Finance Property Developers snap up riverfront property in Brisbane in $7.75 million sale

Developers snap up riverfront property in Brisbane in $7.75 million sale

39 Griffith Street, New Farm sold for $7.75 million. Photo: Ray White
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It was Brisbane’s turn in the weekend prestige auction spotlight when eight buyers registered to secure a $7.75 million New Farm offering.

The riverfront trophy home was sold through Ray White to a local property developer family by vendors Glenice and Allan Mein.

The vendors had lived at the grand Griffith Street five-bedroom riverfront property for the past 20 years.

There were three written offers prior.

The riverfront property attracted 80 groups in its four-week campaign. Photo: Ray White

Ray White agent Matt Lancashire said four bidders were active after the bidding opened at $4 million.

“It quickly jumped in rapid-fire $500,000 increments to pause at $7 million.

“We had 80 groups through over the four-week campaign.

“This is a great sale for Brisbane and the prestige market and a good sign of things to come,” Mr Lancashire said.

Brisbane recorded a 36 per cent preliminary clearance rate from the initial 97 reported results, including the nation’s cheapest weekend auction sale on its southern outskirts.

The single-level dwelling at 16 Quarrian Crescent sold for $275,000. Photo: Century21

It was when 16 Quarrian Crescent, Beenleigh fetched $275,000.

The single-level, four-bedroom house last sold for $215,000 in 2005.

It was initially listed last year with $299,000 aspirations.

Sydney’s initial 61 per cent success rate was the nation’s busiest and strongest market, although only half of the 670 auction results were provided in the provisional result.

Sydney also saw a likely $8 million pre-auction sale in Centennial Park.

48 Martin Road, Centennial Park is believed to have sold for $8 million. Photo: The Agency
The modernised Federation last sold for $5.1 million in 2005. Photo: The Agency

Warwick, the Martin Road property was sold through The Agency’s Ben Collier, who had quoted a price guide of $8 million.

The price was undisclosed.

It was last sold at $5.1 million in 2005.

Warwick, the modernised Federation, was once owned by the University of NSW as its residence for its Vice-Chancellor.

With the Labour Day long weekend, Melbourne agent offered far fewer than normal.

There was a 51 per cent success rate from the initial advisory of the 137 of the 222 on offer.

The Californian bungalow at  6 Vautier Street, Elwood was Melbourne’s top sale. Photo: Chisholm & Gamon
The four-bedroom house sold for $2.555 million. Photo: Chisholm & Gamon

The top sale was at Elwood, where $2.555 million was paid for a four-bedroom Californian bungalow.

The 6 Vautier Street, Elwood offering had been marketed with $2.3 million to $2.4 million price guidance.

The 1920s home last sold in 2012 at $1.75 million.

AMP Capital chief economist Shane Oliver suggested the weekend offerings indicated “volumes remaining weak.”

He tweeted a number of factors, including “tight credit, record unit supply, sharp fall in foreign demand, negative gearing and CGT uncertainty are continuing to impact”.

Adelaide was the second strongest city with a 54 per cent success rate from the initial 46 results.

Adelaide’s cheapest result was $560,500, according to Domain, when 31 Fortrose Avenue, Seaton was sold.

31 Fortrose Avenue, Seaton sold for $560,500. Photo: Gary J Smith

The three-bedroom house had a $499,000 price guide.

It last sold for $299,000 in 2004.

Canberra prices topped at $840,000, with a 38 per cent success rate.

The ACT’s top sale was the four-bedroom home at 36 Don Dunstan Drive, Boynton, which was a Rawson Homes-built offering sold through LJH Tuggeranong.

36 Don Dunstan Drive Bonython was the ACT’s top sale at $840,000. Photo: LJ Hooker

Jonathan Chancellor is editor at large at Property Observer

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