Queensland’s most-viewed home up for auction this weekend has sold at a bargain price for its size, thanks to a lower demand for homes without renovations.
The five-bedroom, three-bathroom home at 32 Panorama Pl, Mount Gravatt East, was marked by appraiser PropTrack as the home with the most views on realestate.com.au going up for auction over Saturday and Sunday.
Marketed as being in “the best street of the 4122 postcode”, the rising cost of living and a need for renovations turned enough people away that a family was able to snatch the home for lower than it could have gone.
32 Panorama Pl, Mount Gravatt East
Four registered bidders attended the auction on Saturday, with two actively competing back and forth to make the house their new home.
Bidding began at 1.9 million, slowly climbing up after the property was on the market.
The home sold for $2.17 million – $170,000 over the reserve price of $2 million.
Agent Kosma Comino of LJ Hooker Sunnybank Hills and Mount Gravatt said the old vendors were happy with the price, but knew it would have had more bidders if it had been renovated.
“Obviously the cost of living and renovating something is astronomical, and that can scare people away,” he said.
It’s been recommended the home receive a new kitchen, bathroom and flooring when renovations do occur. Mr Comino said the home’s need for touch-ups may have contributed to its popularity online.
“[It’s a] big block and big house in a lower price point, because it does need the work,” He said. “The price point’s more attractive because it needs the renovation.”
The home was bought by a father and son, both working in the medical field.
“The son’s gonna live there, and he’ll do some renovations over time,” he said.
While the home and the view are hard to beat, the need for further renovations across the home meant one father and son could grab the home at a much more affordable price.
PropTrack’s latest property preview report showed the biggest increase in year-on-year auctions this spring, with 332 scheduled auctions for this week – a 49 per cent improvement on this time last year.
Brisbane did most of the heavy lifting on this metric, with 182 auctions representing a 65 per cent increase. Meanwhile, regional Queensland had 150 scheduled auctions, which made for a 33 per cent increase from this week in 2023.
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