A family of four from Rochedale has ended a two-year search for a home after paying $1.47 million for a four-bedroom property in Daisy Hill, outbidding three other bidders at auction.
The couple registered for the sale of 6 Nanny Shailer Street only the night before, but opened proceedings at $1.2 million and quickly drove the price higher.
They had first inspected the property during the opening week of its seven-week campaign and made an early offer of $1.4 million. Selling agent Johnson Teo, of Ray White Shailer Park, said they had ultimately considered not attending the auction.
“Interestingly, the buyers will rent it out for the time being but they plan to live there because it’s close to John Paul College and that’s where they want to send their kids,” Mr Teo said.
The vendors built the house 15 years ago but decided to downsize and move closer to the coast. Mr Teo said they had initially been reluctant to choose an auction, but the transparent bidding process delivered a result above their expectations.
“But I really thought the underbidders would get it,” he said. “And in the end the vendors got more than they wanted.”
Brisbane auction market remains challenging
The Daisy Hill sale came as Brisbane’s property market showed further signs of slowing, with Mr Teo saying prices had fallen by up to 15 per cent and stock levels were rising as buyer numbers declined.
“With rate rises coming I think we really need good news to push the market, so it’s going to be tough,” he said, warning that further falls could lead to more distressed listings.
There were 133 scheduled auctions across south-east Queensland during the week. Domain recorded a preliminary clearance rate of 36 per cent from 97 reported results by Saturday evening, while 10 properties were withdrawn.
In nearby Rochedale South, a single father paid $1.2 million for a three-bedroom house in Monica Street after beating a father and daughter at auction.
After missing out on a property in a neighbouring street the previous week, he attempted to deter his rivals by jumping from the $850,000 opening bid to $1.1 million with his second offer. Bidding continued until it reached $1.18 million, when the auction was paused.
The reserve had been set at $1.25 million, but the sellers agreed to put the property on the market and it sold moments later. Agent Charlie He, of Ray White Springwood and Shailer Park, said the buyer had rented in the suburb for 11 years and wanted to remain there.
“He’d been there for 11 years and even if the property’s price had dropped 10 per cent over the past few months, at the end of the day he was buying and selling in the same market,” Mr He said.
He said agents were having to manage expectations carefully, with buyers viewing conditions negatively while some vendors continued to expect prices achieved earlier in the year.
In Holland Park, a four-bedroom house on a 405-square-metre block sold for $1.42 million after just three bids. The home, built by an award-winning builder, has 2.7-metre ceilings and a heated pool.
Only two bidders registered for 354 Nursery Road: a Gold Coast investor and a local family looking to upgrade. Agent Andrey Makhanyok, of Place Camp Hill, said the property had previously remained on the market for weeks as a private treaty listing.
“In a marketplace like the one we’re in, where there’s no urgency, auctions can create a bit of urgency,” he said.
PRD chief economist Dr Diaswati Mardiasmo said the 36 per cent clearance rate was an improvement on recent weeks, when rates had fallen as low as 18 per cent.
She said the stronger result might reflect buyers trying to purchase before a predicted interest rate rise on Tuesday.
