Decrepit houses in Brisbane sell for millions

Font size :
Battered properties in need of major restoration around inner Brisbane are in high demand, thanks to a scarcity of houses and land in the area. Buyers are even shelling out millions for such properties with the intention to repair and revive them.

One example is a historic Queenslander in Woolloongabba that was sold close to $1 million in a pre-auction sale, despite its rickety condition. According to marketing agent Darcy Lord of Place Estate Agents, there is something special about the house that attracted buyers to it, in spite of broken floorboards and a rotting balcony.

"Everyone always talks about the character of a home, but personally, I think it's the imperfections in the home itself. There is weather, there is history inside these places—they feel lived in," Lord said. "They were built in an era where craftsmanship was a really big thing, and everything in here is handmade and that just has a feeling people will keep getting drawn to."

In fact, more money is being spent on decrepit houses. A rundown house in Hendra sold for more than $1 million last month, with the winning family aiming to take advantage of the large land size and extend the house.

"There has been a lot of big numbers recently," said Brisbane buyers' agent Pete Wargent. "I think low interest rates have been a factor in that."

He also added that the scarcity of inner city houses was another factor. "Things like land sizes and zoning play a part. Also, post-war houses generally have more value in them due to the ability to replace them," Wargent said.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords