A rare, character-filled family home in inner Brisbane has sold for more than $5 million at auction, defying uncertainty lingering in pockets of Australia’s property market.
The result was driven by strong competition from local families, despite buyer caution surrounding interest rates hikes, higher fuel prices and the federal budget.
The auction achieved the highest price out of Brisbane’s auctions last weekend and underscored the ongoing demand from families for well-located homes in Australia’s major cities.
Auction activity has been softer across Australia since interest rates began to rise earlier this year, with the national preliminary clearance rate reaching 47.4% out of 2,253 auctions held last week, according to PropTrack.
The property: The five-bedroom, three-bathroom house at 62 Marriott Street, Coorparoo sold at auction for $5.023 million on Saturday 30 May.
The single-level house comprises a U-shaped layout centred around a swimming pool, set on a prized 1,303 square metre corner block.
The house at 62 Marriott Street, Coorparoo sold under the hammer for $5.023 million. Picture: realestate.com.au/sold
Suburb snapshot: Coorparoo is an inner-city suburb of Brisbane, located 4 kilometres southeast of the CBD.
Coorparoo’s median house price has increased 8.7% to $1.82 million during the year to May, according to PropTrack.
Selling agent James Curtain of Place - Woolloongabba oversaw the campaign and spoke to realestate.com.au about the result.
The single-level Coorparoo home has a U-shaped layout surrounding a swimming pool and courtyard. Picture: realestate.com.au/sold
What’s special about the home?
It’s a Californian bungalow-style home, an architectural era that’s not very typical in the area, and despite being older, its style and presence really appeals to buyers.
It sits on a prominent corner block of around 1,300sqm, and being a single-level home with 600sqm under roof makes it a rare, generously-sized offering for the area.
The kitchen has an impressive three-metre island bench and V-Zug appliances. Picture: realestate.com.au/sold
The house is arranged in a U-shape around a central courtyard pool that can be seen from all parts of the home.
Internally, it effectively has three wings: a master bedroom wing with its own lounge areas, a main living zone with both formal and informal spaces, and a separate bedroom wing with additional living space, which are all interconnected.
What happened during the campaign?
We launched the campaign three weeks ago and held the auction on the fourth Saturday, with about 60 groups through and a clear sense of genuine interest and intent to buy.
On the day, we had six registered bidders, most of them local families living nearby, and their strong desire to purchase reflected how rarely homes like this come up: large parcels, premium locations and all on one level.
The home offers numerous living and dining zones throughout its floorplan. Picture: realestate.com.au/sold
This all played out in a period that has felt a little interesting and choppy, which added some uncertainty around where the market was sitting pricewise going into the auction.
Even so, the competition and the way the auction unfolded on Saturday allowed us to engineer a premium outcome for the property.
What types of buyers did you see during the campaign?
Most of the buyers were 40-plus, but the ones who really fought it out were 50-plus professional families living nearby, with older children, looking to buy with a view to staying for the next 20 years or so.
This is actually the third time I’ve sold the home – once around 2007–08, then again in 2017, and now recently.
The home comes with five well-adorned bedrooms. Picture: realestate.com.au/sold
A key attraction is that if you add another level, you unlock incredible north-facing city views.
So beyond the landholding itself, there’s significant potential to extend and create some amazing outlooks.
What happened during the auction?
The auction was solid, most bidders got involved at various stages, but two or three key players really drove the contest.
Bidding paused at $4.2 million, then resumed and climbed to $4.8 million before stalling, prompting discussions with the highest bidder and the owner.
There are three bathrooms finished with Villeroy & Boch fittings and Brodware tapware. Picture: realestate.com.au/sold
We asked the leading bidder to move to $4.85 million on the basis that we’d put it on the market, and after some back and forth they agreed.
Our seller was comfortable selling at $4.85 million but was hoping, given the strong energy in the crowd, that bidding might continue, and we made it clear that $4.85 million could be the final figure even though we believed there was more in it.
That confidence was vindicated when two bidders then went head-to-head and pushed the final price to $5.023 million.
There are views of the swimming pool from most parts of the home. Picture: realestate.com.au/sold
Were you surprised by the results?
From a real estate perspective, it’s a very strong proposition in terms of what it offers now and the potential it could offer in future, and we’re still seeing strong appetite at the higher end of the market.
I was pleasantly surprised by the final result, but I still fundamentally believe the property should have sold close to that figure, if not at that level anyway.
Given how unusual and a bit uncertain the market has felt post-budget, the outcome was particularly pleasing.
What's happening in the market at the moment?
There’s a bit of a wait-and-see attitude in the market at the moment. We’re still seeing solid demand across most properties, but some buyer segments are more cautious.
The home sits on a sought-after 1,303sqm corner block. Picture: realestate.com.au/sold
I fundamentally believe South East Queensland remains a very strong market and that the current uncertainty and choppiness is a short-term reaction.
As we move past the budget, I expect life will go on and the Brisbane and South East Queensland market will improve.
What are your predictions for the area?
I’ve been doing this for more than 20 years, and in Brisbane, particularly in the 6–8km ring where I work, the market is fundamentally driven by families who need to make moves for a whole range of reasons.
Life will go on, there may be a small correction in values, and I stress maybe, but areas like Coorparoo consistently have limited supply and solid demand, regardless of broader economic conditions.
That balance between tight supply and steady demand has a remarkable ability to hold the market together in this part of the world, and I fully expect that to continue.
What's your top tip for sellers?
My top tip for sellers is to get organised so they’re mentally prepared for what’s ahead, and to make sure their home is presented in the best possible light.
What's your advice for buyers?
If you see a home and you think it suits you, buy it, don't wait.
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