Windfall in the thousands for sellers as Kalinga house snapped up for $2.34 million

2 hours ago 1

One of Brisbane’s smallest suburbs played host to one of its biggest bidding wars on Saturday – with a rare family home snapped up for $2.34 million, nearly a quarter of a million above reserve.

On a 405-square-metre block at 93 Nelson Street, Kalinga, the five-bedroom, three-bathroom home is one of just 15 properties to sell in the pint-sized pocket this year – a figure too small to register a median house price.

Sprawled across two levels, the home features multiple living zones, a pool and al fresco spaces, and sits within striking distance of Kedron State High and Eagle Junction State School.

At the Saturday auction six active bidders battled from the opening $1.7 million bid. By the $1.9 million mark, just three were duking it out in a nail-biting finale that saw the trio trade dozens of $1000 blows until a couple in their 40s landed the winning bid.

Selling agent Drew Davies, of Place Ascot, said it resembled a war, with 53 bids clocked in 25 minutes.

The house at 93 Nelson Street, Kalinga, sold at auction for $2.34 million

“Homes like this in Kalinga are rare – and it’s one of Brisbane’s smallest suburbs,” he said.

“I think the position is something that’s irreplaceable. Nelson Street is A-grade property.

“It’s close to Kedron Brook yet it’s flood free and at that price point – as silly as this sounds – it’s affordable.”

He said the campaign attracted a diverse mix – from young professionals to families, downsizers and relocating families from Melbourne and Perth, with even a single young professional joining the fray.

The Kalinga house features multiple living zones, a pool and al fresco spaces.

With the reserve set at $2.1 million, the result delivered a windfall for the sellers, who bought the home 10 years ago for $925,000. They are upsizing to a nearby suburb.

The house was among 136 scheduled auctions across Brisbane last week. By Saturday evening, Domain recorded a preliminary clearance rate of 48 per cent from 97 reported results, with 13 homes withdrawn. Withdrawn auctions are counted as unsold when calculating clearance rates.

In East Brisbane, a character cottage held by the same family for 75 years sold for $1.75 million following a spirited auction where a downsizing couple outbid a desperate young family.

Set on a 470-square-metre block, the three-bedroom, one-bathroom home is stacked with original features, including a decorative archway and fireplace.

The auction, run through the public trustee, opened at $1.35 million and escalated quickly, with five of the 14 registered bidders throwing down large increments until it became a three-horse race.

“The young family were quite desperate to get it and they had their young kid raising the paddle when mum told them to bid,” said selling agent Bill Yapp, of Aurora Property.

“But while the final three buyers pushed hard, the couple who got it weren’t missing out.

“They have been longstanding local owners, and I think this home really clicked for them in terms of the location and the size of its bedrooms.”

Yapp said the level of competition – with 14 bidders – spoke volumes about the market.

“Once the new first-home buyer assistance comes in, that will put even more upward pressure on houses,” he said.

In Hamilton, a “pre-auction bidding war” over a luxury riverfront unit led to a $2.325 million offer that was accepted just days out from the scheduled auction.

The 199-square-metre, three-bedroom unit – at 309/51 Hercules Street – spans two levels in the Loft Apartments complex and features raked ceilings, a gourmet kitchen, and sweeping water views. A pair of empty-nesters secured the keys.

“The campaign went absolutely ballistic,” said selling agent Elisa McMahon, of Ray White Wilston.

“From the very first open home I was literally bombarded with buyers wanting a second inspection. Everyone wanted to secure it before it could go to auction.”

McMahon said downsizing boomers chasing boutique buildings with views was driving demand in the prestige unit sector. And she added that a lack of stock was driving strong sale prices.

“And the three-bedroom market is particularly so strong because it’s an alternative to a house.

“We’re finding that couples or singles with children that are in their teenage years are even making the move sooner for lifestyle reasons.”

McMahon said she had spied an increasing number of homes selling prior to auction, sparked by desperate buyers throwing down strong offers to avoid an auction-day bidding war.

Domain auction data shows 24 homes sold prior to auction last week – a trend that could point to nervous buyers or even nervous sellers, said Dr Nicola Powell, Domain chief of research and economics.

“It can tell us that the bidder depth isn’t there – as you typically need at least two bidders to create serious momentum at auction,” she said.

“Or it can reflect buyers trying to avoid a competitive auction by putting in a robust offer.”

While a two-speed market could see both, Powell speculated vendors were driving the trend.

“We’re not in a boom any more … and price growth across Brisbane has largely slowed. Sellers have to be mindful of that,” Powell said.

Still, she added a potential rate cut could fuel a surge.