A dilapidated Hawthorne home deemed Brisbane’s worst house that was part of a deceased estate has sold for more than $2 million. Picture: realestate.com.au
A massive short supply of houses in Brisbane is seeing hot demand for even the worst houses in the best streets, including rundown hovels that became a haven for squatters and drug addicts.
A fear of missing out on bargain Brisbane prices has run roughshod over any previous fears about overcapitalising with fixer-uppers in the Queensland capital – something that’s been blown out of the water since 2021’s home prices jumped a whopping 25 per cent.
Real estate agent Brandon Wortley of Ray White Bulimba said location, size and zoning outweighed anything dilapidated homes threw at potential buyers in Brisbane now.
“People are just seeing so much upside in Brisbane,” he said. “Previously because the growth hadn’t been as positive and strong, people worried about overcapitalising and renovation costs. Now if they’re going for a major renovation or full rebuild, they know it will be worth it.”
His firm has just sold two homes built on the site of a rundown old boarding house that a developer had bought for less than $2m.
8-12 Anthony Street, Hamilton – a two bedroom home on a massive 1,138sq m block – sold for $4.6m on Nov 15.
”Now we’re seeing many of the fully done-up products do well. That was a really dilapidated boarding house, developers bought it, it’s almost a full rebuild. They had to keep some of the house because of character restrictions. The two houses they ended up building there 16 Thornbury St sold for $3.3m and 18 sold for $3.85m
Real estate agent Tamara Lee of Ray White Ashgrove saw strong interest in one of the worst houses on the best street in Kelvin Grove set for auction at 38 Prospect Terrace this week.
“Very rundown” and deserted by its 85-year-old owner who has since been taken into full-time care, the house is ‘100 per cent unliveable’, Ms Lee said, and still attracted strong interest.
The owner’s son Walter Stanicic – who is a financial administrator for the property along with his brother Christopher and sister Adrijana – hoped to be able to get enough money out of it to keep their father in good care.
“Our father is 85 and if you understand Croatian people the rule is never sell a property and also do everything yourself. Our father was a carpenter builder, he renovated bits and pieces of the house. It was just too much for an 80-something year old. He was so used to being self sufficient he couldn’t bear to let someone else work on it.”
15 Salisbury Street, Woolloongabba, sold for $1.025m. It is a 607sq m block with a rundown three-bedroom house on it.
Those in high demand locations where land availability is scarce have landed big dollars, such as 101 Philip Street, Hawthorne, that sold for $2.005m, after drawing over 300 people to its auction. The property was uninhabitable and uninspectable by buyers, but its real estate fundamentals – location, size and zoning – were in mint condition.
“The Philip St buyer still doesn’t know what he’s going to do with it,” Mr Wortley said, “People see value in the land component so they’re spending money”.
Being named the ‘worst house on the best street’ can be vastly different depending on the suburb, such as 8-12 Anthony Street in blue chip Hamilton which sold for $4.6m. While that property was certainly ready for an upgrade, it was nowhere near as bad as some of the worst abandoned homes lighting up buyer’s eyes now.
A property at 25 Windermere Ave, Morningside, that had been in the family since the mid-1900s, saw 23 registered bidders at auction last weekend. “Most (bidders) hadn’t seen it before that day and it sold for $1.615m,” Mr Wortley said
52 Regency Street, Brighton, was riddled with whiteants when 18 people registered to bid for it. It sold for $861,000 under the hammer in Nov 2021.
Also gone under contract is a deceased estate at 9 Moolabar St, Morningside, a pre-war Queenslander just 5km from the Brisbane CBD.
Agents for another hovel at 15 Salisbury St, Woolloongabba, locked in a massive $1.025m price for their rundown property on Thursday, which was in such a bad state they suggested potential buyers call a doctor when considering it.
“You’ll need to call the doctor because this house is not for the faint hearted, a builder, tradie or seasoned renovator is the person for this project. There is a reason there are no internal photos because you are buying a generous 607sq m parcel of land with a pretty facade.”
Also snapped up without moving a muscle was 52 Regency St, Brighton, a rare two street frontage on a 574sq m block. Agent Darren Patrick of Professionals Sandgate said 18 people registered for a chance at the white ant-riddled home, a local buyer was successful after bidding a whopping $861,000.
9 Moolabar Street, Morningside, was listed as the worst house on the best street, and has since gone under contract.
Worst house, best street: SOLD
8-12 Anthony St, Hamilton $4.6m
101 Philip St, Hawthorne $2.005m
54 Birch St, Marsden $302,000
52 Regency St, Brighton $861,000
15 Salisbury St, Woolloongabba $1.025m
Under contract:
9 Moolabar St, Morningside
The post ‘100pc unliveable’: Worst houses in Brisbane now hot property appeared first on realestate.com.au.