October’s home auctions began with a bang in Brisbane, featuring a massive turnout for a derelict home and a sale that blew past its reserve price by hundreds of thousands of dollars.
Brisbane’s inner city suburb of Bulimba saw a derelict two-bedroom unit smash price expectations, selling way over the reserve on Friday October 2.
4/103 Brisbane Street, Bulimba, is a derelict two-bedroom unit with carpets ripped and walls and kitchens stained – but its auction still managed to draw a crowd of 100.
The apartment at 4/103 Brisbane St was described as “a true renovator” in the listing with Queensland Public Trustee, featuring ripped-up carpet and stains across the walls and kitchen.
But its location and expected sale price meant a crowd of around 100 people gathered, packing the area for a wild auction.
The home sold for a whopping $750,000 after the auction had concluded. Zoran Solano from Hot Property Buyers Agency was in attendance, saying it showed the current strength in the Brisbane market for “renovator units in premium locations”.
The home sold for an incredible $750,000, blasting past the expected reserve price.
Meanwhile, a five-bedroom home set to sell with a reserve of $2.1 million managed to go $240,000 over that price on the auction day.
93 Nelson Street, Kalinga saw seven registered bidders with Place Ascot, with three of those bidders raising offers all the way until the final bid.
Agent Drew Davies said by the final few bids, offers were coming in at increments of $1,000 at a time.
“This was the definition of a bidding war,” he said. “The competition was fierce from the very first call, and to see it come down to $1,000 increments shows just how determined buyers are to get into suburbs like Kalinga. The range of demographics shows this pocket appeals to everyone. The energy was electric.”
93 Nelson Street, Kalinga, was another home that shot past the expected reserve – this one by $240,000, selling for $2.34 million.
After 53 bids, the home finally sold to a family in their 40s for $2.34 million. Mr Davies said other interested buyers included young professionals, families, downziders and interstate movers.
According to new Place Advisory data, bidder numbers across Brisbane have doubled on average since last year.
Currently, their research shows auctions are averaging from 4.5 to 5 registered bidders per auction, as opposed to the average in 2024 at 2.5 bidders.
3 Tourmaline Road, Logan Reserve had 12 registered bidders from within and outside of Queensland, selling for $842,000.
Homes such as 3 Tourmaline Rd, Logan Reserve saw big turnouts on the day, with 12 registered bidders and competitors both inside and outside of the state.
The four-bedroom home in the far south of Brisbane was sold by Ray White Rochedale for $842,000, with a local winning with plans to upgrade from their old residence.
Meanwhile, the townhouse at 3/1 Jerdanefield Rd, St Lucia, managed to get a whopping $1.31m sale with only 4 registered bidders, three of them active.
3/1 Jerdanefield Road, St Lucia was a townhouse that managed to score a sale well over $1m, coming in at $1.31m after four registered bidders fought it out.
Ray White Indooroopilly agent Jamie Smith said there was no small turnout in person to watch the bidding war, with 30 groups of people attending on the auction day alone.
“We had active bidding from $900,000 to $1,050 million,” he said. “[Eventually, there were] $5,000s all the way through from $1.298 million to our sale price of $1,310,000.”
The winner had managed to snag the home on behalf of their mother, taking it from a seller who had owned it for more than three decades.
Ray White Queensland chief auctioneer Gavin Croft said homes beneath the $1m bracket were selling wildly successful sales, with their company recording 646 auctions across September with a 74.8 per cent clearance rate.
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