Auctions are continuing to be Brisbane’s preferred method of sale, with one home setting a suburb record for Fortitude Valley.

191 Arthur Street, Fortitude Valley was sold at Auction over the weekend for $3,705,000, setting a new sales record for the inner-city suburb. 

Bought back in 2020 for $2,350,000, a capital growth of over $1.3m has been gained in 18 months. 

The 1900s-built property attracted over 76 groups at the Auction, had six registered bidders and received 20+ bids.

Listing agent for the property, Heath Williams from Place New Farm said that the Brisbane property market is very strong. 

"Prestige property in particular is still very, very strong," Heath said.

"191 Arthur Street is a great example of a home that sold 18 months ago and while nothing has changed in the property, it has experienced an uplift of over $1m."

“After creating the suburb record at 27 Prospect Street not too long ago, we’ve now reset the Fortitude Valley record price by another $530k…it’s very exciting.”

Peter Burgin, Place Chief Auctioneer, says that the number of Auctions continue to increase across Brisbane and demand is still outweighing supply.

“Auction numbers continue to rise, supported by the fact that we have an excess of 50 auctions this weekend across Place,” Peter said.

"Demand is still outweighing supply. The market continues to see great value in the inner-city and the fringe of inner-city Brisbane." 

"Clearance rates remain at an all-time high. Last week, we held 36 Auctions across the Place group, with 30 of the properties selling at Auction."

Peter said that Auction volumes are higher than they were this time last year and noted that the election has not played a major part in vendors selling decisions. 

"The volume of Auctions that we're experiencing are currently 15% higher than they were this time last year," Peter said.

"Confidence remains high and people are backing the future of the Brisbane property market. People are looking years into the future and know that they are going to hold strong in Brisbane for years to come."

“In terms of my observations from the field, the results are incredible, and Auctions are without a doubt still the most effective method to sell a property in Brisbane.”

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