A fierce auction battle erupted in Stafford Heights last Saturday, with six determined bidders driving the sale price of a structurally challenged cottage to $1.475 million – nearly $400,000 above the reserve price.
The four-bedroom post-war home at 85 Pangeza Street hadn’t changed hands in almost five decades, but its expansive 1174-square-metre block and commanding city views proved irresistible to buyers despite the property requiring extensive renovation work.
Local estate agent Jordan Peacock from Place Estate Agents Bulimba described the outcome as exceptional, noting the sale exceeded both expectations and recent comparable sales in the area. The auction attracted 10 registered bidders, including a mix of families looking for their dream home and developers eyeing renovation opportunities.
Bidding commenced at $1 million and progressed steadily in $25,000 increments until the property was declared on the market at $1.1 million, close to the reserve. The competition intensified as three final bidders pushed the price to $1.3 million before engaging in $5,000 increments for the closing stages.
The successful purchasers were a local family who managed to outbid several developers interested in the rare large-block opportunity. Such substantial blocks have become increasingly scarce in Stafford Heights, making this property particularly appealing despite its need for significant structural work.
Current market data shows Stafford Heights has experienced strong growth, with the median house price reaching $1,128,500 and annual capital growth of 15.74%, reflecting the suburb’s increasing desirability among families and investors.
The property’s appeal extended beyond its size to include the elevated city views that large blocks in the area can offer. Brisbane’s property market has demonstrated significant momentum heading into spring, recording the strongest monthly growth of any major capital city.
The longtime owners, who had called the property home for 47 years, expressed delight with the final result. Their decision to sell coincides with broader market trends showing strong rental yields in Brisbane sitting around 4.5%–5.2% for houses, supported by vacancy rates remaining critically low—below 1% in many suburbs.
This sale formed part of 176 scheduled auctions across Brisbane for the week, with Domain recording a preliminary clearance rate of 50 per cent from 116 reported results by Saturday evening, with 18 homes withdrawn from auction.
The Pangeza Street result demonstrates the continued appetite for quality residential blocks in established suburbs, particularly those offering development potential or family lifestyle opportunities with rare city outlook positions.
For Stafford Heights residents, the sale reinforces the suburb’s growing reputation as a sought-after location that balances accessibility to Brisbane’s city centre with the community atmosphere of a well-established neighbourhood.
Published 22-September-2025