Brisbane’s Goldilocks property market

BRISBANE’S property scene is like a Goldilocks market, as it’s not too hot and not too cold, it’s just right, according to Ray White auctioneer Haesley Cush.

Today there was a full buffet of property on offer at Ray White’s Property Auction Spectacular at the Sofitel in Brisbane from units in the inner city to land at Bribie Island and even a house on the Noosa North Shore.

All up there was 31 properties for sale at the auction across south-east Queensland, and eight of them sold, either just before or under the hammer today.

Ray White auctioneer Haesley Cush said the order of sale got underway with a bang when Ray White Paddington agent Luke Dawson sold 7/183 Kelvin Grove Rd, Kelvin Grove for $310,000 under the hammer.

“Then we followed it up with another unit sale at 2506/25 Anderson St, Kangaroo Point which sold for $1.435 million through marketing agents Brandon Wortley and Matt Lancashire of Ray White New Farm.

“We then proceeded into the CBD and sold 54/29 George St, Brisbane under the hammer for $500,000 through Ray White Brisbane CBD Residential principal Dean Yesberg.

“So those people who say there’s no buyers for units in the city, we just sold three in a row with multiple bidders at all price points.

“We definitely have a Goldilock’s market, it’s not too hot and it’s not too cold, it’s just right.”

The renovated unit at 54/29 George St, Brisbane with two bedrooms, two bathrooms plus a tandem two car parking space was bought by a local man Bert Wei of Richlands (pictured above with Dean Yesbergas his first investment property.

“It’s an investment property for me and I’m looking at getting between $500-$520 per week in rent for the unit plus $120-$130 a week for the two carparks,” said Mr Wei, who works in IT. The unit is very close to QUT and overlooks Parliament House plus the Botanical Gardens.

Ray White South Brisbane principal Luke Croft sold the three bedroom brick bungalow at 18 Strath St, Highgate Hill under the hammer for $870,000, which is considered entry level buying in the sought-after Brisbane State High School catchment.

The stunning  terrace at 5/249 Coronation Drive, Milton sold for $1 million under the hammer through Ray White Toowong agent Kris Matthews and Sharon King and it’s understood the buyer’s daughter also lives in the iconic Cook Terraces already.

The terraces were built in 1888-89 for Joseph Blain Cook and have housed some famous politicians and well heeled citizens over the years and remain a famous landmark along Coronation Drive.

Ray White New Farm principal Matt Lancashire said a local Brisbane buyer bought 29 Mullens St, Hamilton just ahead of its scheduled auction today for early to mid $2 million.

“Today’s prices show there’s such great value in Brisbane compared to Sydney and Melbourne. We had seven registered bidders on this property after taking 70 groups through the property all with great feedback. It’s a good barometer and sign of confidence in the Brisbane market.”

Ray White auctioneer Phil Parker (pictured above) said he came to today’s auctions on the back of a good day where he sold four from six under the hammer in Brisbane on Saturday during the torrential downpouring of rain.

“But today the sky’s cleared and we had another good day,” Mr Parker said.

“The room was full to capacity here at the Sofitel and we had strong bidding on the vast majority of properties.

“There was real estate here for everyone from first home buyers to investors to as far north as Noosa, we had something from everyone.

“It’s all a good sign of positive indications for the south east Queensland market that it’s all ticking along reasonably well.”