Brisbane man splashes $4.9 million for childhood dream home across the street

November 9, 2026 — 11:57amA Brisbane man has splashed $4.9 million to reclaim a piece of his childhood after outbidding three others for an “iconic” Queenslander that was across the road as he was growing up.The 1920s home, at 11 Watson Street, Newmarket, sits high on Windsor Hill with six bedrooms, a wine cellar, a teenagers’ wing and 1124 square metres of land with sweeping city views.Before a crowd of almost 60, bidding opened at $4 million with the four locals swapping $100,000 rises until $4.6 million, where it stalled. About 30 minutes of negotiations later, the buyer walked away with the keys to the home he spent endless hours playing in as a kid.But it almost didn’t happen, with Ray White Wilston selling agent Alistair Macmillan saying the buyer nearly bailed the morning of the auction.“He actually texted me in the morning and said he’d changed his mind and wouldn’t be participating … I told him, ‘you’ll kick yourself if you’re not there – so just come and see what happens’,” Macmillan said.The house at 11 Watson Street, Newmarket, on 1124 square metres of land with six bedrooms, a wine cellar and a teenagers’ wing, sold for $4.9 million.Ray White“It’s one of those iconic homes, and without a doubt Watson is the most prestigious street in our marketplace – so to then have a home like this on that size [was a big drawcard].”A peek at the kitchen in the house at 11 Watson Street, Newmarket.Ray WhiteThe renovated home has only had a handful of owners over the past century – last selling in 2009 for $2.6 million. Its current owners are downsizing.Macmillan said the outcome “could have been stronger if they sold six months earlier”, but that the vendors had still gained good growth.A retreat on the expansive Newmarket property.Ray WhiteHe described the current market as ruthless, but said the city’s high-end sector was benefiting from sky-high construction costs.“People are getting quotes [to build or renovate] and nearly falling off their chairs,” he said.The Queenslander was one of 168 scheduled auctions across South East Queensland over the past week. By Saturday evening, Domain recorded a preliminary clearance rate of 23 per cent from 114 reported results, with 20 homes withdrawn.In Sunnybank, a two-storey 1970s relic that had been in the same family for almost five decades fetched $300,000 over reserve after an investor paid $1.6 million.Despite its mission brown tiles and peach-flowered wallpaper, the four-bedroom home at 17 Dema Street offered dual living potential on an 859-square-metre block a short stroll from Market Square.Bidding opened at an eyebrow-raising $850,000.“Everyone just laughed … but after that we jumped straight to $1.2 million,” said selling agent Miranda Cheang, of Ray White Sunnybank.It was called on the market at $1.4 million, leaving three parties to battle it out until $1.57 million. From there it was down to an owner-occupier and the investor until the hammer fell.“It was a really good price. The owner is 98 years old – she was in hospital and couldn’t make it but her daughter, who is 72, was onsite and she was so excited,” Cheang said.“They bought the house 49 years ago so it’s had three or four generations in it … and the daughter wanted to try to get as much for the house as possible for her mum as she needs it to go into a nursing home.”Cheang said the location and land size led to the home’s reserve-smashing result.In Kangaroo Point, a three-bedroom house sold under the hammer for $1.4 million after an owner-occupier outbid an investor.The two-level home sits on a 244-square-metre block, two kilometres from the city and in a pocket where houses rarely hit the market.Selling agent Karen Pierce, of Ray White City Living, said about 20 groups – mostly young couples and investors – inspected the home after a slow start to the campaign.“It was a good sale … the executors [of the deceased estate] were happy that they could achieve the right price and it’s always lovely when an occupier comes in,” Pierce said.“They loved the location because it’s quiet … and there’s a park at the end of the street. It’s mostly surrounded by owner-occupiers.”Pierce said the home would have achieved a different price in May, but good homes were still drawing strong interest. Buyer attitudes were making conditions tougher, she added.“Everyone thinks they are going to snatch a bargain at the moment … someone offered a price in the $900,000s on this,” she said.AMP chief economist Shane Oliver said Brisbane’s clearance rate indicated a weak market.“This time last year it was 68 per cent, so that summarises it,” he said.“Demand continues to be hit by the RBA’s rate hikes. And while I think they have probably finished hiking, there’s a 30 per cent chance of another one.”Oliver said fewer new listings than a year ago had somewhat cushioned Brisbane’s market from more price pain, but said investor demand remained subdued and confidence poor.“If distressed listings pick up, that could give us another leg down in clearance rates so it’s a messy situation,” he said.Property listingsFrom our partners