Two-year search over with $1.7m five-bedder, while fire victim bids farewell to Jindalee block
A local woman who was outbid at every auction for nearly two years finally won the keys to an Underwood home, paying $1.725 million.
The tidy, five-bedroom, three-bathroom house – at 5 Torville Road – sits on a 520sq m block in one of the suburb’s top pockets and attracted six registered bidders.
The three actively competed in front of crowds of spectators who were there to watch the current market.
An interstate telephone bidder from Sydney opened the auction at $1.4 million, sparking a $50,000 rush among the trio and then a $20,000 bid. The telephone bidder gave up $1.68 million, and the bidder who bid less than $1.7 million conceded defeat.
Zishaan Omar, a sales representative for Ray White, who sold the house with Harsh Bhasin and Courtney Thomas, said both the buyer and the seller were overjoyed.
“The buyer had been priced out of market at every auction he had attended for the last two years… When he made and received his final bid he was absolutely ecstatic and could not have been more grateful,” he said.
“This was an area they preferred as well. They had moved from Loganlea and loved that it had multiple living spaces and was close to work, schools and their community.”
Omar added that the auction highlighted opportunities for buyers who were pushed out of pricier suburbs at the height of the property boom, and that reduced competition was allowing many to gain ground in areas previously thought inaccessible.
“They think they have a chance now,” he said.
For the sellers who built the house more than a decade ago, the result was just as important.
“The majority of price feedback from buyers before the auction was $1.55 million, which is what they were willing to pay,” Omar said.
“And the night before the auction, the seller said to me: ‘Zishaan, I don’t mind if we don’t sell, I know what the market is like right now.’
“This result shows me that although there may be uncertainty among buyers, if you find the right property in the right place, you can create buyers.”
This was one of 126 auctions planned in South East Queensland. As of Saturday evening, Domain recorded a preliminary clearance rate of 24 percent from 82 results reported, with 14 homes withdrawn.
The elderly owner of the Jindalee home destroyed by fire last year watched from his camping chair across the road, with a cup in hand, as his vacant block sold for $992,000 on Saturday.
A young family leaves three rivals behind to claim the tightly held pack.
The longtime resident called 27 Conargo Street home for more than 30 years before losing it in a fire last September. Its charred ruins were demolished months ago, leaving an elevated, ready-to-build 644sq m block, a rarity in a suburb where vacant land has almost run out.
Ground auctioneer Glenn Bool said the outcome for the seller was bittersweet.
“He’s owned the place since the ’90s and when I called the auction I saw that many of the neighbors recognized him as he sat under the tree across the road.
“He was thrilled when the hammer fell, but I think he was also relieved and a little bit overwhelmed. He’d probably had that property longer than the buyers had been alive.”
Selling agent Amanda Wang of Place Purpose Group said it was a sad story with a happy outcome for the seller.
“She had a lovely garden out back and now she and her little dog are going to move somewhere else… but the nice thing was there were so many neighbors there.”
Bool said the broader market was “back to normal” and more balanced following the pandemic spike, but said serious buyers and sellers remained active.
In Morningside, an elderly couple sat in their old car and anxiously watched their 30-year-old home go up for auction. They had already purchased another property with the help of a bridging loan. A decent result meant they could move on safely, but a good result could leave them with enough money for a new car.
Only one buyer (a developer) came forward to bid.
After a lengthy negotiation in which the buyer bid against the auctioneer, the hammer fell on $1.675 million. A few seconds later, sales representative Carol Spalding from REMAX Results approached the couple and told them they could go car shopping.
“They were so relieved. They just wanted it sold, not only were they taking out a bridge loan, but they were traveling to see their daughter and trying to put their house together after 30 years,” he said.
“They just wanted to be able to go to bed that night and sleep soundly, and that’s what they did.”
The four-bedroom house at 8 Gloriana Street is on a 852 square meter “dog leg” block and was in need of renovation.
The buyer will demolish the house and build units or townhomes, Spalding said.
PRD Nationwide chief economist Dr. Diaswati Mardiasmo said Brisbane’s clearance rate remained low but had improved slightly as confidence increased.
“This actually tells me there is more demand in the auction market,” he said.
