“The price certainly exceeded where the feedback was.
“The market is still incredibly strong and that quarter per cent rate rise hasn’t had any impact on our market … especially for good-quality homes that have undergone good renovations – even if that renovation was 20 years ago,” he said.
The five-bedroom house at 57 Fifth Avenue in Wilston sold at auction.Credit: Ray White
Macmillan added the suburb had long been undervalued, only emerging in recent years as a prestige pocket, with tightening listings helping fuel competition.
“Twenty years ago there were around 150 houses per annum sold in Wilston. And now it averages to 50 or 60. We have seen a massive decline in listings and it’s purely because people are holding on for longer.
“Peripheral suburbs are also getting so much interest.”
Over the past year median house prices in Wilston climbed 8.7 per cent to $2.065 million.
The home was among 143 scheduled auctions across South East Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 57 per cent from 88 reported results, with 11 homes withdrawn.
In Stafford Heights, a first-home buyer paid $1.55 million for a three-bedroom, one-bathroom house at 82 Ringrose Street – almost $1 million more than its 2020 sale price.
Set on a 607 square metre block with a covered rear deck, a pizza oven and mountain views, the property last changed hands for $685,000 just over five years ago. On Saturday it became the second-highest sale recorded on the street.
Selling agent Sonya Klease, of Harcourts Pinnacle, said strong interest from young couples and families had whittled to three bidders on auction day.
The auctioneer opened at $1.4 million, sparking the first-home buyer to parry with the help of a buyer’s agent. From there it became a one-horse race with negotiations between buyer and seller until it sold under the hammer.
“It’s an amazing price for a three-bedroom home,” Klease said.
“But Stafford Heights is also a high-growth suburb that’s not too far to the city. And now what we’re seeing is lots of older residents moving out and young ones moving in.
“In the last 12 months I’ve seen prices increase $100,000 to $150,000 and they’re still climbing.
“The median is about $1.3 million now.”
She said it was an emotional sale for the vendors, who in six years had transformed it into a stylish sanctuary.
Further south in Seventeen Mile Rocks, a four-bedroom house sold $100,000 above reserve after a young couple upgrading from Camira paid $1.6 million.
Perched on a 627-square-metre block at 61 Brookeside Crescent, the home features a resort-style spa, pool, and entertainment area.
Five bidders fought for the keys, with bidding opening at $1.3 million.
Another 40 bids were logged, with increments tightening from $50,000 to as little as $1000 before the winning couple edged out another young couple.
Co-selling agent Julian Maddox, of Place Graceville, said the suburb had become a magnet for younger families.
“I’d say prices here have jumped up about 40 per cent in two years now that the younger families moving in,” he said.
“It’s just really gone from strength to strength.”
Domain’s chief of research and economics, Dr Nicola Powell, said Brisbane’s auction market had started the year at pace, with clearance rates reflecting solid demand.
“You do tend to find clearance rates bounce early on in the year, particularly from buyers who missed out late last year, but I do wonder if we’ll start to see those clearance rates start to dip,” she said.
“Brisbane is still chronically under supplied so we are still expecting price growth to be robust.”
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