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The owners, who had been there for 47 years, were rapt with the result, he said.
The house was among 176 scheduled auctions across Brisbane last week. By Saturday evening, Domain recorded a preliminary clearance rate of 50 per cent from 116 reported results, with 18 homes withdrawn.
Over in Camp Hill, a young couple beat the neighbour to snap up a charming blue cottage, paying $1.569 million – well above the reserve.
The three-bedroom home at 21 Lewis Street, on a 604-square-metre block, drew 13 registered bidders and six active parties, with bidding opening at $1.2 million and leaping to $1.4 million before slowing.
At the $1.45 million mark, three buyers remained, pushing the price higher in $5000 and $10,000 jumps.
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Co-selling agent Antonio Puopolo, of Place Estate Agents Camp Hill, said the underbidder had built the house next door just a few years ago and hoped to knock down the cottage and rebuild.
“I was surprised that the young couple got it. But they were very confident,” he said.
“They came two or three times with their mum and brother … who ended up bidding for them. He was the opening bidder and went hard and strong.”
Puopolo said the result reflected a wave of young buyers upgrading from their first units.
“They all know the unit market is going ballistic right now and they know they will probably get more than what they expected,” he said.
The auction was watched by a crowd of about 60, with onlookers spilling into the street.
“After the hammer went down, the vendors were in disbelief,” Puopolo said.
“It took them 20 minutes to process it.”
In Kedron, a five-bedroom, three-bathroom home sold for $2.475 million after a buyer’s agent – bidding on behalf of a client mid-flight to Dubai – fended off two other punters.
The dual-level property, at 4 Boree Street, sits on a 640-square-metre block and features three living areas, a pool and park views in a street that has just four other homes.
While 11 registered bidders fronted up to the auction, an opening knockout bid of $2.375 million from the buyer’s agent left just two other families standing in the ring.
Selling agent Ben Osborne, of Ray White New Farm, said a few bids were then thrown down until the agent nabbed the keys.
“The buyers are an older family with grandchildren, and they just loved the park across the road the separation of living upstairs and downstairs,” Osborne said.
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“It’s such an immaculate home … and it’s a rare find.”
The vendors had bought the home 25 years ago for site for $162,000 and rebuilt the home 15 years ago.
“Now that their kids have left they’re moving to the coast,” he said.
“They are stoked with the result … and it tells me that this price point is pumping.”
LJ Hooker head of research and economics Mathew Tiller said stock remained tight despite a rise in appraisals.
“With the RBA cut we were expecting more listings to come on but they just didn’t,” he said.
“But over the past couple of weeks we have seen numbers slowly picking up so we are forecasting quite an active spring and summer selling season.”
Tiller said Brisbane’s lower weekend clearance rate was more likely a one-off than a sign of softening.
“It might be more about the types of properties taken to auction,” he said. ”Because what we do know is that buyer demand is still there.”
