Battle of the big blocks: Time warp homes hammer auction expectations

Buyers were out in force across the country this weekend as things returned to normal after last weekend’s extreme weather in Brisbane and Northern NSW.

Preliminary auction clearance rates were up across the country, with South Australia reporting 63 per cent, Queensland 31 per cent, and Western Australia 43 per cent.

The CoreLogic combined capital city auction clearance rate was 69.1 per cent, with a total of 1250 homes selling under the hammer.

Over the last five years, since the COVID outbreak prices have risen cumulatively by 38.4 per cent, adding approximately $227,000 to the median dwelling value.

The most recent major growth being focused in the Brisbane, Perth and Adelaide markets.

While the most recent data from CoreLogic shows property prices leveling off, the year ahead will continue to be an interesting one as future predicted cuts in interest rates and the impact of President Trump’s tariffs and murmurs of the US tipping into recession play out.

Rare character time capsule in Fremantle exceeds expectations

An untouched character home at 220 South Terrace, Fremantle Perth, sold for $1.41 million at the weekend amidst strong competition between four active bidders.

Very rarely, a character home which is more or less untouched comes to market in this highly desirable Fremantle location, prized for its laidback lifestyle and walking distance to the buzzing South Freo precinct.

“This will be a very emotional sale. It has been in the same family for 55 years - it has seen a lot of life,” Ms. Simone Glover, lead agent at Ray White Dethridge Groves.

Interior photos of the house show it has seen many decades of interior design trends, ranging from its Barbie-core mid-century pink bathroom to its funky 70’s brown laminated kitchen.

This is a house that has been loved and lived in by its owners and viewing it is like going in a time machine through suburban Australia’s different eras.

But buyers could see past its eclectic interior and imagine a bright and shiny future.

Not only exuding character charm, exceptionally large bedrooms and living spaces typical of the early 1900s, the bonus for the buyer is that while the home is in a heritage precinct, it is not included on the state register.

“This gives the incoming buyers so many options,” Ms. Glover says.

The auction started off slowly, “no one wanted to be the first to put their hand up,” Ms. Glover says.

“It started at $800,000 and once it was underway it got very competitive and exciting.”

With 27 bids in total including from a Subiaco family who had restored character homes before, a local couple from a few streets over, and a father and son who hoped to restore the home together, the winning bid of $1.14 million was made by a local family.

“They plan to rent it out for now then employ an architect and restore it down the track,” Ms. Glover says.

Twenty one registered buyers vie for Ingle Farm home

A modest 1970s style three bedroom, one bathroom brick and tile home at 5 Joslin Ave Ingle Farm in Adelaide set on 898m2 of development potential sold under the hammer for $940,000 this weekend.’

With 21 registered bidders, the property listed by Sumit Khatri and Marco Lai of Ray White Adelaide City was the listing with the highest number of registered bidders for any Ray White auction over the weekend.

This certainly indicates that the Adelaide market continues to go from strength to strength and shows no signs of relenting any time soon.

According to View.com.au Suburb Trends report, Ingle Farm has had over 12 per cent growth in home prices over the last 12 months.

This sub-dividable site (subject to council approvals) has been owned by a single owner and presents as perfectly liveable for now.

Green walls, purple curtains and a retro brown bathroom didn’t deter bidders who could see the potential in the block in a heated Adelaide investment market.

The development up-side offers significant returns for the new owner in the future.

Luxury architectural masterpiece sells for $4.65 million in front of a 100 strong crowd

Over in Brisbane a completely different type of property sold at auction - showcasing what can be done in the future when buying a big block with development potential.

One of the highest calibre luxury homes on offer in Brisbane’s racing heartland, Ascot, situated at 77 Palm Avenue, realised an outstanding result at the weekend.

With over 500m2 of internal living space on an 804m2 corner block, the opulent 2023 build residence is an absolute dream home.

With interiors designed by award-winning design studio K co Design, every element of the home has been carefully considered and expertly executed.

It’s not surprising that the family bidders battled it out to make this stunning family home theirs.

“We had four bidders register but as the bidding kicked off we had a fifth buyer register to bid” says Mr. Daymon Warat, lead agent at Ray White Ascot.

“The bidding opened at $4 million and ran up to $4.55 million. We then stopped and negotiated on the floor. We had two buyers increase to $4.6 million, then we negotiated up to $4.65 million. It was called on the market at that point and sold.”

The winning bidder was a local family who will no doubt be celebrating their success at securing such a special home that caters to every family member’s needs with multiple living and entertaining zones, a pool and custom wine cellar.