Former Brisbane Lions CEO sells beloved Balmoral property
By Sarah Webb
Former Brisbane Lions CEO Greg Swann has notched one last win after a decade with the club, selling his Balmoral home for $3.275 million in a bidding blitz that drew six punters.
Swann, who returned to Melbourne last month to take up his new post as the AFL’s head of football performance, paid $1.813 million for the Wright Street property 10 years ago, which became both his beloved family home and a popular hangout for players during his Lions tenure.
Set on a 607-square-metre block with a saltwater pool, the home features five bedrooms, three bathrooms and multiple living zones. Swann was said to have loved its entertaining spaces but admitted his favourite spot was the living room, where he would settle in to watch sport on TV.
At the Saturday in-room auction – held at The Calile Hotel – bidding opened at $2.7 million, kickstarting a flurry of $100,000 rises until the $3.2 million mark. A final $50,000 and then $25,000 bid followed before the hammer fell and a young family walked away with the keys.
Bidding via a buyers’ agent, a young family outmuscled three other locals as well as Aussie expat based in London and an interstate punter.
Selling agent Brandon Wortley, of Ray White Bulimba, said it was an exceptional result in a tightly held pocket where most blocks are just 405 square metres.
“For a $3 million-plus property to get six bidders is something. But it’s a beautiful house and it’s a tight market right now,” he said.
“It’s also a very family friendly street with very little through traffic.”
While Swann’s sale was the headline act of Ray White’s in-room auction event, Wortley said it was a three-bedroom townhouse at 3/73 Railway Parade, Norman Park, that provided the day’s biggest twist.
“Our auction event started at 9am and at 9.10am I got a call from a colleague who said, ‘I’ve got the buyers for your Railway Parade home’,” Wortley said.
“She asked for the keys and I said, ‘you do realise the auction is in 40 minutes’? But she managed to show them through at 9.20am and they then raced to the Calile Hotel just in time to buy it for $945,000.
“They were local investors and will probably get $850 a week in rent for it.”
The couple outbid two other punters – both owner occupiers.
The house was among 174 scheduled auctions across Brisbane last week. By Saturday evening, Domain recorded a preliminary clearance rate of 38 per cent from 113 reported results, with 19 auctions withdrawn. Withdrawn auctions are counted as unsold when calculating clearance rates.
In Indooroopilly, a rare 1910 character home on a 971-square-metre block sold for the first time in more than half a century, changing hands for $1.935 million. The four-bedroom home, at 89 Jilba Street, sits in a tightly-held pocket of the suburb that’s within walking distance of Ambrose Treacy College. It boasts original character features and has been meticulously maintained and renovated over the years.
Three registered bidders raised their paddles in front of a large crowd, with an opening lowball $1 million bid sparking a flurry before whittling down to $5000 increments.
Co-selling agent Jo Langstaff, of Ray White Metro West, said the winning couple, from Chapel Hill, stretched beyond their limit to nab the keys.
“They were actually up on the Sunshine Coast for a break and the husband drove down for the auction, but he was running late so he was on the phone with a colleague of mine for the first few bids,” Langstaff said.
“Then all of a sudden they went quiet because he’d walked through the door to bid in person.”
She said it was an emotional sale for the vendors, who had lovingly maintained the home for 54 years.
In Bulimba, a tri-level terrace home at 49 Byron Street sold for $2.6 million - netting its owners an almost $700,000 profit in just two years.
The 397-square-metre riverfront townhouse features four bedrooms, easy CityCat access and high-end finishes, while last selling for $1.95 million in 2023.
Seven bidders registered for the auction with bidding opening at $2.05 million. Five active punters then pushed the price past $2.4 million, where the home was called on the market. Two locals then went head-to-head, with a downsizing Bulimba family claiming the keys.
Selling agent Tony O’Doherty, of McGrath, said the result left the vendors ecstatic.
“We had offers of around $2.35 million prior to the auction … we were expecting it to sell for close to that,” he said.
“But it was a well marketed and well-presented property. And I think since the interest rate drop and with spring looming amid low stock we’re seeing good buyer activity.
“We met 250 buyers in total over the weekend and what we’re seeing is a high majority of buyers are local.”
AMP chief economist Shane Oliver said Brisbane’s softer clearance rate over the weekend was likely an outlier rather than a sign of shifting momentum.
“History tells us when interest rates drop they propel the market, so I do think it’s going to be a solid spring,” he said.
“But affordability remains the main headwind. For tailwinds, there’s still a shortage of properties.”
Oliver said Sydney and Melbourne would likely outperform Brisbane in the months ahead, but predicted the Queensland capital would continue to post steady growth.