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Interstate buyers turn up the auction heat

By Holly Darwon

It was already 30 degrees and rising when I jumped out of the car to auction a beautifully presented home in ‘The Avenues’ of Ashgrove.

A huge crowd was gathering at 34 Banksia Ave to watch the battle to buy this amazing family home with a seperate granny flat, swimming pool and dual street frontages.

Interest in the Brisbane market has been building over the last couple of months and much of this hype is coming from the value that our real estate represents compared to Sydney and Melbourne.

These interstate buyers are pushing local buyers to pay more appropriate prices for properties that have sat in an unfair flat spot in the market.

I’m referring specifically to homes that have been renovated and are ready for owners to immediately enjoy.

These homes have been selling for less than replacement costs for the most part of the last five years, and it makes no sense that locals are trying to hold these prices down.

But things are starting to change.

Banksia Ave had interest from buyers nationally, as well as locals, and eight registered to bid on the day.

The auction started with a relatively low bid of $1.35 million but that was quickly countered with by $1.65 million bid from another party. Bidding then began to really heat up.

These two buying groups bid against each other in a mixture of small and large bids.

The property was announced on the market around $1.9 million and bidding continued to escalate up and over $2 milliob before finally settling and selling for $2.01 million.

With the auction as hot as the climate and the hundred plus crowd all cheering the outcome, I reflected on the new energy around these homes and I genuinely hope this is a sign of things to come.

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