A crumbling cottage careening towards collapse has fetched more than $1 million at auction after 30 registered bidders gave up their Friday night to battle it out for the two-bedroom Red Hill abode.
Boasting a rickety fence that’s a good gust away from being kindling, a leaky roof and a salmon facade that could make even the fiercest home-flipper flee, the heritage house at 10 Jay Street attracted hundreds of home hunters throughout its two-week campaign.
A Sydney buyer splashed a reserve-smashing $1,000,080 sight unseen to win the unpolished prize.
10 Jay Street, Red Hill QLD 4059
The jaw-dropping result comes hot on the heels of one of Brisbane’s strongest property quarters in decades, with selling agent Sonya Browne, of Ray White Paddington, saying the sheer level of interest in a home most cringed at showed the insatiable appetite for Brisbane properties.
“You couldn’t even rent this house out as it’s not structurally sound, so, the fact that we had so much interest tells me that there’s lots of buyers out there and not enough houses. It’s a bit of a frenzy right now,” Ms Browne said.
“And, this house just needed so much work. A lot looked at it and said it was just too much as it had a roof that needed replacing, the whole back deck had to come off, the fence was leaning and it was on a narrow street with nowhere to park,” she said.
“Yet people lined up (for it). At the auction I had five bidders on the phone, and, I think 10 people bid up to $800,000 and then it was down to four people until $1 million — and the reserve was $700,000.”
Ms Browne said the home, on a modest 417-square-metre block, is protected from being bulldozed and will require extensive renovations before it’s safe to occupy.
“A year ago people would have said ‘yeah-no’ [to a house like this]. But now they’re thinking ‘we’ll put our hand up’,” she said.
Across the city a reported 52 auctions were held at the weekend with 46 selling under the hammer to continue the Queensland capital’s hot auction streak and soaring clearance rates.
Almost $22 million in property was transacted and although the median sale price was a modest $766,000, more than a handful of homes fetched over $1 million.
Damon Warat, of Ray White Ascot, clocked one of the highest recorded sales on Saturday after he sold a dated brick abode in a top city pocket for almost $2 million.
Mr Warat said the four-bedroom, two-bathroom home at 49 Hipwood Road, Hamilton, had a reserve of $1.5 million, which was quickly smashed by the 13 bidders.
49 Hipwood Road, Hamilton QLD 4007
“We started at $1 million and it climbed pretty quickly to $1.6 million, then two bidders (both locals) battled it out to $1.96 million,” Mr Warat said.
“The owners were thrilled. They [the family] have owned it for over 120 years so they were very happy.”
Farther out of the city Glenn Bool, of Place Estate Agents Bulimba, sold a modest, three-bedroom brick home in the quiet suburb of Tingalpa for $603,000 – a price he said was at least $100,000 more than it would have fetched a year ago.
Perched on a 450-square-metre block at 59 Torquay Crescent, the property attracted seven registered bidders and a crowd of almost 50 before an investor forked out a reserve-smashing bid in a move Mr Bool said revealed just how hot the underrated city patch had become.
59 Torquay Crescent, Tingalpa QLD 4173
“This is an amazing result for the area. That would have sold for mid-to-high $400,000s 12 months ago. But we are seeing a big push into this part of Brisbane and that’s because buyers are priced out of places like Bulimba and Murarrie,” he said.
“People are saying they want to get as close to the city as possible and Tingalpa is that next suburb. We noticed this shift during COVID and then it (buyer activity) started to skyrocket. It’s now gaining momentum each week.
“While it’s hard to say what will happen going forward what I can say is we are not seeing on the coalface any sign of it slowing and that Belmont strip (including Tingalpa), it’s halfway between Moreton Bay and the city and it’s finally being recognised as a good place to live.”
During the auction Mr Bool said a first-home buyer and an investor came down to the wire with both battling it out through $1000 bids until the young home-hunter was forced to bow out.
On the other side of the city in Upper Mount Gravatt, Ray White Springwood agent Lindsay Battley sold 86 Zetland Street for $840,000, after 28 registered bidders flooded the auction. A young family secured the reserve-smashing winning bid.
86 Zetland Street, Upper Mount Gravatt QLD 4122
“My sellers were a 92-year-old couple who could not believe the result, and were quite emotional about how many people wanted to buy their home,” Mr Battley said.
“This home was a blank canvas, which meant it attracted a range of different buyers, particularly those entry level buyers. It is ripe for renovation and in a good pocket.”
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