s what more people are doing now. They’re buying for their toddlers,” said Joanna Gianniotis, of Place Camp Hill.
The vendors bought the property in 2010 for $475,000.
At 57 Bellata Street, The Gap, a buyer burst into tears when her final bid of $2.11 million secured a four-bedroom home backing onto Mount Coot-tha Reserve – setting a street record.
Bidding for the home, which sits on a 607 square metre block, started at $1.5 million, with five local punters trading $100,000, $50,000 and $10,000 bids.
“The reaction of the buyer was just beautiful. She cried and her husband was on a plane heading overseas as the hammer came down but she managed to tell him got it,” said Jessie Hall, of Ray White Wilston.
“She just knew it was the one and she could imagine living there with her tweens.”
The vendors, who paid $925,000 in 2019 and renovated the kitchen, bathroom and laundry, were downsizing.
“I showed just over 120 groups through this home and that’s because it’s on the border of Ashgrove, but you get a lot for your money here than just down the road,” she said.
LJ Hooker head of research and economics Matthew Tiller said the year had started solidly, with listings lifting.
“The rate rise hasn’t affected sales volumes but what we are now seeing is a little bit of a slowdown in the speed at which new buyers are moving because they’ve had to go back and readjust financing,” he said.
“But in saying that, it’s still very active. We’ve seen a fair bit of appraisal activity come through and that might be because vendors are deciding to list now in case there’s another rate rise and a market slowdown.
“It’s still going to be a pretty healthy year for Brisbane and South East Queensland because we’ll see more listings but I don’t think buying activity will drop off.”
Most Viewed in Property
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: www.smh.com.au
