I heard a story this week about an epic bidding battle in Surrey Hills, Sydney. Surrey Hills is an inner city market, decorated by character rich terrace homes and surrounded by uber cool cosmopolitan high streets with bars, cafes and art galleries.
The market is hot. So hot in fact that at the aforementioned auction a man passed out during bidding!
The price was creeping up, it had opened at $1.8 million and was now peaking at $2.430 million. The under bidder then suddenly falls in a heap to ground, at this stage it was a two horse race and one had seemingly fallen out of competition. He had passed out cold.
The auction was paused, tensions were high and the auctioneer explained to the crowd and the family of the man that they would need to wait for instructions.
To this, the man’s wife reportedly yells “we will bid again!” and increases to $2.435 million. Bidding continued for a few more bids and eventually it sold for $2.440 million to the other bidder who seemingly took no pity on his overwhelmed counterpart. Disclaimer: No bidders were harmed in the making of this story.
For those in Queensland wanting a picture of the market. Surrey Hills is regularly described to me as similar to New Farm in Brisbane in its appeal and lifestyle options.
On hearing this story I couldn’t help but dig a little deeper. I discovered that the property was a three-bedroom, one-bathroom terrace home on 103sqm.
In all seven bidders had registered, with four of those participating in the bidding. The final part to this tale was the property had last sold for $495,000 in 1998, about 20 years ago and now achieved nearly five times more.
CoreLogic data revealed this week that Sydney had a yearly median price increase of 18 per cent for houses.
Brisbane has shown a comparably moderate increase of 3.7 per cent.
With stories like this travelling up the Bruce Highway from our big brother across the boarder, it seems inevitable that interstate migration will rise and Brisbane house prices are looking safe for at least the foreseeable future.
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