Brisbane auction buyers still keen amid COVID-19 fears

As social-distancing measures ramp up in response to COVID-19, public auctions present an interesting challenge for real estate agents.

Despite this, a bumper 94 auctions went ahead across Brisbane at the weekend, with a clearance rate of 39 per cent.“Buyers were cautious walking in,” said Nick Penklis, director of Space Property Paddington, of his auction of the two-bedroom, one-bathroom house at 20 Atthow Avenue, Ashgrove.

Inside 20 Atthow Avenue, Ashgrove. Photo: SPACE Property Paddington

About 30 people gathered for 15 minutes to watch the auction, with five registered bidders attempting to walk away with the keys. Bidding opened at $700,000, and quickly jumped to $750,000.

Things slowed somewhat after this as bids of $5000 and $10,000 edged the price higher. Eventually, the hammer was dropped, and the house was sold for $885,000.

Despite the need for social distancing and hand sanitiser, buyers were still keen, Mr Penklis said.“The buyers were there to buy, not to view,” he said. “It wasn’t like ‘Oh, we’ll just see what happens’. That was a strong sign for our market. The only thing we can’t do is shake hands. But, there were smiles all around, within distance.”

The vendors have owned the house since 1997, and have used it as a family home and an investment property. Meanwhile, the buyers are looking to get a foothold in the area.

Closer to the city, the two-bedroom, one-bathroom house at 16 Skinner Street, West End, sold in an incredibly fast auction. About 20 people gathered to watch as two registered bidders battled it out for under five minutes.

Bidding opened at $700,000 and moved quickly to $800,000. Bids continued in increments of $20,000 then $10,000 until the house was sold for $970,000.Selling agent Keryn Osgerby, of Sold Property Group, said 33 groups inspected the property over the five-week campaign, with the vast majority of interest coming from families.“It was overwhelmingly young families who wanted to be in the area of lifestyle reasons,” she said.

“Second to that would be the schooling benefit, but most of it was all about the West End vibes and lifestyle.”

The buyers fit this bill exactly and will be moving in with their young family very soon. Meanwhile, the vendors live overseas and were using the property as an investment. They sold because of a change in circumstances.