A five-bedroom home in Bulimba has been etched into Brisbane auction history after being sold under the hammer for a record $8.4 million on Wednesday.

Comprising a land area of 1,473 square metres, 95-99 Mcconnell Street occupies a north-facing riverfront position over two titles, with a commanding 32-metre frontage.

The property was sold to a family with young children, who were one of three bidders on the night. 

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Selling agent Sarah Hackett of Place Bulimba told WILLIAMS MEDIA the above-average sale price reflected the enthusiasm of the bidders.

"The bidding started at $5.5 million and then the second bidder went to six, which is quite a big jump," she said

"From there, the price went up in $100,000 increments to $8.4 million, with not much time in between each bid.

"It ended up being a two-horse race between bidders that were determined to come back at each other, which made it very exciting."

The previous owners of the property had extended its size by purchasing the neighbouring house and knocking it down to make way for a garden.

It also gave the site two boat moorings, which Ms Hackett said was a welcome feature for the incoming family, the children of which are "keen fisherman".

"It was a real lifestyle decision for them," she said.

"The property has a really pretty outdoor pergola, gorgeous gardens, and a pool, which are all north facing.

"It's one of those places you can just come home to and be happy."

Ms Hackett added that a current lack of riverfront properties in the market may have contributed to a new auction benchmark being set.

"You can definitely see in the marketplace at the moment that the amount of riverfront homes for sale is at an all-time low," she said.

"People are definitely fighting hard for what is available." 

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