Brisbane real estate: This is what $1.5m buys now – realestate.com.au
A house that even its agent described as “rough on the eye” has sold for $1.535m pre-auction, in a sign of just how big a boom Brisbane is riding and how tough it is for buyers now.
The four bedroom home at 43 Arthur Street is in the bustling inner city suburb of Fortitude Valley – home of the city’s main party scene and just 1.5km from the CBD.
Sitting on a 465sq m block, the property was marketed for its development potential, something multiple buyers recognised straight off as it seemed like Brisbane’s lockdown would be extended into the weekend.
Agents Emmanuel Calder and Angela Rundle of Mane Property Clayfield had it scheduled to go under the hammer at 11am on Saturday if not sold prior, but sell it did after an eager local buyer – who’s been hunting for a renovator for a while – refused to let this one go.
“We were due to go to auction on Saturday (July 3),” Mr Calder said. “The owners didn’t want to take the risk of lockdown happening (which it did) so we essentially went out to all the buyers and said this is what’s happening. The accepted offer was $1.535m.”
According to CoreLogic records, the owner had bought the home for $155,000 26 years ago in January 1995, with the land valued at $910,000 three months after the Covid-19 outbreak.
It sold 26 days after being listed as having “outstanding renovation potential” with the site zoned LMR2, or Low-Medium Density Residential which allows a three storey mix.
“There hasn’t been too many sales there in the past few years and they don’t pop up too often. It is a hard one to judge pricing on because location is so similar to Teneriffe and New Farm. The demand was so strong. The owner’s expectations were met and passed quite strongly.”
The successful buyer was local and had been looking for some time, he said.
“They will rent it out for the next 12 months before doing renovations to turn it into a family home. They’ve been searching for quite a long time to find a good renovator in the area.”
Demand was so strong Mr Calder has another two houses on Arthur Street under contract already, one at 139 a two bedroom, two bathroom that hasn’t gone unconditional yet.
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““It’s not unconditional so I can’t disclose the price. There was really strong interest from owner occupiers. It went to a local couple. relocating from Indooroopilly who have been looking for quite some time.”
The other property at 135 Arthur Street was a five-bedroom house that’s gone under contract to a buyer from Sydney who’s “just sold down there and can’t wait to get up to Brisbane, realising how good it is and how far the dollar goes here”.
House sales in Fortitude Valley are so rare that realestate.com.au doesn’t have a median on them, which means less than 10 houses have sold there in the past year.
With hardwood floors, 3.3m high ceilings, a sunroom, and study, open plan, space for a home office out back, a generous backyard, plus a workshop downstairs and tandem off street parking for two cars, you can almost see how good 43 Arthur Street will become post renovation.
“Utilising the generously sized block for further development, renovate, or renting it out as a solid investment, you can’t go wrong given the exceptional inner city location. Brimming with so much opportunity,” was how the agents listed it.
This content was originally published here.