Inner-city bargain as Brisbane auction market goes quiet

Inner-city bargain as Brisbane auction market goes quiet

Source Node: 2007819
Debra Bela

News Corp Australia Network

Shanita Robinson and Samuel Clarke with their son outside the house they bought in Wooloowin. Picture: Debra Bela


ALMOST one in four homes scheduled for auction on Saturday were either withdrawn, rescheduled, sold beforehand or converted to a best offer campaign as Brisbane recorded its quietest auction weekend since the pre-season in January.

Only 45 homes made it to auction day across the region, a 20 per cent drop compared to the same time last year with a ceaseless barrage of interest rate rises putting the brakes on the auction market for the week.

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Interested property watchers wait for the auction to start. Picture: Debra Bela


Those that did go to auction were well serviced by bidders, particularly in the sub-$1m market, with 14 bidders turning up to buy a post war home in Stafford and 10 bidders in Coopers Plains.

But it was a surprise sub-$1m sale in inner-city Wooloowin that was the bargain buy of the day when six people registered to buy a home built in the late 1800s that was coming to market for the first time in almost 30 years.

The house at 3-5 Adamson St, Wooloowin is on 652sq m.


The three-bedroom house on two lots at 3-5 Adamson St, Wooloowin, was built around the same time that the rail line was put in behind it but even the sound of the Redcliffe to Springfield train arriving at Eagle Junction station on Saturday morning was not enough to stop acoustic engineer Samuel Clarke from bidding and buying the property for $965,000.

The winning bidders will restore the house to keep its character features. Picture: realestate.com.au


“It has been a long journey,” Mr Clarke said. “We also started with certain expectations that over time we’ve had to moderate, like most buyers. Location was one of those. While this backs onto the train line it’s pretty quiet out here, most other things at this price point were on busy roads. I’m an acoustic engineer, so I know what I’m getting in for, it doesn’t bother me at all.”

Wooloowin’s median house price has climbed by 20 per cent in 12 months to $1.27m based on 26 house sales, PropTrack’s Market Trends report for March shows.

“One thing’s for sure, that house will never be worth less than $1m again,” fellow Adamson St resident, Shelley Threlfall, said after the auction.

The auction gets underway at 3-5 Adamson St, Wooloowin. Picture: Debra Bela


Ray White Paddington’s Ross Molloy worked with auctioneer Phil Parker to secure the sale, with bidding starting at $700,000. The house was announced on the market at $950,000 and the auction paused soon after. An increased offer of $965,000 was negotiated inside the house and the property sold for that price.

“I was surprised, I wasn’t expecting to come in today and be successful,” Mr Clarke said.

“I thought it would cap out above what our pre-approval was, above $1m.

“We’ve been looking for 18 months and looking at equivalent sized houses that were $1.1m to $1.3m so it’s been interesting.”

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