Vacant block with views from scaffold sells for record price

A rare West End block with a 10-metre scaffold built to give buyers a preview of its city and mountain views has sold under the hammer for a record $1.94 million to a local family living around the corner.

The 360-square-metre parcel at 48 Whynot Street sits in one of the suburb’s most prized pockets and is one of only a handful of vacant lots to hit the market in West End over the past decade.

The sale set a new price benchmark for a vacant non-riverfront block and ended a six-month house hunt for the family.

Three out of five registered bidders made a play for the lot after bidding opened at $1.4 million. A flurry of $100,000 rises followed until $1.8 million, when it dropped to $25,000 and $10,000 increments. At $1.925 million – above the reserve – it was called on the market.

Two parties then swapped $5000 bids until it sold.

Selling agent Luke Croft, of Ray White South Brisbane, said the result was a win for both the buyer and vendor in a challenging market.

“I’ve met the buyers at open homes over the past six months as they’d been looking at upgrading (from their unit) into a house,” said Croft.

“They were recently the underbidders on a 20-year-old house. But then when this block became available, they saw the potential. I think the views got them.”

Croft sold the property to the vendors as part of a bigger parcel with a Queenslander two years ago for $3.2 million and said the pair moved the house over before subdividing.

“I suggested they put up the 10-metre scaffold so buyers could walk up the stairs and see what the views were like,” he said.

“We don’t do open home inspections for vacant land, but we ended up doing one every Saturday for this one and people were physically going up to have a look. It made such a difference.”

The block was one of 128 scheduled auctions across south-east Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 38 per cent from 84 reported results, with six homes withdrawn. Withdrawn auctions are counted as unsold when calculating clearance rates.

In Camp Hill, a brand-new trophy home with a sauna sold for $4.32 million to a local family who outmuscled five other bidders after an hour-long auction.

The five-bedroom, four-bathroom home, at 22 Hobart Avenue, sits on a 607-square-metre block and was architecturally designed and built by Nixon Constructions. It features a wine cellar, pool, and wellness room.

A Gold Coast couple opened bidding at $3.7 million with a buyer’s agent – representing the eventual winners – countering with a $4 million bid.

From $4.05 million four buyers remained, trading $25,000 rises before dropping to $5000 bids as the price reached $4.3 million. It then paused with selling agent Shane Hicks, of Place Camp Hill, negotiating between the final two parties until the hammer fell.

Hicks sold the property to Nixon Constructions less than a year ago for $1.78 million and said it was the fourth trophy home he’d handled for the builder.

“The others were sold in slightly more buoyant times … what’s interesting though is the number of buyers on the day was actually very similar to the other auctions I’ve handled. The only real difference was the number of pre-registered bidders,” he said.

“Come auction morning we only had one.

“This has been a trend of late though. We are finding buyers are keeping their cards close to the chest.”

In Alderley, a five-bedroom, five-bathroom house at 20 Milford Street sold for $2.775 million following a three-way auction battle.

The renovated property sits on a 607-square-metre block and features a mineral pool, media room and glass staircase.

In front of a crowd of about 30, bidding opened at $2.2 million and rose in $100,000 increments to $2.7 million. A virtual bidder then lifted the offer to $2.75 million, sparking a pause.

Selling agent Alistair Macmillan, of Ray White Wilston, spent the next 10 minutes “finessing the numbers” before the price reached $2.775 million. The home was then called on the market and sold to a family from Samford seeking a home closer to the city.

Macmillan sold the home to the vendors in 2020 for $858,000 and said their plan was always to transform the original home.

“I think this auction shows you there are still buyers out there and this may well be one of the top sales in Alderley on a block that size,” he said.

AMP chief economist Shane Oliver said this week’s clearance rate showed the Brisbane market remained depressed.

“It was 53 per cent this time last year … as higher interest rates and the tax changes continue to seep through I expect there’s more weakness ahead,” he said.

“The RBA holding the cash rate will have had a little impact on consumer confidence … but we think they will probably hike rates again in August.”