Aussie unit with no parking sparks buyer frenzy

6/638 Brunswick Street, New Farm.

A first homebuyer beat eight other offers to secure a rare CBD apartment, as experts say prime location trumps traditional must-haves like parking.

The 1920s apartment in the Queensland capital of Brisbane sold for $700,000 after sparking a bidding war that left inspection groups wishing they had moved faster.

The kitchen.

6/638 Brunswick Street, New Farm.

The property at 6/638 Brunswick St, New Farm has more character than car spaces – and attracted more than 50 inquiries during its week-long campaign, with 38 groups coming through in a single weekend alone, according to Ray White Collective agent Ben Osborne.

Mr Osborne said the vintage gem was snapped up by a first homebuyer before it could even make it to Thursday’s scheduled auction.

“We had eight offers on the table – everyone from first home buyers to older couples wanting a Brisbane base,” Mr Osborne said.

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Inside the unit.

“Buyers came from as far as Noosa and the Gold Coast.

“The latest first homebuyer scheme has really opened doors.”

Spanning across a 60 sqm, the layout includes a living room, modern kitchen with stainless steel appliances, high ceilings, double hung windows and French doors.

Ray White Collective CEO Haesley Cush said the property’s location to Brisbane’s CBD was the real drawcard.

The property is a short stroll to the city.

“You’re a short stroll to the city, and public transport costs 50 cents,” Mr Cush said.

“Who needs a car park when you’ve got Howard Smith Wharves, James Street, and Merthyr Village on your doorstep?”

“There are currently very few options for buyers at the moment.

“They’re taking their shot while they can.”

The latest Heron Todd White October Month in Review revealed Brisbane’s inner-city first homebuyer market was experiencing a huge transformation, with entry-level units now predominantly attracting owner-occupiers rather than investors.

“Agents report that nine out of ten one- and two-bedroom units are being purchased by first homebuyers – a dramatic shift from previous years when these properties were primarily investment stock,” the report stated.

6/638 Brunswick Street, New Farm.

“This surge in first homebuyer activity is being driven by rising rental costs, which continue to increase despite the rental growth rate moderating in recent times.

“Many tenants are discovering that purchasing a unit is often more affordable than continuing to rent, particularly when mortgage repayments at current interest rates compare favourably to weekly rent.”

PropTrack data shows the median price for units in New Farm is $955,000, while the median for a one-bedroom is $640,000.

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