SOLD By Jason Adcock $5.6 Million Under The Hammer At Auction – 39 Avis Place, Pullenvale

Fuelled by market confidence and driven by fears that home prices will further skyrocket once Sydney and Melbourne buyers are able to fly north, locals pounced on some of the city’s priciest pads at auction with one family forking out $5.6 million in mere minutes for a Bel Air inspired mansion in Pullenvale – toppling the previous suburb property price record by almost $600,000.

Adcock Prestige principal Jason Adcock sold the palatial home at 39 Avis Place and said the record blasting sale, which was concluded after just three bids, revealed just how much value was seen in the Brisbane market.

“The buyers had only seen this property online at 11am on Saturday – which was one hour prior to the auction – and they saw it for the first time just 20 minutes before it started,” Mr Adcock said.

“I’ve never had a situation like that before. Their daughter saw it on social media and called her parents, so they high-tailed it to the house.”

The family of six quickly outbid a Sydney buyer to collect the keys in a landmark sale for a landmark home that took two and a half years to build and features a gold class cinema, a laundry bigger than most studio apartments and 10,000 square metres of manicured grounds.

But while the record-setting sale has added a new chapter to the story that is Brisbane’s remarkable coming of age, Mr Adcock said the city still offered incredible value that simply didn’t exist in the nation’s two biggest cities.

“This home would sell for $20 to $30 million in Sydney,” he said.