A dilapidated 1920s cottage with no electricity or a back door sparked a bidding frenzy and sold for more than $2 million on Friday – and it wasn’t in Sydney.
The auction for the 570 sqm property at 49 Browne Street in Brisbane’s New Farm – where the record house price is $3.2 million – drew 58 bidders, with The Courier-Mail describing it as an “uninhabitable dump”.
Damien Zullo of Z Corp Developments came out on top, purchasing the shack for upwards of $2 million – with plans to bulldoze it and build two homes in its place.
Surrounded by bars, shops and the leafy New Farm Park, the property listing for the two-bedroom house described it as an “extremely rare offering” with original features including stone fireplaces, high ceilings and pine floorboards.
“There’s no mistaking that there is a lot of work to restore this home, however the rewards will be reaped at the end,” the listing read.
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With a kitchen, dining room and lounge as well as a two-way bathroom, separate toilet and a veranda, a large area underneath the house was recommended in the listing to use for a rumpus room.
The agent who sold the home, Bruce Wilson, told the Daily Mailhe had anticipated the property would attract significant interest.
“The market is very strong at the moment, we have buyers from all over the place that have made the Queensland market very competitive,” he said.
Cashed-up buyers with disposable income were flocking to the Sunshine State to invest in homes that are relatively cheaper when compared to other states, Mr Wilson added.
Ray White auctioneer Haesley Cush told The Courier-Mail he told Queenslanders last year the state is “such good value, just expect that you’re going to have more competition next year”.
“Well, here it is. In this market, yes, it’s more than yesterday but it’s cheaper than tomorrow,” he said.
“And you have to consider affordability. And there’s going to come a time, as Brisbane starts to attract international attention, if we’ve got the casino, if we get the Olympics, our property prices are going to be very attractive to international buyers.”