A determined young couple upgrading from their first home in Keperra secured a record-breaking $1.301 million auction win for a three-bedroom house in Upper Kedron. The property at 54 Tooloom Circuit attracted nine bidders, most of whom were downsizers, with rapid bidding increments pushing the final sale price beyond expectations.
The auction began at $900,000, quickly rising through $10,000 increments before slowing to $1,000 bids as the final two contenders—a downsizing couple and the young buyers—faced off. The emotional winners, who had covered their home with handwritten affirmations before the auction, were overcome with joy as they secured their new home.
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The Rising Market
The property market in Upper Kedron has seen a 20% increase in house prices over the past year, with the suburb’s median house price now sitting at $1.2 million, according to Domain. The suburb has gained popularity due to its proximity to more established areas like Ashgrove, Bardon, and The Gap, where comparable homes are up to $2 million.
Selling agent Lee Warren of Ray White Ashgrove highlighted the suburb’s growing appeal. Mr Warren stated that residents of Ashgrove and Bardon are looking at Upper Kedron because they can get similar houses at a lower price.
Brisbane’s Market Trends and Affordability Concerns
The Upper Kedron home was one of 177 auctions held in Brisbane last week, with a preliminary auction clearance rate of 36% recorded by Domain Group. Out of the 110 reported results, 10 auctions were withdrawn, indicating ongoing market caution.
According to AMP Capital chief economist Shane Oliver, Brisbane’s market is adjusting after a strong 18-month growth period and tends to lag behind Sydney and Melbourne by about six months.
Mr Oliver emphasised that affordability is becoming an issue, especially since Brisbane’s median house price passed $1 million last December.
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Other Notable Auction Results in Brisbane
The record sale in Upper Kedron was not the only significant auction result last weekend.
- Belmont: A five-acre property at 104 Boston Road sold for $3.9 million, marking Brisbane’s highest auction sale of the weekend. A New Zealand-based family won after 25 bids, outpacing a Brisbane-based family.
- Paddington: A six-bedroom home at 51 Stevenson Street secured $3.28 million, ranking as Brisbane’s second-highest sale of the weekend. The buyers, a young family returning from overseas, won after 22 bids.
Future Outlook for Upper Kedron and Brisbane’s Property Market
With the property values of the suburb continuing to rise and Brisbane’s median prices surpassing $1 million, affordability remains a growing concern. However, buyer demand remains strong, particularly for well-located homes that offer value compared to premium-priced suburbs.
Industry experts suggest that a potential RBA rate cut in the coming months could further influence the market’s recovery, potentially driving more competition in Brisbane’s housing sector.
Published 17-Feb-2025