Strong competition pushes up price at auction

first_imgThe home at 62 Vale St, Wilston.COMPETITION between eighteen registered bidders helped a colonial Queenslander in Brisbane’s inner north sell for $170,000 above the reserve price.The pretty-as-a-picture home at 62 Vale St, Wilston, recently sold under the hammer for $1.87 million — defying Brisbane’s sluggish auction environment.The strong interest for the property helped push the opening bid of $1.6 million higher until the home was on the market at $1.7 million.It then came down to just three bidders, who battled it out until a local buyer had the final say.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019Marketing agent Ian Cuneo, of Ray White, said the four-bedroom, three-bathroom house on 810sq m had great street appeal and had attracted strong interest from local and interstate buyers.Auction activity can be slow this time of year, but the blue-ribbon north Brisbane suburb of Wilston is on fire, according to Mr Cuneo.He said Wilston had a high auction clearance rate, with the number of registered bidders at auctions steadily increasing.“We tend to find that the short supply of homes during this period actually increases the buyers’ activity,” Mr Cuneo said.The sale of 39 Ray St at auction recently for $3.851 million — a record price for the suburb — is testament to that.Mr Cuneo said Wilston’s proximity to the CBD, public transport, cafes and good schools made it a high-demand area.The suburb has a median house price of $1.17 million, according to CoreLogic.last_img read more