Kids in tears as doctor splashes $4 million on Wilston character home

“The price has definitely exceeded where the feedback is.

“The market is still incredibly strong and a quarter per cent rate increase has had no impact on our market… particularly for quality homes that have been well renovated – even if that renovation was done 20 years ago,” he said.

Macmillan added that the suburb had long been considered undervalued but had emerged as a pocket of prestige in recent years and the tightening of listings had fueled competition.

“Twenty years ago there were about 150 homes sold a year in Wilston, but now that number is averaging 50 or 60. “We’ve seen a huge drop in listings and that’s because people are staying longer.

“The surrounding suburbs are also getting a lot of attention.”

Last year, median home prices in Wilston rose 8.7 percent to $2.065 million.

The house was among 143 auctions planned in South East Queensland. As of Saturday evening, Domain recorded a preliminary clearance rate of 57 percent from 88 results reported, with 11 homes withdrawn.

In Stafford Heights, a first-home buyer paid $1.55 million for a three-bedroom, one-bathroom home at 82 Ringrose Street; That’s almost $1 million more than the 2020 sales price.

The property, on a 607 square meter block with a covered rear deck, pizza oven and mountain views, last changed hands five years ago for $685,000. It was the second highest sales recorded on the street on Saturday.

Selling agent Sonya Klease, of Harcourts Pinnacle, said strong interest from young couples and families on auction day had come down to three bidders.

The first-home buyer, who opened the auction at $1.4 million, fought off the offer with the help of a buyer’s agent. From there it became a one-horse race with negotiations between buyer and seller until it sold under the hammer.

“It’s an incredible price for a three-bedroom house,” Klease said.

“But Stafford Heights is also a fast-growing suburb that’s not too far from the city. And now we’re seeing a lot of older residents moving out and younger people moving in as well.

“I have seen prices rise from $100,000 to $150,000 in the last 12 months and they are still climbing.

“The average is currently about $1.3 million.”

He said it was an emotional sale for the sellers, who turned it into a stylish retreat in six years.

Further south, a four-bedroom house in Seventeen Mile Rocks sold for $100,000 above reserve after a young upscale couple from Mosquera paid $1.6 million.

Located on a 627sq m block at 61 Brookeside Crescent, the home features a resort-style spa, pool and entertainment area.

Five bidders competed for the keys, and the opening bid was $1.3 million.

Another 40 bids were recorded, with increments ranging from $50,000 to $1,000 before the winning couple beat out another young couple.

Associate sales representative Julian Maddox of Place Graceville said the suburb has become a magnet for young families.

“I would say prices here have increased by about 40 percent in two years as young families move in,” he said.

“It really went from strength to strength.”

Domain’s research and economics chief, Dr. Nicola Powell said the auction market in Brisbane had a fast start to the year and clearance rates reflected strong demand.

“You’re seeing liquidation rates start to rise early in the year, especially with buyers missing out late last year, but I wonder if we’ll start to see those liquidation rates start to come down,” he said.

“Brisbane is still chronically undersupplied, so we expect price growth to still be strong.”

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