Half-demolished cottage with missing walls banks $4.4 million profit

A Brisbane block with a house that has been partially knocked down has achieved a knock-out price that netted the vendor a profit of $4.4 million.

In a classic case of land value, proving the “worst house on the best street” is a mantra that holds water, 41 Carrington Street in Brisbane’s Paddington – a parcel of land with a semi-demolished, derelict cottage, which has exposed frames and missing walls – fetched for $4.75 million.

It last sold in 1991 for $350,000, Pricefinder records reveal.

The sensational sum – which represents a 1257 per cent price increase over 31 years, according to Pricefinder data – was achieved last year by private treaty.

41 Carrington Street, Paddington, Queensland

41 Carrington Street in Brisbane's Paddington — The elevated position, with views to the north and east of Brisbane, was key to the block’s appeal. (Domain)

With Brisbane CBD views, the extra-wide block occupied a rare position, looking north and east, which helped to propel the price.

“With a 40-metre frontage to the north overlooking Paddington and a 30 metre frontage to the east overlooking the city, the land’s 270 degree views take in many of Brisbane’s iconic landmarks,” the listing, on the books of agency Space Property, says.

The block sits at the same elevation as nearby Government House.

Demolition of the 1920s cottage was underway prior to the sale and would be completed by the buyer, with the potential for a new house to capture those views.

Cottages are typical of old-world Paddington, a suburb near Brisbane’s CBD and known for its dining and boutique shopping.

Houses in Paddington hover around a median of $1.737 million, which represents a rise of 28.7 per cent over 12 months, Domain’s House Price Report shows.

41 Carrington Street, Paddington, Queensland — The property includes a pool and significant frontage. (Domain)

Brisbane has been a hot bed of housing sales, especially among Sydneysiders and Melburnians chasing better value and lifestyle after COVID hit.

However, CoreLogic’s Mapping the Market Report shows that price declines in Brisbane are gaining momentum.

Half of Brisbane’s suburbs have recently recorded annual house value drops. But over the September quarter, just two suburbs slipped in value.

Home for sale right now in Paddington, Brisbane, where all the work is done…

28 Ozanne Street

The brand new home is the work of OH Architecture with banks of glass to usher in natural light. (Domain)

18 Ada Street

The four-bedroom has been lovingly updated and renovated, with timeless designer touches (including wallpaper) to give it a heritage feel. (Domain)

98 Howard Street

Architect Tim Stewart and builder Graya paired up on the five-bedroom property, high on the hillside above the Rosalie Village precinct. (Domain)

Article source: www.nine.com.au