Millions in real estate changes hands in Monday mass auction

Around 80 properties went under the hammer at Howard Smith Wharves in Brisbane Monday afternoon. Picture: Sophie Foster

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Millions of dollars worth of real estate has changed hands already with several hours to go in a mass Monday auction as demand continues to spike across South East Queensland.

Close to 3000 people logged to the auction online with several hundred more attending in person as over 300 people registered to bid on properties from Bribie Island through to Ipswich, Brisbane and the Gold Coast.

Around 80 properties went under the hammer at Howard Smith Wharves in Brisbane Monday afternoon. Picture: Sophie Foster

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Over 110 properties were set to change hands from 17 agencies that went under the hammer in a major auction event leading up to a Queensland real estate economic update at Howard Smith Wharves in Brisbane, to be continued by the Ray White Collective’s auction under the stars set for sunset.

One of the top sales was 67 Macaulay Street, Coorparoo, which was hotly contested with bids coming right down to the $500 level at one stage, before it sold under the hammer for $1.9m.

Sellers were chuffed with prices fetched including the owner of 3/36 McCord Street, Gordon Park brought to market by Ray White Wilston Elite agent Holly Bowden.

3/36 McCord Street, Gordon Park, brought to market by Ray White Wilston Elite agent Holly Bowden, changed hands for $700,000, with a happy seller Rob (middle) now planning his retirement.

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It changed hands for $700,000, with a happy seller Rob – who is a builder by trade – was selling his investment property that he’d held for two decades to get ready for retirement.

His advice for aspiring investors was don’t hesitate. “Whenever you can, get in,” he said. “The rent helps to pay it off but also chip in a bit extra as well, and hold onto them. That’s the key.”

Jubilant buyers on the day included Michael and Rebecca who stuck it out during a quick bidding battle to land a property in Grange brought to auction by Ray White Alderley principal Andrew Cowen.

The couple have a two year old property on the same street and plan to build their dream home there for the growing family.

“We have a third baby on the way in December which is super exciting, there’s a lot of activity on the street so after the house is complete, we might sell it or we might rent it. Just see how it plays out,” Michael said.

Michael and Rebecca stuck it out during a quick bidding battle to land a property in Grange brought to auction by Ray White Alderley principal Andrew Cowen.

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Mr Croft said “it just shows you the way Brisbane has moved, the way it’s changed, and the sophistication of it, and particularly the marketplace.”

The crowd included owner occupiers looking for their new home, buyers agents for interstate investors and well as buyers advocates for those who have sought professional help to get in the market now.

“We’re seeing more buyer’s advocates coming in and placing bids on their (customer’s) behalf. That’s probably emerged because of the growth in auctions here in Queensland. As more properties go into auction, they need more expertise.”

But he said there were also many people who were now “bid fit” in SEQ too.

“We’ve had people here that have missed out three or four times before they’ve arrived here, and thankfully a few of them have actually secured property (Monday).”

Mr Croft said for some people it “becomes a sport”, learning how to win.

“I always say to them, just get bid fit, understand your market deeper and better, and it’ll pay off on the auction floor.”

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