First-home buyer sells after one year and doubles her money

This house at 17 Gresford St, Chermside West sold at auction for

FIRST-home buyer, Grace Carbone, has almost doubled her money in 12 months after renovating her Chermside West home and selling it for a record price at auction.

Ms Carbone bought the three-bedroom house at 17 Gresford St, Chermside West for $535,000 in October last year.

The home as it looked 12 months ago.

Renovations estimated at around $100,000 by her father, building developer Don Carbone, have included a new kitchen, polished floors, internal paint, decking boards, balustrading and landscaping.

Ms Carbone sold the property at auction on Saturday for $1.065m, a record for a three-bedroom house in the north Brisbane suburb.


The Queensland suburbs where house prices have grown the most

BEFORE: The main living area.

AFTER: Looking like a modern home.

“I just don’t know when it’s going to stop,” Mr Carbone said of property price increases after the auction.

The Reserve Bank of Australia’s warning that the borrowing capacity of new customers could be reduced by 5 per cent next year, only fuelled speculation on the back deck of the 1970s home that such a move would inspire more Sydney and Melbourne buyers to look to Queensland.

The auction day crowd.

Bidding opened at $900,000 for the house on 688sq m, which was low according to LJ Hooker selling agent Dean Hamilton but 14 registered bidders in the back yard thought otherwise and parked their paddles but stayed to watch four other bidders play for the house.

There were lots of paddles in the crowd but only four were raised during the auction.

“It’s like a sports season,” LJ Hooker selling agent Dean Hamilton said. “If you got jaded in May and had an off-season and stopped looking for a bit or had a baby and you’re coming back now and thought you could get this for $890,000-$900,000, you’re like, ‘Whoa, what’s this new team? I don’t know these guys, they’re just smashing us.’.”

Paddle number 17 did all the smashing from the middle of the backyard. Agent Simon Brigden was holding the paddle but there was a woman from Collingwood, Victoria behind it and she wasn’t prepared to let this midfielder go until the house was hers. “Cassandra missed out on 196 Turner Rd (Kedron) last weekend (it sold for $1.11m) and is back again today,” Mr Brigden said. “She was the opening bidder then and was the opening bidder today.”

No three-bedroom house in Chermside West has sold for more than $1m and it took seven bids to get to that milestone. From here, not even the power of 20km/hr wind gusts could speed the auction up and auctioneer Justin Nickerson accepted a further 21 bids of as little as $1000 before the eventual sale price of $1.065m was reached.

“We’ve blitzed the March performance by a tonne,” Mr Hamilton said.

“We’re getting huge prices but I think it’s topping out. Maybe it will last three months, four months. But we’re right there at the top at the moment.”

He said as more people list their homes for sale to capitalise on reported house price growth, upward pressure on property prices would ease.

Ms Carbone is moving back home with her parents until she decides on her next property purchase while the new owner will rent the property out until she moves to Queensland.

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