Mirvac auctioned 9 apartments at Tennyson Reach last weekend.  There are more than 15 purchasers of off-the-plan apartments at Tennyson Reach who failed to settle.  Mirvac auctioned off nine apartments where there was no legal dispute between the Mirvac customer and Mirvac.  These were all three bedroom apartments with river or mangrove views.  For all these apartments, they sold off-the-plan for more than $1M.

At the auction, there was only one apartment where bidding was more than $1M.  This was apartment 3311 (a 6th floor end apartment, 234 sqm including balcony.)

For all other apartments, the majority of bids were in the $800K and $900K range.  Most of the apartments did not reach the reserve, and were passed in.  Some sold after auction, and at least 5 were still for sale when I looked recently.  The apartments that did not sell at auction or immediately after were:

www.johnstondixon.com/3111k 
www.johnstondixon.com/3103k  
www.johnstondixon.com/4117k 
www.johnstondixon.com/4212k 
www.johnstondixon.com/4215k  

Mirvac is being very secretive regarding the results of the auction and the ultimate sales price.  In my experience, when the seller and seller's agent do not publicise auction results, this is often because the results were not good.  The results were not reported to APM, and so the weekend auction result report for last weekend was even worse than reported for Brisbane.

On Monday morning, the newspapers often have an article about the health of the property market, based on the weekend's auction results report by APM.  This is often misleading, for the following reasons:

• The APM results that are the basis for the report are often incomplete, as a number of auction results have not yet been reported.
• Brisbane has far fewer auction sales than Melbourne and Sydney - so the report does not take into account sales other than by auction which is the bulk of the sales in Brisbane
• The APM results focus on Saturday auctions, and do not capture auctions during the week.  Ray White, for example, often has Friday morning auctions.
• The report, for the most part, relies on agents reporting to APM.  If the agent has a bad result, there is less incentive to report.

This article makes a similar comment.  And read Chris Joye here, in more detail on this point.

"... last night at our Gala Auction event at the Greek Club, 22 properties went under the hammer for sale and again a large crowd was in attendance and there was great energy in the room.  Over 60 buyers registered to bid and there was good bidding throughout the night but it was hard work. The first home buyer market has grown smaller as many have now already bought and the first home buyers grant has now been reduced.

Still we had some great results with 9 properties selling under the hammer at auction and a further 3 sold straight after the auctions."

• Admiralty Quays, Apt 164:  4 bedrooms, 3 bathrooms, 2 cars - $2,200,000
• Admiralty Quays, Apt 90:  1 bedroom, 1 bathroom, 1 car - $580,000
• 212 Margaret Street, Apt 47, 2 bed, 1 bath, 1 car - $465,000
• Willahra Towers, Apt 26, 2 bed, 2 bath, 1 car (76m2 internal, 36m2 external. Total area 112m2; white-goods included) - $435,000
  
• Parklands 3, Apt 4073: 1 bed, 1 bath, 1 car - $365,000
• Charlotte Towers, Apt 2305: 1 bed, 1 bath, 1 car - $354,000
• Casino Towers, Apt 3304: 1 bed, 1 bath, 1 car - $339,998
• River City, Apt 1005: 1 bedroom, no car, view straight into neighbouring building - $305,000
  

603/347 Ann Street - Lexicon - 1 bed, no car, $320,000

206/229 Queen Street - MacArthur Chambers - 2 bed, 2 bath, 1 car, 82sqm - $520,000

1/20 Anthony Street, West End - Tempo Terrace House - 3 bed, 2 bath, 2 car, 2 floors - $740,000

8/53 Whitmore St, Taringa - 3 bedrooms - $500,000

Admiralty Towers One - 3 bed, 2 bath, 2 car, 148 sqm, level 19, sold in March 2009 for $1,200,000

Admiralty Towers Two - 2 bed, 2 bath, 1 car, 106 sqm, level 14 - sold in March 2009 for $725,000

Quay West - 1 bedroom, 1 bath, 1 car - 75sqm, level 4 - sold in April 2009 for $450,000

Riparian - 2 bed, 2 bath, level 41 - sold at auction for $1,400,000

Grosvenor - 3 bedrooms sold at auction for $1,535,000 on 3 July

RP Data Auction Results
These results appear to be more accurate than other auction result sources.

• Felix, Apt 317, Level 31, 3 bedrooms, 3 bathrooms, over 150 sqm - highest bid $820,000, now listed at $950,000
• Willahra Tower, Apt 49, 2 bed, 2 bath, 96sqm, no bid at auction, now listed at $449,000
• Quay West, Apt 401, Level 4, 2 bed, 2 bath, 126 sqm, vendor bid of $600,000
• Roma Street Parklands, Building 3, Apt 3095, 3 bed, 2 bath, end/rear unit, vendor bid $535,000, listed at $600,000 and reported as sold
• Roma Street Parklands, Building 4, Apt 4046, 3 bed, 2 bath, lower floor with no view, vendor bid $550,000, now listed at $700,000
• SoHo South Brisbane, Apt 605, 3 bed, 2 bath, impacted by new bridge being built, highest bid $550,000, now listed at $600,000
• Toowong, 24/12 Patrick Lane, 2 bed, 2 bath, sold for $487,000
• New Farm, 7/38 Elystan Road, 2 bed, 1 bath, sold for $780,000

Auction on Saturday:  Aurora, Apartment 609, 3 bedrooms, 60th floor, passed in.  Previously listed at $915,000

• Breeze at Indooroopilly,41/8 Belgrave Road:  3 bed, highest bid at auction was $400,000, auctioneers bid of $780,000, passed in, now listed for $900,000
• Admiralty Quays, 144/32 Macrossan Street, Brisbane, 3 bed, sold for $1,885,000
• Skyline, 62/30 Macrossan Street, 2 bed, passed in at $563,000, now listed at $600,000
  
• Dockside Hotel, 601/44 Ferry St, Kangaroo Point, 2 bed, no bid
• Dockside Hotel, 510/44 Ferry St, Kangaroo Point, 2 bed, no bid
• MacArthur Chambers, 104/229 Queen Street, 2 bed, 2 cars, passed in at $720,000, now listed at $790,000
• 95/260 Vulture Street, South Brisbane, 2 bed, passed in at $645,000, now listed at $675,000
• Aurora, 117/420 Queen Street, 2 bed 1 bath, sold for $395,000
• 7/146 Macquarie Street, St Lucia, 2 bed 1 bath, sold for $500,000
  

Most of the above were auctioned at the Ray White Sunday Auction