South east Queensland’s commercial property market continues to thrive, as Ray White Commercial Queensland sold $7,672,500 in property at its auction event on Thursday, recording a 75 per cent clearance rate.
Three out of four properties sold under the hammer with Ray White auctioneer Phil Parker on the gavel.
Ray White Commercial QLD managing director and partner Michael McCullagh said the event was a huge success.
“The auction room was packed and there was plenty of buzz surrounding each of the properties, with the event recording a total of 31 bidders,” he said.
“South east Queensland’s commercial property market is still performing well, and we’re seeing plenty of demand across all asset classes.”
The top result went to John Dwyer and Brocke Hambrecht who sold 32 French Avenue, Brendale, under the hammer for $3.81 million.
The property attracted 14 registered bidders.
“The winning bid went to a developer who plans to subdivide the building into small strata units,” Mr Dwyer said.
“Brendale is a premier industrial precinct and not often do buildings of this size become available in Brendale.
“It had traction from all sections of the market.”
Another property at 48 Cavendish Road, Coorparoo, sold under the hammer for $3.6 million.
Marketed by father and son team Stephen and Elliot Kidd, the property attracted 13 registered bidders on auction day, with the winning bid going to a local investor.
The third property which sold under the hammer was a vacant strata suite at 333/225 Wickham Terrace, Spring Hill.
Marketed by David Atkinson, the property sold under the hammer for $262,500.
“The winning bid went to an investor who actually came to the auction hoping to purchase the Coorparoo property, but missed out,” Mr Atkinson said.
“They had not seen the Spring Hill property prior to the auction.
“They were familiar with the building and bought the vacant medical strata suite site unseen.”