Buyers getting in before properties hit auction

first_imgThe home at 12 Beeston St, Teneriffe.A FEAR of missing out is driving home hunters in Brisbane’s two most expensive suburbs to snap up properties weeks before they go under the hammer.Buyers suffering from so-called FOMO are making offers on homes within days of them listing to avoid competing for limited stock in the sought-after suburbs of New Farm and Teneriffe, according to local prestige agents. A good example is the sale of a three-bedroom cottage on Teneriffe Hill, sold prior to auction for $2.4 million.The contemporary house on a 304 sqm block at 12 Beeston St was due to go to auction, but received three competing offers within the first week of listing.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019Matt Lancashire, of Ray White, negotiated the sale to a local owner-occupier who had been looking for a suitable place in the area for some time and didn’t want to miss out on this one.“Stock’s so tight at the moment there’s not a lot of choice, particularly in that part of Teneriffe,” Mr Lancashire said.“That $2 to $3 million range is so buoyant that there are no issues with a shortage of buyers.”The architecturally designed cottage is perched on an elevated position with amazing city views from the second living zone.A four-bedroom property at 153 James St, New Farm, fetched $2.71 million after receiving multiple offers. Ray White’s Scott Darwon negotiated the sale.Teneriffe has Brisbane’s most expensive median house price of $2.1 million, while New Farm’s is $1.57 million, according to CoreLogic.last_img

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