Twelve families stunned by $3 million win in high-stakes auction

A home in Grange sold for more than a million dollars past the suburb median on Saturday, after an auction that saw twelve different families fighting for the property.

The five-bedroom, three-bathroom home at 70 Evelyn St is a new build for the popular suburb: a two-storey house designed for modern families, sitting on a 422 sqm block.

The house was equipped with modern smart home features, and with space for a teenage retreat, attracted a wide range of families looking for a new home.

The home at 70 Evelyn St, Grange had 12 registers, spiking past agent expectations.

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With twelve registered bidders, Ray White Wilston agent Brooke Copping said four of them were actively fighting for the home during the auction.

“Bidding started at $2.625 million … [and] it was pretty fast-paced,” she said.

The winning bidder and the underbidder were both families from Sydney looking to move up north, shooting offers back and forth as the price slowly climbed.

When the winning bidder reached an offer of $2.95 million, he and the vendors negotiated for a $3 million sale.

The winning bidder was from a family with two kids, who had moved out of Brisbane and were now looking to move back.

“He told me he didn’t want to spend that much,” Ms Copping said. “He came in thinking to spend much lower, but he pushed further to get it.”

The suburb median home price in Grange is $1.665 million, meaning this Saturday sale beat the median price by $1.335 million.

Ms Copping said with a high supply of homes coming onto the market, houses that stand out in one way or another tend to get more attention.

“There is certainly a lot more stock which has come onto the market at the moment,” she said, “But we’re seeing properties that are a new build or have a renovation in the most demand, and fetching really good prices.”

The house ended up selling for $3 million, after an intense competition between two potential Sydney buyers.

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The sale came near the end of a big week for Brisbane’s auctions. PropTrack’s latest Property Preview Report showed Queensland had around 287 scheduled auctions this week, making an 18 per cent increase compared to this time last year.

With Brisbane’s auctions at 167 and regional Queensland’s at 120, that marked increases from 2023 of 24 and 11 per cent.

Ray White is anticipating next week to be their biggest auction week of the year, with 928 properties in their agency alone set to go up for auction.

PropTrack estimates 3,721 auctions to take place next week, with 379 of those in Brisbane.