Brisbane cottage sees a large crowd fill a small room, but proximity didn’t stifle strong bids
First published 11th November 2017 on www.realestate.com.au and The Courier Mail.
Written by Kieran Clair
IN this instance, rain made for close quarters as a crow of around 50 huddled together in the lounge room of 32 Prince Street, Paddington to see the home go under the hammer.
The three bedrooms, renovated cottage checked off the tick list of smart real estate — close to cool urban facilities, city skyline glimpses and a reasonably level block with plenty of room to grow.
Urban Property Agents principal Daniel Argent said, before the auction, he was expecting an impressive result.
“People are just going crazy for cottages with renovation potential,” Mr Argent said.
The home looked underwhelming from the outside — a simple floor plan with a tidy renovation — well maintained and highly rentable.
But in Paddington it’s all about position and potential, and this home had both in spades.
In the crowd were a number of recognisable property faces, including Rob Graya who’s company, Graya Constructions, is known for taking ordinary property and creating spectacular homes.
Another was Property Pursuit principal Meighan Hetherington who was there to represent a client with plans to move from interstate to Brisbane.
“Our clients are attracted to the position with the cafes and boutiques in Paddington — and Paddington, we think, is one of the suburbs that is undervalued currently,” Ms Hetherington said.
Come auction time, 13 registered bidders were on the books, so action looked set to be frantic.
And it was.
Moments after auctioneer, Sam Devlin, called for an opening bid, Ms Hetherington raised the paddle at $815,000.
After that the pace was furious but the increments slight. Most moves ranged from $5000 to $10,000 with eight parties giving it a try.
When asked at $910,000 whether the property was now on the market, a glance and a nod between Mr Devlin and Mr Argent signalled the home was going to the highest bidder.
With that information now out on the floor, offers ran hot again, but at even lesser degrees.
Bids were from as low as $500 up to $4000.
Ms Hetherington eventually proffered $961,000 and with everyone else silent, the home was declared sold.
In the end, 15 registered bidders saw eight raise a paddle and 65 bids made from start to finish.
Speaking after proceedings, Ms Hetherington said her clients were very pleased with the outcome.
“The buyers are extremely happy with the purchase — they’re really looking forward to living in the Paddington community,” she said.
Another family on its way to calling Brisbane home.
Follow Kieran Clair on Twitter at @kieranclair