A local family outbid a Tasmanian rival to secure a West End fixer-upper for $2.365 million at auction on Saturday.
The 759-square-metre property at 29 Harriet Street drew a sizable crowd of onlookers and six registered bidders, attracted by its potential as a dual-living residence within the Brisbane State High School catchment.
According to Ray White selling agent Luke Croft, the five-bedroom home’s condition – which required a new roof and other updates – actually worked in its favour in the current market. “Anything that doesn’t need a lot of work is hugely popular right now,” he noted.
Bidding commenced at $1.6 million, with four parties driving up the price until it reached the $2.28 million reserve. At that point, a last-minute online registration from a Tasmanian buyer prompted a flurry of rapid $1,000 bids. However, the local family was able to clinch the property with stronger $5,000 and $10,000 increments.
The winning buyers plan to renovate the property, while the long-time owner, who purchased it in 2011, intends to downsize.
The sale comes amid a heated Brisbane property market, with both the West End and neighbouring Highgate Hill suburbs recording significant price growth over the past two years. Local real estate agents report an uptick in interest from interstate and international buyers as well.
This home was one of around 200 properties scheduled for auction across Brisbane last week. Domain Group’s preliminary clearance rate for the week sat at 33% from 124 reported results, with 15 auctions withdrawn.
Published 4-November-2024