An unrenovated 1920s bungalow in Brisbane’s inner-west has fetched $2.525 million after a four-way battle between local and interstate families vying for a rare large parcel in a tightly held blue-chip pocket.
The two-bedroom cottage at 27 Verney Road West, Graceville, sits on an 810-square-metre block and last sold in 2021 for $1.8 million.
Bought as a renovation project, its now Sydney-based owners instead held it as a rental before opting to sell – handing the opportunity to another Sydney couple who have ties to the suburb and plan to transform it into a sprawling retirement home.
Bidding at the auction opened at $1.7 million and rose straight to $2 million, setting the tone for a fast-moving contest.
Buyers traded a mix of bold $100,000 jumps and smaller $5000 and even $1000 increments until $2.5 million, where bidding stalled.
The two highest bidders – a local family and an older Sydney couple – then moved into negotiations until the interstate pair secured the keys.
The result not only delivered a 40 per cent gain for the vendors, but was the highest auction sale recorded across south-east Queensland over the past week.
Selling agent Cameron Crouch, of Ray White Sherwood, said the location, river views and lowset configuration of the home all fuelled a strong campaign further underpinned by tight supply – particularly for properties on large parcels.
“The result tells us there’s still very strong interest in our area for families who really want the location and the big block,” he said.
“And while this one needs a lot of work, it was in a highly desirable area.
“What the buyers loved most was about this home was that it was low-set.”
Despite reports Brisbane’s market has softened in recent weeks, Crouch said a lack of supply continued to drive demand.
“The vendors were very happy with the result. But they did go into the campaign knowing that the market had grown significantly compared to when they bought it,” he said.
The Graceville house was one of 212 auctions scheduled auctions across South East Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 32 per cent from 133 reported results, with 27 homes withdrawn.
On the city’s northside, a Sydney investor outmuscled two first-home buyers and paid above the reserve to secure a one-bedroom unit in Nundah for $712,000.
The 70-square-metre apartment, at 106/22 Station Street, sits in the Village Central complex and last sold three years ago for $390,000 – delivering a tidy gain for its owner-occupier vendor.
A first-home buyer opened at $670,000 and was then nudged to bid against himself and increase the price to $710,000, bringing the home on the market. It was then that the investor swooped in with the winning bid.
“He’d recently missed out on a unit in the same complex and that’s why he paid an extra $22,000 this time to get it,” said selling agent Tim Hunt, of Harcourts Local.
“He loved the rentability of it and the fact it’s close to the train station and shops.”
Hunt said investor activity had picked up – fuelling demand for entry-level homes in the suburb.
“We held inspections for another one-bedroom unit on the weekend and about 40 per cent of buyers viewing that were investors who were all just wanting to be in that pocket,” he said.
“That’s a sign of the strength investors see here.”
Despite the appetite, Hunt said clearance rates had softened.
He added that uncertainty around the market, the coming budget and the predicted rate rise had hit confidence.
“Open home numbers went down dramatically across all four of our offices this long weekend … people want certainty,” Hunt said.
In Holland Park West, a dual-living residence on two titles sold for $1.525 million to a local investor.
The five-bedroom, two-bathroom home at 38 Mansted Street sits on a 783-square-metre block and offers two self-contained dwellings with subdivision potential. It last sold five years ago for $1.06 million.
Bidding opened at $1.2 million with a single buyer initially forced to bid against himself, jumping $100,000 before a second bidder entered midway, pushing the price to $1.5 million. The original bidder then delivered a final rise to seal the deal.
“We did have a lot of interest on this one from families looking for dual occupancy and while we had just two register, there were another six groups waiting in case it was passed in,” said selling agent Anna Dunne, of Place Bulimba.
“The man who bought it lived around the corner. He wanted it for the location and to build the portfolio.”
Dunne said buyer confidence remained solid across the eastern corridor, with a recent uptick in inquiry from Victorian buyers.
AMP chief economist Shane Oliver said Brisbane’s “pretty abysmal” clearance rate pointed to a weakening market, even as Domain figures showed house and unit medians climbed to record highs over the March quarter.
“While we’re seeing good growth in Brisbane, particularly compared with Melbourne and Sydney, the reality is it does seem to be cooling down,” he said.
“The combination of high interest rates and low affordability are weighing on buyer demand.
“And because the budget is increasingly likely to include additions that make investing less attractive, that could be acting as another drag.”
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