Last Saturday, as I drove into The Calile Hotel car park on James Street, I could feel the weight of expectation. It was the first major auction of Spring and the result could help set the tone for the season ahead. After a more cautious few weeks, there was a market inside hoping for something positive. The order of sale certainly had range. Two-bedroom units, mid-range family homes and, at the top of the card, one of Brisbane’s grand luxury estates.
Prices stretched from around $700,000 all the way to $17 million. But one of the biggest stories of the day actually happened before the first property was called. In the 24 hours leading into the auction, six properties received offers from buyers keen to avoid the uncertainty of auction day and sold beforehand. To me, that was an interesting sign. Buyers may be cautious, but when they see value and fear competition, they are still prepared to act. On the day, the bidding was measured rather than frantic, but the results continued to come.
By the end of the event, 12 of the 19 properties had sold. And then came 1 Sutherland Avenue, Ascot. Calile has increasingly become Brisbane’s prestige auction house and this was another example of why. Some of our city’s best-known business and property identities registered to bid, with competition pushing the price to $16.8 million. The auction paused. Then came a small but very significant increase to $17 million. Sold.
It was a wonderful result, but it also highlighted something interesting about Brisbane’s luxury market. At this level, buyers aren’t simply comparing one house with another. They are comparing the finished product with the alternative: buying land, designing, building, renovating, renting and carrying all the cost and uncertainty that comes with it. With construction costs where they are, that equation can make an exceptional finished home increasingly compelling.
As I drove out of The Calile, I thought back to the expectation I’d felt driving in. The market may still be measured, but there were plenty of positive signs for spring. And the Sutherland sale was a reminder that sometimes the value isn’t just in the bricks and mortar. It’s in not having to build it yourself.
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