‘Change of instructions’ leads to $250,000 bidding war

37 Edmondstone St, South Brisbane sold at auction on Saturday.

The decision to put this iconic Brisbane home on the market at a reduced price led to a three-way battle for the keys that put another $250,000 on to the eventual sale price.

More than $8m worth of property sold in Brisbane on Saturday as part of a Ray White spring auction event at the Calile Hotel, with seven registered bidders scattered through the crowd of up to 100 to buy Zapeion at 37 Edmondstone St, South Brisbane.


Ray White Auctioneer Haesley Cush in action at the spring auction event. Picture: Debra Bela

Heading to auction for the first time in 85 years, the four-bedroom Greek-influenced home next to Musgrave Park was the most popular auction of the morning.

Ray White auctioneer Haesley Cush accepted an opening bid of $1.6m, a lucky number according to a buyer at the back of the room who threw out random bids ending in six or eight throughout the spirited auction in his campaign to secure a new family home.

“Six and eight, yes, very lucky numbers in Asia,” the bidder from Dutton Park said afterwards.

The first gasp of the auction came nine bids later when at $2.05m the property was announced on the market and selling.

“We have a change of instructions,” Ray White New Farm’s Matt Lancashire said. “We are selling.”

The auction day crowd lined the back of the conference room at the Calile Hotel in Fortitude Valley. Picture: Debra Bela

The Dutton Park family at the back of the conference room then joined an expat couple from America on the phone and a third bidder in the room, in a three-way bidding war that carried the property $250,000 higher, with bids of $2.108m, $2.156m, $2.166m, $2.188m along the way.

“You see strategy,” Mr Cush said after the event.

“In an auction, if a buyer wants to buy something, if they just go along with the momentum of the auction, they are doing the least amount they can to control the outcome, but if they engage with strategy they are doing something to change the outcome.”

Brisbane Auctions

Ray White auctioneer Haesley Cush. Picture: Annette Dew

At $2.256m, with the lucky number bidders from Dutton Park in the lead, the home looked set to sell, until the bidders from America threw in another $44,000 in one go to secure the second gasp of the auction and Zapeion for $2.3m.

“This buyer went along with all the bids for a while and then went, this is not working, changed strategy, did that big bid to $2.3m,” Mr Cush said.

The home was one of five to sell at the Ray White auction event.
The highest profile auction of the day, a riverfront property at 18 Scott St, Hawthorne, was passed in after a suggested start price of $8m was met with no response.

18 Scott St, Hawthorne.

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