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A luxury Stretton home with its own cricket pitch and cinema has sold for nearly double its 2021 price after three families went into bat for the keys.
The seven-bedroom, five-bathroom home at 110 The Parkway fetched $3.3 million under the hammer on Saturday, leaving the vendors ecstatic and the buyers relieved, as tight stock and falling interest rates fuel fierce competition across Brisbane.
Set on a 736-square-metre block in the exclusive The Parks estate, the property came complete with a long list of lifestyle perks, including a saltwater pool, spa, outdoor kitchen and fireplace, plus a full CCTV security system.
The Stretton home was described as “one of those big lifestyle homes with big bedrooms and the whole package”.Credit: Domain
Bidding opened at $2 million and quickly leapt in $100,000 and $50,000 increments to $3 million, before settling into a two-horse race. In the end, a family from two suburbs away secured the keys, narrowly outpacing an underbidder who lived just one street over.
Selling agent Peter Florentzos, of LJ Hooker Property Partners, said all three bidders were families with Middle Eastern backgrounds, and the buyer and underbidder knew each other.
“It was one of those big lifestyle homes with big bedrooms and the whole package,” he said.
“The current owner’s son was a pretty good cricketer, so they had put a full-on cricket net on the side of the house … The result really exceeded their expectations.”
Florentzos said confidence had returned to the Brisbane market, spurred by low stock levels and the expected interest rate cut on Tuesday.
The home was one of 135 scheduled auctions across Brisbane over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 60 per cent from 90 reported results, while nine auctions were withdrawn.
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The weekend result marked one of Brisbane’s strongest in nearly a year and reflected a broader national trend, said AMP chief economist Shane Oliver.
“It’s a case of strength all over and it reflects the prospect of another interest rate cut,” he said.
“Buyers are clearly thinking, ‘we better get in now’ … because it’s possible that we will see an acceleration of that growth from Tuesday.”
Oliver said Cotality data for June showed a 0.6 per cent national gain in home prices, which is the strongest monthly rise in a year.
“We saw continued strength in Brisbane too, so it’s quite conceivable we’ll see a reaction from the Tuesday rate cut. Brisbane hasn’t seen a slowdown in growth yet and you’ve got interest rate cuts, low unemployment, low rental vacancies and strong population growth,” he said.
“All these things are serving to support the market … the only thing that’s not there is affordability.”
In Camp Hill, the number of the beast proved lucky for a young family from Sydney, who outmuscled a builder to nab a humble two-bedroom home for $1.666 million.
Set on a 506-square-metre block, the two-bathroom, two-level home last changed hands in 2022 for $1.33 million and was marketed as a prime knockdown opportunity.
While five registered bidders, a mix of builders and owner-occupiers, vied for the home, a builder opened with a thumping $1.58 million bid that instantly knocked three contenders out of the race.
“That was absolutely his objective,” said selling agent Shane Hicks of Place Estate Agents. “It then rose to $1.6 million and then $1.62 million and went up in $10s and $5s from there.”
Hicks said the builder brought the bidding to $1.665 million, the auction reserve, before the young family swooped in with a final $1000 bid.
“I can’t tell you how many times that has happened,” he said. “And we got a laugh from the crowd too because it landed on $1.666 million.”
Over in Coorparoo, a five-bedroom worker’s cottage brimming with character sold under the hammer for $1.82 million, changing hands for the first time in more than 30 years.
Of the 11 registered bidders who packed into the in-room auction, five raised their paddles. Most were owner-occupiers, alongside one investor.
The home, at 10 Dowar Street, featured a large rear deck, sweeping views, and classic Queenslander charm.
Bidding opened with a lowball $700,000 bid but quickly jumped to $1.3 million and again to $1.6 million. The home was called on the market at $1.8 million before two local families duked it out to the end.
“It was an incredibly emotional moment for the vendors, who had raised their family in the home,” said selling agent Tom Agmon, of Ray White Mt Gravatt.
“They had been there for about 34 years, and it was time to move on. They are such a beautiful family – and they were all there.
“Everything about the home had so much character. It had been renovated bit by bit over the years and the buyers absolutely loved it.”
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