Brisbane auction results

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BRISBANE’S auction volume and clearance rate increased last week, according to researcher CoreLogic.

Preliminary results show 53.5 per cent of auctions ended in a sale, up from 50 per cent the week prior and 39.5 per cent the same period last year.

In Brisbane, 191 auctions were held last week, compared to 181 the week prior and 198 last year.

On Saturday, a prime renovation site in Auchenflower sold under the hammer for $1.155 million.

Space Property Agents Judi ODea said 58 Thomas St was purchased for a huge sum compared to what has been offered on similar properties in the neighbourhood.

The renovators on 607sq m of land, she said.

The highest price Im aware of is $1.1 million which I sold in McNab St recently.

According to Ms ODea, the competition for renovation projects close to the CBD is hot.

Its demand for land and create your own dream home, she said.

This is a very scarce product.

The seller had owned the block with three separate flats for more than a decade, according to property records.