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55a Graceville Ave, Graceville, sold under the hammer for $700,000.
A JOYFUL buyer burst into tears after snapping up an 1890s Queenslander for incredible value yesterday – after asking a friend to bid unemotionally on her behalf.
The strategy was employed to win the three bedroom home at 55a Graceville Ave, for $700,000 — great value for popular family suburb Graceville where the median house price was $890,000.
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The home has a front deck and a back one.
The emotional buyer, who would not be named, told The Sunday-Mail that she had been watching the market for six months looking from Ashgrove to Bardon to Graceville.
She had handed over the responsibility of bidding and negotiating to a property investor friend who said the strategy to take emotion out of it worked.
Auctioneer Peter Burgin conducted the auction in the backyard of the property. Picture: Sophie Foster
“Use another person to actually bid for you. That strategy worked,” he said.
He said there was good value to be had with “the market nowhere near as strong” now.
“It’s still a good market if you look. I’m always watching the market. You can pick up absolute bargains out Ipswich way for ridiculously cheap prices where you’re getting fantastic rental return on what you’re paying for your property prices.”
Open plan living zone spilling out onto the back deck.
The house drew 55 inspections during the open home, nine second inspections, 13 building and pest requests and three bidders, according to agent Peter May of Place Graceville, who marketed the property with Julian Maddox.
“The numbers were outstanding. Three bidder registrations today and certainly over reserve as well which the sellers are tickled pink with,” Mr May said.
Classic wooden floors.
Bidding started at $500,000, before pausing at $680,000 when auctioneer Peter Burgin paused proceedings to have a discussion with the owners who had dialled in from the United Kingdom.
Mr Burgin, who last week broke the Brisbane auction record with the sale of a Bulimba home for $8.4m under the hammer, returned to reopen bidding.
Just one bid was then made for $700,000 which was when the property was declared on the market and sold.
The sellers had bought the property in October 2006 for $482,500, according to CoreLogic records.
“Their life is now overseas so it’s time to part with it and certainly our new buyer is looking forward to moving in,” Mr May said.
Cyclists enjoying Saturday morning in Graceville Ave which has special bike lanes. Picture: Sophie Foster
“There’s great growth here, it’s only 8km from the CBD. What’s interesting is with the cafe restaurant precinct growing so much, we’re getting people coming back from over the bridge and really endorsing those businesses. It’s buzzing. There’s over 50 opportunities to have a coffee between Oxley and Chelmer.”
The home has three bedrooms.
“The beauty of this suburb is it’s such a community orientated place, so many families here as well, and with all the state schools, the parks, the ovals, that just make it a really popular commodity to get into. We’ve seen really over the last couple of months that certainly with Graceville and surrounding areas, it’s really on the rise.”
The home is ready for its next owners.
The house was marketed as an “enchanting circa 1890 Queenslander with original character and charm”.
It had two bathrooms and a single garage with the auction conducted on site.
“Flood-free in 2011 and raised for future development, the three-bedroom stunner features white tones throughout along with a wealth of traditional fixtures and fittings,” was how it was listed.
High ceilings were a feature throughout the house.
Its features included high ceilings, hoop pine floors, VJ walls, double-hung windows, decorative breezeways, front and rear decks complete with timber fretwor, airconditioning and ceiling fans.
“Yet more space is beneath the home with a massive storage area set on cement slabs accessible from both the front and back yards and having ample room for two small cars.”