Early property market action shows auctions set to rise in 2025

A stunning top-floor apartment overlooking the Brisbane River, the CBD and Story Bridge has sold at auction for $2.85 million.

Eight would-be buyers registered to bid on the recently renovated riverside home at 13/202 Bowen Terrace, New Farm, with five taking part in Saturday’s auction, which included several bidders from interstate.

The auction was one of 440 capital city homes taken to auction this week, up from 262 last week, returning a preliminary clearance rate of 64.5 per cent, according to CoreLogic.

Listing agent Max Hadgelias from Ray White Paddington said the highly desirable apartment was popular among both astute investors and owner-occupiers looking for a turn-key Brisbane base in a sought-after lifestyle location and million-dollar views.

“It was a really strong auction with eight registered bidders and five active bidders,” Mr Hadgelias said.

“We had a mix of locals and out-of-towners, including people on the phone from interstate and people from the UK who were visiting family in Brisbane,” he said.

“All of them really loved the view and the location. It is a real lifestyle option for people.”

Mr Hadgelias said the strong interest in the luxury apartment, which had been held by an investor, saw the property sell above the reserve after the auction opened with a bid of $2.25 million.

The winning bid was placed by a local family.

“The successful bidders plan to live in it initially and longer-term plan to hold it as an investment,” he said.

Couple puts rebuild dream on market

Meanwhile, in Seven Hills, just five kilometres from Brisbane’s CBD, an original 1945-built home in need of a full makeover and positioned on a spacious 610m2 corner block, was passed in at auction for $1million. It has since been relisted for $1.3 million.

Records show the home at 222 Agnew Street last sold in December 2022 for $911,111.

Listing agent Keron Petzer from Ray White Marsden AKG said the vendors, who live on the same street, had bought the home from the original owners and had initially intended to rebuild.

“They bought it originally planning to rebuild and either put their dream home on it or build an investment to get the best return on it,” he said.

They are now hoping to sell it in its current, rundown condition.

“About 90 per cent of the people who have looked at the property would want to knock it down and rebuild it. It needs a lot of work,” Mr Petzer said.

“The vendors have decided that if the right price is out there, they are better off selling now than rebuilding and selling it later,” he said.

There were 61 auctions in Brisbane this week, up from 27 last week, and returned an early clearance rate of 55.3 per cent. This compares to a clearance rate of 67.4 per cent a year ago from 93 auctions.

Swimming pool sparks bidding war

In Adelaide, a renovated four-bedroom home with a large yard and a swimming pool, sold at auction for $1.153 million, after three active bidders battled it out for the keys to 10 Osmond Road in Marion.

Eight parties registered to bid on the family home in Adelaide’s south, but listing agent Samuel Paton from Ray White Glenelg said a higher-than-expected opening bid of $1 million knocked several would-be bidders out of the competition.

“It was very popular because it was so well-presented, on a good size block in a quiet cul-de-sac with a nice swimming pool,” he said.

“The successful bidders currently live in Marion and had been looking to upsize for a little while, so it was a nice result for them,” Mr Paton said.

The vendors had lived in the home for 20 years and had raised their children there but were now downsizing.

The home was one of 69 homes taken to auction this week in Adelaide, up from 37 the week prior, and recording a preliminary clearance rate of 76.1 per cent, according to CoreLogic.

This time last year, 95 homes went to auction with a clearance rate of 74.5 per cent.

Mr Paton said it had been a strong start to the 2025 auction market in Adelaide.

“It’s been a really good start to the year. Buyer activity is really strong and we’re seeing an average of 9 to 9.5 bidders per auction,” he said.

Buyer snaps up family home in minutes

In nearby Darlington, an updated three-bedroom solid, double-brick home was the subject of a highly competitive auction on Saturday, which saw a buyer who had only seen it for the first time that day swoop in and snare the keys.

The vendors and original owners of the home at 16 Grace Road had listed the property for sale as their father moved into assisted living.

“It’s the first time the family home has come on to the market, so it was quite emotional for them. They all grew up there so it was a sad day for them, but they were very happy with the result,” said listing agent Scott Rowe from Ray White Glenelg.

“They would’ve been happy to get anything over $800,00, so the fact we could get them something over $900,000 was a great result,” he said.

While nine buyers registered to bid on the property, just five took part after an opening bid of $850,000 took some would-be bidders by surprise.

Mr Rowe said all the interested parties were locals, mostly looking to buy it as an investment.

“The successful bidder hadn’t seen it until today. He came completely out of nowhere,” he said.

House doubles in value in two decades

Meanwhile in Perth, a large five-bedroom, two-bathroom home in the coveted suburb of Como sold at auction for $1.35 million.

Two of the four registered bidders took part in the auction at 17 Max Forman Court, with the winning bid placed by a neighbour.

“It was bought by a local gentleman who lives just around the corner,” said listing agent Matt Kalos from Ray White South Perth, who said the vendors were downsizing.

Records show the home was last sold in 2005 for $669,000.

The home was just one of eight auctions held in Perth this week, which is one of the country’s smallest capital city auction markets. Most homes are sold by private treaty.

Mr Kalos said that as buyers and sellers started to emerge from the holiday season the Perth property market was “still looking really hot.”

Perth home sells for first time

In Spearwood, south of Fremantle, a dated five-bedroom, two-bathroom home sold at auction for $820,000.

Bidding for the two-storey home at 52 Doolette Street, just a short drive to Coogee beach, opened with a bid of $730,000 before two of five registered bidders pushed the final sale price above $800,000.

Listing agent Domenic Chiellini from Ray White South Perth said it was the first time the home had been sold.

“It was the owners’ original family home and then they leased it out for 20 years and decided to sell,” he said.

Mr Chiellini said while the Perth property market remained strong, he said buyers were not rushing to secure properties as quickly as previous months.

“Pricewise we are still seeing really strong results, but we are seeing buyers taking their time to make a purchase,” he said.

The number of homes taken to auction will continue to rise over the coming weeks, with around 1300 auctions currently scheduled across the combined capitals next week, according to CoreLogic.