News Corp Australia Network
The race to put Queensland’s richest auction contract under the Christmas tree ran into a hurdle on Saturday, with bidders failing to live up to sellers’ expectations.
At Ray White’s last major auction event of the year, $17.7 million was not enough to secure the sale of a rare tract of riverside land at 65 Moray St, New Farm, despite strong bids from three active bidders.
The 1,030-square-foot block had development approval for a Bureau Proberts-designed boutique complex of six ground-floor apartments, with Ray White auctioneer Haesley Cush courting the crowd of 80 with its perfect location.
“Every time you take a great photo of Brisbane, it will show up,” he said.
The sales campaign had even enlisted the help of legendary Australian poet Rupert McCall, who was commissioned to write a poem about Moray House featured in a video on the online listing realestate.com.au.
The bidding started at $10 million and immediately rose to $15 million and then $16 million. It took 13 more bids to climb another $1.7 million and take the property to $17.7 million, after which it paused for negotiations and finally came in.
The auction event at the Calile Hotel in Fortitude Valley concluded with Ray White New Farm’s sales agents Matt Lancashire, Hamish Bowman and Tom Lyne continuing to work with both the lead bidder and the underbidder to secure a sale.