A prestige estate with private access to Mount Coot-tha’s hiking and biking trails has smashed Kenmore Hills’ house price record after a family of six splashed $6.2 million at auction.
asserted
family → smash → auction
Before a crowd of about 200, two bidders battled for 240 Tinarra Crescent – ending a 30-year tenure for the owners while obliterating the suburb’s 2022 record by $1.5 million.
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bidders → battle → million
The six-bedroom, four-bathroom “French Provincial” home occupies a 10,000-square-metre parcel on Mount Coot-tha’s foothills and features private botanical retreats, herringbone floors, a billiards room, tennis court and heated pool.
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home → occupy → retreats
More than 100 groups inspected the rare property, but only two registered.
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two → inspect → property
Bidding opened at $5.5 million and rose in $250,000 increments – stalling at $6 million.
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Bidding → open → million
After a brief negotiation, it sold to a pair of local upsizers, one of whom owns a “significant” global company.
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one → sell → company
“This is their dream home, and this is where they see their [four] children growing up,” said selling agent Christine Rudolph of Ray White Collective.
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Rudolph → see → Collective
The estate was one of 225 scheduled auctions across south-east Queensland over the past week.
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estate → schedule → week
By Saturday evening, Domain recorded a preliminary clearance rate of 19 per cent from 144 reported results, with 14 homes withdrawn.
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homes → record → results
Withdrawn auctions are counted as unsold when calculating clearance rates.
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auctions → withdraw → rates
In Coorparoo, a rare luxury home in the suburb’s “golden hospital triangle” sold for $5.76 million at an auction that “felt like going back in time” after seven bidders registered for the keys.
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bidders → sell → keys
The architecturally designed five-bedroom, five-bathroom home sits on a 723-square-metre block at 11 Sirius Street and boasts 788 square metres of living space.
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home → design → space
It features a gym, pool, spa and external helical staircase connecting every level – alongside a $45,000 custom walnut dining table included in the sale.
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It → feature → sale
Selling agent Sarah Hackett, of Place New Farm, said at least 250 groups inspected the home, and 11 came back for a second or third look, against an average of four.
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11 → say → four
“This auction was like going back in time in the market – it just felt good,” she said.
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she → go → market
While seven bidders registered, Hackett said a strong opening bid knocked most out of the water before a crowd of about 100.
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bid → register → 100
“This poor guy yelled out $4 million [at the start] and at the same time someone else [the underbidder] yelled out $5 million … so it became a two-horse race,” she said.
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she → yell → million
At $5.6 million, bidding paused and the underbidder pulled out before final negotiations pushed the price to $5.76 million.
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negotiations → pause → million
A local family – who weren’t present and used a buyers’ agent - clinched the deal.
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who → use → deal
“The home’s bang in the middle of the three [major] hospitals so we had surgeons register … but then all the private schools are close by [too],” Hackett said.
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Hackett → have → hospitals
“We even had nearby people in surrounding streets who had just gotten renovation quotes for their home and instead of it being $2 million it was $4 million … so they wanted to buy instead.”
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they → have → home
While the home’s solid concrete construction and 4.2-metre ceilings made it a rare buy, Hackett said the kid-centric design was the clincher for most.
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design → make → most
“There was a basketball court and a room with bunk beds,” she said.
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she → be → beds
I think the new thing [a while back] was wellness – you had to have it.
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you → think → it
At the other end of the market, a first home buyer paid $495,000 for a “fixer upper” in Booval that’s coated in graffiti, has a dilapidated deck and is flood-affected.
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that → pay → deck
Just “four or five” buyers inspected the property, with none registering for the Friday auction.
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none → inspect → auction
The first home buyer was the sole auction attendee – which led to her pre-auction offer being accepted.
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offer → lead → ?
The three-bedroom home – at 11 Janet Street – was Domain’s cheapest recorded auction result for Greater Brisbane.
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home → record → Brisbane
“She [the buyer] knew there was a lot to do but she liked the configuration and the fact that it was a high-set home.
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it → know → configuration
But there’s not much more to like beyond that,” said selling agent Chevy Sukkar of Ray White Ipswich.
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Sukkar → ’ → Ipswich
He said the sale was a prime example of how hard the market’s entry level was being hit, with prices plummeting by up to a third.
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prices → say → third
“You have to take a pen and cross out [property price] numbers by 25 per cent [right now] then there’s your guide,” he said.
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he → have → cent
PRD chief economist Dr Diaswati Mardiasmo said the results showed how fragmented Brisbane’s market had become, with one-of-a-kind prestige properties still immune from wider economic conditions while the lower end continued to feel the pain.
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end → say → pain
“It’s almost chalk and cheese [between the entry level and prestige ends of the market],” she said.
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she → ’ → market
“Anyone around that $1 million buying mark is very conscious of economic conditions and they are making sure they are getting the most bang for their buck.”
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they → make → buck
Mardiasmo put the chance of another hike at this week’s Reserve Bank meeting at about 65 per cent, but said plummeting business sentiment, low household savings and Christmas meant a hold was possible.
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hold → put → cent
“The timing of this RBA meet is quite awkward because we only have two more meetings this year in November and December,” she said.
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she → have → November
“And they won’t want a headline like ‘the RBA killed Christmas’.”
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RBA → want → Christmas
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