Real Estate

Hammer falls as auction season opens with 10 registered bidders for one house

Hammer falls as auction season opens with 10 registered bidders for one house
Written by The ReReport
As seen in the Source link, written by on 2019-01-14 01:21:49

The star performer on the opening weekend of Brisbane auctions for 2019, 43 Spencer St, Corinda attracted 10 registered bidders and sold for almost 15 times its previous sale price.

BRISBANE’S first house to sell under the hammer for 2019 drew a crowd of 51 and 10 of them were registered bidders.

The 1pm auction at 43 Spencer St, Corinda yesterday.

In a highly anticipated start to the auction season, first home buyers, investors, builders and family members of the owner, carried their auction paddles to the backyard of 43 Spencer St, Corinda, to begin bidding.

The three-bedroom brick house on a 683sq m block was one of 10 properties to launch the auction season in Brisbane yesterday.

Two other properties sold under the hammer later in the day, including 22 Eustace St, Aspley, for $535,000 and 39 Moree St, Kedron, for $515,000.

Six properties were passed in and one at 17 Meilland Court, Eatons Hill, sold conditionally after auction.


Place Graceville director Gary Eaton and auctioneer Matthew Condon opened the auction and bidding started slowly with a phone bidder from Sydney eventually offering $600,000.

Six bids in three minutes got the property to $700,000 with the auction in favour of the phone bidder and then there was a 10 minute break to negotiate behind the scenes.

“If he gets it for $700,000 that’s a real bargain,” said local investor Peter Bloomer who was not prepared to go beyond his bid of $625,000.

“It’s in better condition than we hoped for.

“I was hoping it was going to be a knock down”.

The property has been owned by the one person since 1979 when it was bought for $49,250.

Inside the two-storey brick house, the owner’s brother, Jim Philp, was deciding whether the bid was enough to put the house on the market.

He and his wife had spent five months preparing the property for sale after his brother, Colin, was admitted to a care facility mid last year.

The property is on a quiet street in a sought-after neighbourhood.

The phone bidder increased his offer to $710,000 and Mr Philp decided that was enough, so the auction began again with the house officially on the market.

Going up by $1000 lots, the auction was an all-in affair with eight further bids from multiple parties before the hammer fell at $718,000 and Nick Vanzetti, on the phone from Sydney, became the new owner.

“I’ve never bid at an auction before,” Mr Vanzetti said by phone afterwards.

“And I haven’t seen the house, but I sent my parents to have a look and they are there for me today.”

Marea and Ross Sharp of Kenmore, had been looking at property for their son in the western suburbs and were relieved he had picked up a good investment.

“I kept watching the paddles, wondering when they would appear,” Mrs Sharp said.

On a sizeable block, 43 Spencer St, Corinda gave buyers lots to think about.

Mr Vanzetti will rent the house out while he and his family spend time overseas.

Place Graceville director Gary Eaton said the sale sent a message that the Brisbane property market is still strong.

“We had 10 registered bidders,” he said.

“That in itself indicates there is a lot of interest in the market.

“Before Christmas it is flat, but has more hits in January than any month of the year.”