Historic Clayfield home defies auction slump with $4.55 million sale

A family of six outbid a 26-year-old to claim the last unrenovated house in one of Brisbane’s most tightly held streets – paying $4.55 million under the hammer.

The landmark home of renowned endocrinologist Dr Brian Hirschfeld sits on a 1062-square-metre block at 14 Enderley Road, Clayfield, and had remained in the same family for 57 years.

Dozens of neighbours were among the crowd packed into the backyard on Saturday, many curious to see what a block of that size would fetch on a street where one home sells a year – if that.

A local bidder opened the auction at $3 million, sparking quick rises from five out of the 10 registered parties. At $4.1 million just two bidders were left and at $4.5 million it was called on the market. Two rises later it sold.

Nick Kouparitsas, of Ray White Collective, said the relieved buyers had been looking for three years.

“I suspected they’d be the ones to get it. They actually engaged an architect to draw up designs the week after they first saw the home,” he said.

“The owners were so happy it went to them because they’ll effectively restore the home.”

The Clayfield landmark has long been synonymous with Hirschfeld, a medical leader famed for co-establishing the Diabetic Clinic at Princess Alexandra Hospital. Since passing, almost two years ago, his family has slowly prepared the home for sale, clearing out antique furniture, old documents and decades of memories.

When it hit the market, Kouparitsas said buyers were waiting.

“We knew it was going to be popular among buyers and local families and that’s because there’s just not many large blocks available like this left in the area,” he said.

“And this is the last unrenovated home left on Enderley Road. That alone created a lot of curiosity.”

Despite a marked drop in auction clearance rates and inspections over the past two months, Kouparitsas said the result showed demand for properties in A-grade locations remained strong.

It was one of 137 scheduled auctions across South East Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 28 per cent from 93 reported results, with 11 homes withdrawn.

In Norman Park, a developer paid $2.137 million for an old two-bedroom Queenslander after jumping into the auction at the eleventh hour.

Set on an 810-square-metre lot, the property, at 31 Hipwood Street, hasn’t changed hands since 1989.

Bidding opened at $1.6 million, sparking a slow and measured exchange between a renovator and a developer until about $1.8 million, where the lead buyer entered negotiations.

“The vendor was looking for a price in the early $2 millions but the leading bidder was wanting to tap out at about $1.9 million,” said selling agent Darcy Lord, of Place Bulimba.

“And that’s when the third bidder raised his hand and asked if he could bid.

“I said, ‘mate, we’re negotiating now. If you want to put in a bid, it’s going to have to be in the early $2 millions’.

“So he did. And then it came back onto the floor and was live again at $2.1 million. That third bidder got it for $2.137 million.”

Lord said the buyer was buoyed by budget changes that make new builds more favourable for investors.

“The most likely scenario, depending on the town planning outcomes, is he’ll move the house to the front and put three terrace homes behind it,” he said.

“But this is a phenomenal result. The budget may have done us a favour here as it has spurred the small-to-medium developers.”

In Ascot, a three-bedroom unit built in the ’90s sold to a downsizer for $1.415 million –almost double what it last sold for, in 2019.

Part of a boutique block of six at 2/106 Racecourse Road, it boasts a magnesium in-ground pool and spa.

Six buyers registered but just three got a shot at the keys. Bidding opened at $900,000 and flew to $1.3 million. At $1.325 million the highest bidder – represented by a buyer’s agent – entered negotiations and the home sold under the hammer shortly after.

Auctioneer Haesley Cush, of Ray White Collective, said unit’s features and location did the heavy lifting.

“This was the perfect downsizer property and the idea of a magnesium pool in a complex that’s 30 years old is wild – I mean, it was really ahead of its time,” he said.

“But this result tells me the pillars of Brisbane have not fundamentally changed because of increased fuel costs, interest rates or the budget.”

Cush said Racecourse Road was increasingly being eyeballed by developers for multimillion-dollar prestige apartments – making the older unit even more valuable.

LJ Hooker head of research Matthew Tiller said this week’s clearance rates indicated ongoing buyer uncertainty but added sellers were collecting good results when they accepted the current market conditions.

“If I were to describe the market right now we are definitely coming off the peak … but that’s not across all buyer types,” he said.

“Investors are obviously the most uncertain … and the next couple of months we will see more of the same until the final detail of Capital Gains Tax legislation changes and passes through parliament.”