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Almost $30 million worth of property sold at Ray White prestige auction

Ray White hosted its annual prestige auction event in Brisbane on Saturday, with Ray White New Farm, Ray White Bulimba, Ray White Spring Hill, and Ray White East Brisbane joining forces to sell seven properties under the hammer for close to $30 million.

Temperatures soared throughout the city, as did the heat of competition at the trendy hotel in Fortitude Valley, with a number of interstate buyers and high-profile business identities flocking to the auction event – some in person and others via phone.

The biggest result of the day nationally was a block of riverfront land with demolition approval at 25 Maxwell Street, New Farm, which sold for $9.91 million to local developer Seymour Group – and broke a Brisbane record in the process.

In the second highest sale, 85 Macquarie Street in Teneriffe sold for $4,280,000, followed by 39 Ormuz Road in Yeronga selling for $2.8 million.

Marketing agent of Ormuz Road, Christine Rudolph, said the winning bidder of the home was a buyer from Melbourne who had driven up to the Sunshine State when borders re-opened on 01 December.

25 Maxwell St, New Farm set a Brisbane record when it sold for over $9.9 million

Also selling under the hammer was 31 Kitchener Road in Ascot for $2.24 million and 24 Mackay Terrace in Bardon for $1.75 million. A large renovated character home at 25 Yarradale Street in Newmarket also sold for $1.835 million.

In the final sale for the day, Hamish Bowman and Nicholas Carrol sold a 43 acre block of land at 227-237 Hulcombe Road in Highvale, for $2.65 million.

Ray White New Farm Principal Matt Lancashire said in his 10 years of selling high-end property, he had never seen a market like this.

“There is a huge influx of buyers from Sydney and Melbourne, and they have all been eagerly waiting for the borders to re-open,” Mr Lancashire said.

“Our team has run 35 auctions in December alone, which is testament to the value proposition of prestige property in Brisbane.

“We don’t see any sign of it slowing down throughout the early months of 2021 either. During a usual year, things start to wrap up after the Melbourne Cup, but this summer, we’re only just getting started.

Auctioneer and New Farm Principal Haesley Cush said the phenomenal results were just a sign of things to come for 2021.

“The sellers wanting to take advantage of the insatiable appetite from buyers is the reason that we organised this event,” Mr Cush said.

“We have so many buyers who missed out today and are eagerly scouring the Brisbane market again.

“I’d say we will get about five minutes to peel a prawn and have a stubby on 25 December, and then we will be back to work.”

Jason Andrew, the newly appointed CEO of Ray White Queensland, was in the auction room working the floor and assisting bidders.

“In my 18 years as an auctioneer, I have never seen the prestige market in Brisbane so in demand,” Mr Andrew said.

“In recent years, the rate of growth in Brisbane has not been as extreme as Sydney and Melbourne, which means we have captured the interest of wealthy interstate buyers who are pushing the prices up.”

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