15 Bowles Street, Mount Ommaney, attracted 20 registered bidders
A two day auction event has proven that FOMO is just as fierce across Brisbane as it was during the pandemic property boom, as buyers compete for limited housing stock.
Close to 40 seperate auctions were held during Place Estate Agents’ The Day event, which ran on January 30 and 31, with tens of millions of dollars in property sold under the hammer.
Across the event, Place auctioneer Sam Kelso said there were an average of 5.2 registered bidders per home, while multiple auctions recorded double-digit bidder numbers.
“It’s a clear sign demand continues to outstrip supply across Brisbane,” Mr Kelso said.
“Demand on the ground is incredibly strong, like scenes during Covid-19.”
The crowd at one of the auctions
And FOMO (fear of missing out) was a common trend reported by the selling agents, with a number of properties selling prior to auction.
One of the standout results came from a packed auction at Mount Ommaney, where 15 Bowles Street drew 20 registered bidders, a large crowd and 18 competitive bids, ultimately selling over reserve for $1.865 million.
The campaign was led by Paris Arthur of Place Graceville Indooroopilly, who said buyer pressure was intensifying around a small number of standout properties.
“This was a highly desirable home in a tightly-held area, opportunities at
this level don’t come up often,” Mr Arthur said.
“When they do, buyers move quickly because they know choice is limited.”
The momentum carried into Saturday, with 20 Gower Street in Holland Park West selling for $2.27 million through Shane Hicks of Place Camp Hill after 55 bids, with all five registered bidders actively competing.
“Every bidder was engaged, and once momentum built, there was no pause, it’s a clear reflection of how competitive conditions remain for buyers trying to secure the right property,” Mr Hicks said.
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20 Gower Street, Holland Park West, sold for $2.27 million after 55 bids
Further competition was seen in Woolloongabba, where 14 Heaslop Street, a 385sq m block of land, drew six registered bidders and 13 bids, opening at $900,000 before selling for $1.225 million, $125,000 over reserve.
All bidders were local, with a family securing the site.
By comparison, two identical blocks on the same street sold in the mid-$900,000s last year.
Alex Rutherford of Place New Farm said the result reflected the scarcity of inner-city land.
“When well-located land comes to market, buyers move quickly,” Ms Rutherford said.
“In suburbs like Woolloongabba, opportunities are limited, and that’s pushing competition higher.”
A 385sq m block of land at 14 Heaslop Street, Woolloongabba, sold for $1.225 million
The latest PropTrack Home Price Index revealed that Brisbane house prices have increased a record $149,000 in the past 12 months, with the median house price hitting $1.178 million in January after a 13.1 per cent rise.
Units rose faster, up 18.4 per cent or $127,500 to $811,000.
The overall median dwelling price – houses and units combined – in Brisbane is now $1.023 million.
Greater Brisbane dwelling prices have surged 95.7 per cent in five years, with regional Queensland up 88 per cent.
Meanwhile, a mega auction event on the Gold Coast attracted more than 400 registered bidders when it was held on January 25.
Ray White’s Auction Experience included around 150 properties and attracted an average of 3.7 buyers per property.
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