One-bedroom unit rises $300,000 in price after just two years off the market – realestate.com.au

A one-bedroom apartment measuring less than 600 square feet sold for more than $300,000 at auction more than two years ago.

The crib at 706/16 Aspinall St, Nundah, sold in late 2023 for $417,000: bought by a Cairns woman looking for a small spot near a train station while working on her studies.

But when she completed her research and decided to sell, she was surprised at how much competition there was for the apartment.

The small space measures just 57m², but its proximity to public transport and the airport meant it attracted bids of up to $650,000 before the auction.

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Ray White Collective agent Simon Petrie said both he and the seller did not expect the house to have become so valuable, with the highest pre-auction bid at $650,000.

“[People] We were certainly attracted by the location, the view and the building, which has some basic amenities,” he says. “We probably had six bids prior to the auction, but the results clearly exceeded our expectations.”

Eight registered bidders appeared for the auction on January 21, of which approximately six were actually active during the bidding itself.

Eight registered bidders went to auction on January 21, with approximately six active bidders bringing the final sale price to $718,000.

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While bidding began on the 570 sq ft property at $500,000, it took no time for the price to skyrocket by more than $150,000: well past the pre-auction bid of $650,000.

The device went on sale for approximately $670,000, which was almost $20,000 above the reserve price.

Three bidders remained active past the $700,000 mark and switched to two bidders after $710,000.

Mr Petrie said the winner “outbid an interstate investor from South Australia, with the hammer falling to $716,000 before rising to $718,000 in final negotiations.”

The home was purchased in late 2023 for $417,000, by a Cairns owner who appreciated the location’s accessibility while she was in Brisbane for her studies.

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The new owner is a local downsizer who previously sold his own Nundah property and was looking for a place he could rent out while he was traveling.

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The final sale price of $718,000 ended up being $310,000 more than the sale price just two years and three months ago.

The house was sold to a local downsizer who had recently sold his own property in the suburb.

“He wanted to stay in Nundah as a base, but wanted to downsize to a place where he could easily stay, where he had the ability to lock and go,” Mr Petrie said, “that he could easily rent out when he went on a trip.”

Ray White Collective agent Simon Petrie said the small size of the unit was offset by its accessibility in a low-density suburb.

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Mr Petrie said despite the small size of the home, Nundah’s accessibility and lack of oversupply meant it was quickly becoming a more competitive market.

“[The seller] Nundah chose 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.”