Bidding has stalled for one of Brisbane’s most prized new homes on the market, currently at a staggering $13.575 million offer.
The six-bedroom, eight-bathroom luxury home at 563 Lower Bowen Tce, New Farm, was designed to be the forever home of owner-developers Becky and Francisco Smout, designed as “a living work of art” that took three years to build.
More than 300 groups came through the home across two inspection days, before the home went to auction on Saturday morning.
Bidding for 563 Lower Bowen Tce, a luxury New Farm home three years in the making, has stalled at a whopping $13.575m.
More than a hundred people were present at the Ray White Collective auction event, where lead agent Matt Lancashire described the home as one-of-a-kind.
“I’m building a house at the moment, and if this house was on the market I wouldn’t have built mine over this,” he said.
Bidding began at a whopping $9m, more than $5m above the suburb’s median house price.
More than a hundred people watched offers for the home rise by $1m per bid, at the Ray White Collective auction event on Saturday morning.
Offers for the home went up by $1m at a time, with bidders competing back and forth until the price reached $13m.
The home paused shortly after at $13.5m, increasing later in the event to an offer of $13.575m from the highest bidder.
The home did not sell at the live event as it was broadcast online, with negotiations between the owner and potential buyer still continuing on-site.
After six bids, the auction paused at $13.5m. It was then announced the offer had risen to $13.575m, with negotiations still underway on-site.
Four of the 16 homes up for grabs at the event sold under the hammer, for a combined total of $9.16m.
Five additional homes were sold prior to the day for a combined $9.805m. Ray White placed the clearance rate for the event at 45 per cent, with 9 out of 21 homes currently sold.
The homes that sold on the day included 30 Jamieson St, Bulimba, a five-bedroom home in a 498 sqm land parcel.
Four homes sold under the hammer at the live event, including 30 Jamieson St, Bulimba, which was won by an owner-occupier family for $2.61m.
Bidding for the blue-chip suburb house began at $2.3m, immediately jumping by $200,000 after the opening offer.
The home was placed on the market a few bids later at $2.61m, where it sold under the hammer to an owner-occupier.
The buyer said he and his family were already locals, and he was happy to upsize to a bigger home for his three kids.
“I’ve never bought at auctions, so this was quite a unique experience,” he said. “When you come to this stage, every dollar counts, but it was within budget – we didn’t need to stretch.”
The home went for $2.61m to a local couple looking to have more space for their three kids.
Meanwhile, six registered bidders signed up for the auction of 1410/168 Grey St, South Brisbane.
The three-bedroom penthouse apartment sits right above South Bank, with a view directly overlooking the park at the heart of the city.
Bidding began at $2m, going up by offers of $100,000 until reaching $2.7m.
After a short pause, the home was put on the market and sold at $2.775m.
It was bought by an investor couple who already owned a unit in the complex, looking to increase their property portfolio in the suburb.
The penthouse at 1410/168 Grey St, South Brisbane, sold for $2.775m, and went to an investor couple who already owned a unit in the same building.
Ray White Collective auctioneer Haesley Cush said lower clearance rates throughout Brisbane was because buyers were waiting for certainty, not wanting to risk a bad deal at auction.
“No buyer ever wants to overpay, but they don’t have a lot of options,” he said. “Right now there has been no structural change to Brisbane. We still have a lot of people interested in properties and a shortage of available properties.
“You can’t built them, there aren’t a lot available, and the population of Brisbane is increasing every single week.”
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