Nearly a hundred people gathered for the auction of a modest Brisbane home this weekend, which sold under the hammer despite Queensland’s clearance rate curse.
The three-bedrom house at 15 Wride St, Wooloowin, attracted ten registered bidders on the day — each of them owner-occupiers looking to claim the family home.
The renovated house was known as ‘Magnolia Cottage’, built in 1923 and recently renovated by its last owners.
The house at 15 Wride St, Wooloowin, was one of only a few to sell across Queensland over the weekend of June 20.
The vendors were a family of four who had lived in the house for ten years, who decided to leave the 468 sqm property for a change of scenery.
Ray White Ascot agent Andy Flanagan said homes such as these continued to have successful results at auction, despite investor fears after the new federal budget was announced.
“Investors have never really been a strong part of our market,” he said. “It’s always been very owner-occupier driven.
“It was a really beautifully presented family home, and I think that resonated with a lot of buyers.”
The house is more than a hundred years old, and recently went through a renovation thanks to its latest owners.
Bidding for the house began at $1.77m on Saturday morning, already above the suburb median of $1.6m.
Five active bidders clashed over the house as bidding went to $1.95 million, when the house was called on the market.
Only two bidders remained as the price continued to rise, offers sent back and forth by a few thousand dollars at a time.
Finally, the home sold to a couple for a total of $2.005m.
The auction was attended by nearly a hundred people, and sold under the hammer for $2.005m to a relocating Gold Coast couple.
Mr Flanagan said the vendors were happy with the home to sell above the reserve, and the buyers were eager to move in as soon as they were able.
“They were a couple in the Gold Coast,” he said. “They’ve got family in Brisbane already, so they’re just moving up.”
Preliminary clearance rates for the latest week of June have Queensland at 30 per cent, continuing a streak of low results for the state.
The most-viewed property going to auction that weekend Queensland was 19 Watson St, Currimundi – which is still up for sale today
Around 49 homes were sold at auction, with 11 sold prior and three sold after the auction ended. Meanwhile, a whopping 99 homes were passed in, and 29 were withdrawn before the auction took place.
On realestate.com.au, the most popular Queensland home up for auction this weekend was a four-bedroom retreat at 19 Watson St, Currimundi.
While initially set to sell under the hammer over the weekend, the listing currently says agents are seeking best offers on or before July 18.
Queensland’s clearance rates have been at a continued yearly low for the month of June, with 128 homes being withdrawn or passed in.
Mr Flanagan said the way his team continued to see results during low clearance rates was by spending one-on-one time with potential buyers to talk about the property as a long-term asset.
“I think the budget has affected some parts of the market, but I feel [there are] a lot of owners coming into this bracket,” he said.
“I think gone are the days a lot of agents are very used to: just showing up to an open home and opening the doors. You’ve got to spend a lot of time with the buyers, telling them what the home will do for them over the years.”
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