Buyers are slowly returning to Queensland’s home auction market, with more than $20m worth of homes sold at just one event.
The latest Ray White Collective auction on Saturday saw $20.566m in sales across the entire event, with $13.34m sold under the hammer on the day itself.
More than half of all properties up for grabs on the day were sold: including a 7,204 sqm property in Holland Park West, which had ten registered bidders competing for the massive land parcel.
More than $20m worth of homes was sold at one weekend event – including the 7,204 sqm property at 33-35 Castle Hill St, Holland Park West.
The six-bedroom, three-bathroom house at 33-35 Castle Hill St had been owned by the same family for nearly 30 years, and was estimated to be able to fit 14 lots of subdivided properties on the property.
Ray White Bulimba principal Brandon Wortley handled the sales campaign, and said the auction was a way of determining the true value of the property.
“We had a range of buyers, from people wanting to keep it as a single big trophy home to various developers, some trying to fit as many lots as possible, others keen on subdividing into bigger lots,” he said.
The Ray White Collective auction event attracted 30 registered bidders on the day, with 10 of them competing for a chance at the huge land package so close to the city.
The property had ben owned by the same family since 1988, and its owners had no idea of how much it was actually worth in 2026.
With four active bidders competing on the day, the home earned the biggest sales figure of the event at $7.8m.
Mr Wortley said the home was bought by a local developer – but the vendors would not be keeping much of the money.
“The majority of proceeds from the sale will fund major conservation projects, including preservation of land of high conservation value and animal welfare charities,” he said.
“The Ray White team are also donating half of their fee to the conservation charity, with the sellers funding a wildlife hospital.”
The home sold under the hammer for $7.8m to a local developer, and the majority of the proceeds will be going to animal and land conservation charities.
Preliminary REA data found Queensland’s latest clearance rate sat at 32 per cent, with 70 out of 266 homes sold during, before or after auction that week.
“My team had six lots scheduled today, and we sold three prior and two under the hammer today,” Mr Wortley said.
“People were hoping to see a total collapse in price but it simply hasn’t happened, and they’re looking at the fundamentals of Brisbane. Supply simply hasn’t expanded, and prices haven’t fallen.”
Ray White Bulimba agent Brandon Wortley said with a lack of supply growing in Brisbane, buyers could be slowly returning to the property market.
Ray White CEO of performance and value Thomas McGlynn said fewer investors were competing for homes after the announcement of new federal budget changes.
Ray White CEO of performance and value Thomas McGlynn said since the announcement of changes to negative gearing and the Capital Gains Tax with the latest federal market, buyer demographics across Australia had slowly been shifting.
“Investors and first-home buyers are currently purchasing in a very similar price bracket, around the $900,000 mark,” he said.
“Registrations reached their highest level since late May and have now increased week-on-week for the past four weeks.”
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