We have been pointing out that the Brisbane property market is very strong at the moment. Well this property that sold last weekend is the perfect example of how much in demand properties are now.
A rickety old Queenslander so decrepit that simply standing on the balcony is hazardous has sold for just over $2 million in a thrilling auction that’s being deemed one of Brisbane’s hottest this year.
The century-old character home at 101 Philip Street, Hawthorne, had remained in the same family for 50 years before being recently listed as a deceased estate.
It offered a 810-square-metre land parcel in one of the capital’s best blue-chip pockets with “point-blank city views”.
The auction drew a crowd of almost 300 on Saturday, with 22 registered bidders fighting it out for the three-bedroom ramshackle estate before a local family scored the winning bid of $2.005 million – despite having no real plan for their pricey property prize.
“I spoke to them last night to make sure their nerves were all good and I asked them ‘what are you going to do with the home?’ And, they said they weren’t even sure yet,” Selling agent Brandon Wortley said.
“And, what that shows you is the confidence in the Brisbane market right now. For someone to show up and not even know what they are going to do with it [is incredible].”
Mr Wortley said what made the “once-in-a-career” auction so special was that unliveable heritage homes in high-end streets almost never hit the market.
“We even had international phone bidders, developers and owner-occupiers, and it’s not a yielding investment, so it was mostly people wanting to grab a good chunk of land in a great spot,” Mr Wortley said.
“In fact, you would have to spend several hundreds of thousands just to get it to a liveable state.”
He said the opening bid of $1 million shot to $1.8 million in a matter of seconds thanks to some of the most boisterous bidding he’d ever seen.
“We were only allowed to have two people in the house at once and we weren’t even allowed to step onto the balcony, so it was only when I walked outside that I saw the crowd and realised that there were 22 registered bidders,” he said.
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