Auction buyers play it cool with $1.9 million Queenslander

A storybook Queenslander is still on offer after passing in at $1.9 million under the hammer, despite spirited bidding to officially open auction season.

The charming weatherboard with a good tenant and scope at 54 Barton Parade in Balmoral, an inner suburb of Brisbane, was one of 44 properties auctioned in Queensland’s capital on January 28.

Nationally, 472 auctions were held, reawakening the market for 2023, with the most action in Melbourne (177 auctions), followed by Sydney (144) and Adelaide (69). From this weekend, with more volume on offer, property data agencies will track results and report clearance rates, as the first few weeks of the year hosted only a handful of auctions.

54 Barton Parade, Balmoral, Queensland

The auctioneer at Barton Parade, acting for Place Estate Agents Bulimba, told the crowd the leased house – in the style of a classic, elevated Queenslander – had potential as an investment or the site of a new design, with the market in this pocket experiencing double the enquiry in January compared to December.

“A suburb with a wonderful history but a more exciting future, as more and more people descend on this area,” he said in his auction preamble.

“Southern buyers really love Balmoral, Bulimba, Hawthorne and its surrounds because it offers so, so much”. He pointed to the abundance of coffee shops, schools and public transport options, all by the Brisbane River.

“It’s a beautiful place to grow a family, a beautiful place to invest.”

54 Barton Parade, Balmoral, Queensland
The sweet interiors are classic Queenslander, all the way, with a tenant who has been there for several years and takes great care of the home. Photo: Domain

The property came with development approval to divide the land in three and build two modern residences. A caring tenant has been in the home for six years and is keen to stay on when it is sold, the auctioneer said. “If you are an investor, you know are you are in great hands.”

Bidding for the two-bedroom home on 817 square metres opened at $1.5 million.

The sum jumped quickly from $1.6 million to $1.7 million, at which the auctioneer paused and went inside for several minutes to chat to the vendors, advising the crowd the home had not yet met reserve.

He returned and said that with some potential buyers not in a position to purchase at auction but holding genuine interest, he would place a vendor bid at $1.9 million and conversations about a sale would continue “behind closed doors”. He then dropped the hammer to start the negotiations inside.

The property is on the books of Place agent Carla Haddan, for offers more than $1.9 million.

Balmoral’s median house price is $1.45 million, which represents a rise of 57.2 per cent over five years and 5.5 per cent over 12 months, Domain’s latest data shows.

Domain figures reveal Brisbane’s market finished the year in decline.

The property came with development approval for these new residences or could be lived in, as in. Photo: Domain
The property came with development approval for these new residences or could be lived in, as in. Photo: Domain

House price dropped in the sunshine state capital at their steepest in ten years, joining Canberra and Sydney in a club of cities with the sharpest falls, from peak to trough, according to Domain’s latest House Price Report (December 2022).

However, the overall Brisbane house median lingers 34.4 percent higher than before the COVID-induced boom.

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