A marathon auction in the inner-city Brisbane suburb of Hawthorne has resulted in the sale of a five-bedroom, four-bathroom home for $5.85 million. The auction lasted for 70 minutes and had six registered bidders, with three actively participating throughout the process. The sale of the property, located at 42 Stewart Street, Hawthorne, exemplified the strong confidence in Brisbane’s property market, according to auctioneer Haesley Cush from Ray White.
The sellers, Tim and Tegun Geary, who designed and built the home, were overwhelmed with the result. Property agent Brandon Wortley from Ray White The Collective noted that the entire street was packed with approximately 300 people during the auction. The high level of interest was not surprising since the property is situated in a sought-after neighborhood, and the sellers had always envisioned undertaking a project in that location.
The home, which was designed in consultation with a reputable architect and builder, boasts a stunning pool and spacious living areas. The auction attracted both local and interstate buyers, as well as individuals interested in building in the area. The turnout and participation of six registered bidders gave the sellers confidence in the market.
Although the auction progressed smoothly, there was a momentary pause for negotiation which resulted in an additional $200,000 added to the winning bid. The final bid was made by a family from North Queensland who participated over the phone.
The sale of this property indicates the continued strength of Brisbane’s prestige housing market. The confidence shown by buyers and the enthusiastic turnout at the auction demonstrate the growing demand for high-end properties in desirable locations.
Definitions:
– Auctioneer: The person who conducts an auction, facilitating bidding and overseeing the sale process.
– Hawthorne: An inner-city suburb in Brisbane, Australia.
– Under the hammer: A term used to describe a property that is sold at an auction when the auctioneer’s gavel comes down.
– Prestige market: Refers to the market for high-end, luxury properties.
Sources:
– Ray White
– News Corp Australia Network