A one-bedroom unit less than 60 sqm in size has sold at auction for more than $300,000 above what it sold for just two years ago.
The crib at 706/16 Aspinall St, Nundah, was sold in late 2023 for $417,000: bought by a woman from Cairns, seeking a small place near a train station while she worked on her studies.
But when she had finished her research and decided to sell, she was surprised to at how much competition there was for the apartment.
706/16 Aspinall St, Nundah, is a one-bedroom unit that sold at auction for $310,000 more than what it sold for just two years ago.
The tiny space is only 57 sqm in size, but its location to public transport and the airport meant it attracted pre-auction offers of up to $650,000.
Ray White Collective agent Simon Petrie said both he and the vendor weren’t expecting the home to have grown so valuable, with the highest pre-auction offer sitting at $650,000.
“[People] were definitely drawn to the location, the outlook and the building, which has some simple amenities,” he said. “We had probably six-odd offers prior to auction, but the results obviously exceeded our expectations.”
Eight registered bidders appeared for the auction on January 21, with around six of them actually active throughout the bidding itself.
Eight registered bidders went to the auction on January 21, with around six active bidders bringing the final sale price to $718,000.
While bidding began for the 57 sqm property at $500,000, it took no time at all for the price to shoot up by more than $150,000: breezing past the $650,000 pre-auction offer.
The unit went on the market at around $670,000, which was close to $20,000 over the reserve price.
Three bidders remained active past the $700,000 mark, moving to two bidders after $710,000.
Mr Petrie said the winner “outbid an interstate investor from South Australia, with the hammer falling at $716,000 before rising to $718,000 on final negotiations.”
The home was bought in late 2023 for $417,000, by a Cairns owner who valued the location’s accessibility while she was in Brisbane for her studies.
Its new owner is a local downsizer who sold his own Nundah property earlier, and was seeking a place he could rent out while travelling.
The final sale price of $718,000 ended up being $310,000 more than its sale price from just two years and three months ago.
The home sold to a local downsizer who had sold his own property in the suburb recently.
“He wanted to remain in Nundah as a base, but wanted to downsize to some place easy, with lock and leave abilities” said Mr Petrie, “that he could easily rent out when he went travelling.”
Ray White Collective agent Simon Petrie said the unit’s small size was made up for by its accessibility in a suburb that’s light on density.
Mr Petrie said despite the home’s small size, Nundah’s accessibility and lack of oversupply meant it was quickly becoming a more competitive market.
“[The seller] chose Nundah to be on the train line,” he said. “They’re back in Cairns now, very happy … they were over the moon [with the price], they couldn’t believe it.”
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