THE hard part about reporting on current conditions in a rising market is that the data takes a while to catch up, which can be frustrating when you are hearing so many success stories.
That’s why an auction that took place on Valentine’s Day caught my eye – not only for the good result but also because it illustrates how the market has evolved over the past 18 months.
This was the third time the Brisbane owners of 906 Sandgate Rd, Clayfield went to auction with their investment property.
The first auction took place in October 2012, and there were no bids. The second was almost a year later, in September 2013, and the property was passed in with a live bid of $650,000.
It then went back to auction on February 14 and sold for $700,000 under the hammer, with three registered bidders and multiple offers received prior to auction.
Marketing agent Damon Warat, of Ray White Ascot, said the property sold as a tenanted property to an investor.
“Buyers are very aggressive at the moment,” Mr Warat said.
“There are low stock levels and high demand.”
Mr Warat is also expecting a sale at 6 Fifth Ave, Kedron which goes to auction on March 8.
Owners Andre and Mylton Burns are downsizing after 14 years in the five-bedroom home.
The home, built in 1922, was where Andre herself was raised and the couple bought it in 2000 so they could raise their own children there.
RE/MAX Profile Bardon agent Robert Dean has been “floored” by the reaction to 25 McPherson Rd, Sinnamon Park, which was listed for three days before being sold to a couple from Jamboree Heights.
The first inspection attracted 48 groups and resulted in 10 offers for owner Wayne Strickland, five of which were above the listed price of $529,000. The contract is due to go unconditional on Monday and Mr Dean said the sale price was almost 10 per cent above the listed price.
“I’ve never seen a reaction like that to a property like that since the boom in 2007,” Mr Dean said.
“The presentation and size of the block (736sq m) generated lots of interest.”
Another sales success on Brisbane’s northside was an acreage property at Lot 203 Vancouver St, Brighton, which went under contract this week after four days on the market with RE/MAX Property Shop brother and sister team Tamara and Mark Wecker.
On the market for the first time, the property includes a six-bedroom home built in 1924, which was moved to the current site from Wynnum by vendors Alice and David Hill, and a fully selfcontained guesthouse.
Five buyers were competing for the property. The sale goes unconditional on Monday, with the price exceeding $1 million.
GREAT RESULTS: 906 Sandgate Rd, Clayfield (above) finally sold at its third auction on Valentine’s Day and (below) 25 McPherson Rd, Sinnamon Park, was listed for just three days before selling to a couple from Jamboree Heights.