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The global health crisis has delivered eye-watering dividends for dozens of lucky vendors across Brisbane, with some sellers pocketing hundreds of thousands of dollars in a matter of months thanks to rapid-fire price hikes across the city’s inner ring.
After bagging undervalued abodes in the heart of pandemic pandemonium, some buyers went on to re-sell their homes and win the real estate lottery after accidentally capitalising on what has become the capital’s hottest property market in history, experts say.
For the vendors of a striking Queenslander at 8 Charlane Avenue, Indooroopilly, the payday was close to half a million dollars after they managed to offload the five-bedroom house for $2.06 million via private treaty just eight days after listing it.
They bought the property just 12 months earlier for $1.45 million – after it had been on the market for 75 days – and didn’t spend a penny on renovations.
“This is a perfect one-year turnaround example … and that’s over 40 per cent growth,” selling agent Alex Jordan of McGrath Paddington said.
“In fact, we’ve seen the fastest growth Brisbane has ever experienced, so this is a historic event we’re experiencing right now.”
Over in Teneriffe, Elever Property Group director Jason Bond sold a charming three-bedroom house on a small 304-square-metre block at the end of August for $1.9 million, helping the vendors make a $415,000 profit in the space of just nine months without any money being spent on the cottage in the interim.
And in the city’s soaring inner east, Ben Smith and Denis Najzar of Place Estate Agents Woolloongabba collected $1.2 million for the vendors of 122 Waverley Road, Camp Hill, just a year after they paid $825,000. They pocketed a tidy profit without spending a cent.
“The vendors said [when they bought the property] that they went to eight open homes and there were just one or two people at each one,” Mr Smith said.
“This time around, we had seven registered bidders, and of those, five shared the sentiment of ‘good on the vendors for buying when no one else was’ because back then everyone thought the world would crash and burn”.
While personal circumstances forced the couple to place their home up for auction not long after landing the keys, Mr Smith said the incredible timing that led to astonishing profits painted a remarkable picture of just how far the city’s market had come.
“This growth indicates what we have all been saying, which is that Brisbane is under-valued,” Mr Smith said.
“And now we have the perfect storm. What we’ve seen is low interest rates, and then there’s the infrastructure off the back of the Olympics, interstate migration and the fact that we can’t travel overseas. I think all those ingredients combined have driven prices up.
“In fact, I recently sold a unit complex off-market in Coorparoo for roughly 17 per cent higher than what interest it had attracted over 12 months ago and back then, it was a challenge to get people on paper at that initial price.”
Over at 2 Norwood Terrace Paddington, Josh Brown of Ray White New Farm recently gained a profit of 13 per cent for the vendors of the award-winning house in just three months after they snapped it up for $1.89 million.
And across in 9 McKenzie Street, Windsor, in conjunction with agency principal Matt Lancashire, he just re-sold a prime 1214-square-metre piece of land for an incredible 57 per cent more than the $1.25 million it fetched in October last year.
But while the dream run of rising property prices has helped some vendors win big, Mr Jordan warned the red-hot market could soon slow to a sizzle.
“I believe there’s a window of opportunity for sellers between now and December in terms of timing to sell … but if we see more listings, you’ll get some buyer dilution, and you won’t see the same rate of growth,” he said.
“And when you look at Melbourne and Sydney – they are lead indicators for Brisbane – they have been in [COVID-19] restrictions, but those will be lifted over the next four to six weeks. While the lack of supply has been great for them during lockdown, there’s a huge pipeline of sellers in those states waiting [to list], so there will be a fairly high amount of volume [hitting the market soon], and that will put a lid on the rates of growth.”
Ray White Ascot auctioneer Philip Parker said while those rates of growth were indeed doomed to soften, key ingredients were still in place for a strong selling season that could last another year.
“I can’t remember the last time I passed a property in at auction … and there are still people from down south buying real estate here sight unseen … and when it’s all said and done, the most important thing in our country is the lifestyle and I don’t think there are two many areas that can compete with South-East Queensland,” Mr Parker said.SOURCE: https://www.domain.com.au/news/brisbanes-money-making-properties-fetch-massive-profits-in-mere-months-1088237/