An ageing block of units in Brisbane’s inner ring sold at auction for $345,000 more than it did just three months ago as investors swarmed on Brisbane’s sizzling property market.
The block of four units close to Greenslopes Private Hospital fetched $1.755m under the hammer on Saturday, a win for an investor who had paid $1.41m for it in April, according to CoreLogic records.
Masks aplenty at the auction of 16 Denman St, Greenslopes. Picture: Annette Dew
Over 70 properties went under the hammer across Brisbane with good weather and the end of lockdown driving up attendance levels at properties popular with both investors and owner occupiers.
The block of units at 16 Denman Street, Greenslopes, had a land value of $850,000 in June last year, according to CoreLogic, with agents Denis Najzar and Melanie Swindells of Place Woolloongabba seeing seven bidders register for the auction.
“It sold for $1,755,000, a lot of buyers looking for this type of asset,” Mr Najzar said. “A local buyer bought it. Went on the market at $1,730,000 and then another buyer joined in at $1,740,000 and bidding finished $1,755,000.”
Auctioneer Peter Burgin fielding interest during the sale of the block of units. Picture: Annette Dew.
The seven bedroom, four bathroom, four car park property – split into four units on an elevated 809sq m block – attracted strong investor interest ahead of the auction given its prime location in the Greenslopes shopping and hospital precinct. It currently brings in $1,205 a week in rent, with annual gross income at $62,660 and “scope to significantly improve”.
46 Whitworth Road, Cannon Hill, sold for $970,000.
Owner occupiers were also out in full force, with the first auction of the day also one of the hottest landing “a crazy price” of $970,000 after 17 bidders registered.
Agent Tony O’Doherty took the house at 46 Whitworth Road, Cannon Hill, to auction after a strong campaign that saw a mix of interested buyers for the three bedder.
Auctioneer Justin Nickerson of Apollo Auctions saw bidding open at $800,000, then move to $850,000, $870,000, $880,000, $900,000 then move up in $10,000 increments to $940,000 before slowing to $5,000 bids to hit the winning result of $970,000.
36 Frasers Road, Mitchelton, sold for $697,000.
Another three bedder at 36 Frasers Road, Mitchelton sold for $697,000 under the hammer as the area picks up speed. Agent Meghan McVeigh of Ray White Alderley saw over 40 people attend, with four registered bidders for the 607sq m block.
“The market is moving in Mitchelton and many buyers are looking to obtain a home in a high family valued area,” she said. “We had a successful marketing campaign and a very motivated seller. A short three week campaign with a Covid lockdown interruption and we still managed a fantastic result.”