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This vacant block of land at 52 Seventh Avenue, Kedron sold at auction for $992,000.
A PATCH of grass close to Kedron Brook in Brisbane’s north sold for almost $1m at auction yesterday, making it the second block of land in four months to blitz all previous land sales records in the area.
The sale price was also $410,000 more that what the sellers had paid for the property six years ago with a house on it.
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Bidders line up to register ahead of the auction.
“It seems to be what Kedron is going for at the moment,” one local said after the auction.
“You stick a house on it and it’s not as attractive, it’s more of a dream when there’s a blank canvas.”
There was a post-war home on the property but the seller had removed the house. He has since built a dream home in Aspley.
Thirty-one bidding groups had their own dreams of owning the 607 sqm block at 52 Seventh Avenue, Kedron and the morning auction attracted more than 100 people who found shade along the fence line and under the only two trees on or near the flat, south-facing block in the up-market ‘Avenues of Kedron’.
Crowds find shade wherever they can.
More than 100 people found a spot on or near the 607sq m block of land.
Auctioneer Phil Parker brought his own shade in the form of a red umbrella and the Ray White Lutwyche auction team set up a pergola for bidder registrations which started 40 minutes before the auction began.
Ray White Lutwyche agent David Lazzarini and auctioneer Phil Parker have a chat before the auction.
Paula and Chris Harwood, of Alderley were back on the auction hustings this weekend after failing to even get a bid in at the auction of 11 Gurley Street, Wavell Heights last weekend.
“We’ve been looking since before COVID,” Mrs Harwood said.
The Harwood family were among the first to arrive at the auction.
“Most of us thought that (Gurley Street) would go in the $700,000s because the house across the road sold for ($661,000) less than a year ago but it sold for $899,000.”
The couple would never get the chance to raise paddle No. 22.
An opening bid of $500,000 was slapped down almost immediately with a counterbid of $850,000, followed by a burst of bids from six or seven hopefuls who got the property to $950,000 within minutes.
“Is it on the market?” a voice from behind the fence in a neighbouring yard called out.
“It is,” Mr Parker replied, breaking the news to the wider audience. “Are you going to have a shot?”
“Keep going,” came the reply.
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“Keep going? I’m working hard.”
“$960,000.”
“Where’s your card?” Mr Parker shouted out and the man held up paddle No. 1 to join the auction.
A couple of other bidders held on for as long as they could but at $992,000, bidder No. 1, a private buyer who did not wish to be identified, was the last paddle standing.
The sale is the second highest price paid for a residential vacant block in Kedron, following the $1.155m sale of a 607 sqm block backing on to Kedron Brook at 20 Sturt Street in October last year. The previous high was $800,000 for a 660sq m block in 2018.
“He must be looking pretty happy there,” one disgruntled bidder said, looking at a neighbour who was hanging a beach towel over the railing of his rear deck.
“That’s f–king mad.”
SEE WHAT ELSE IS FOR SALE IN KEDRON
Ray White Lutwyche agent David Lazzarini said he understood the frustration of bidders but said in a market driven by lack of supply and low interest rates, demand was increasing exponentially.
“We’re seeing that frustration a lot,” Mr Lazzarini said. “Unfortunately that’s the dynamic of the market. But you’ve got to be in it to win it. So I encourage them to keep searching, hound agents and get on their databases.”