Cottage in blue chip suburb sells for stunning entry level price
A workers cottage in a milliondollar blue chip location sold for about 60 per cent of the suburb’s median price in an auction that had people signing up as bids were running.
An overjoyed Brisbane couple emerged as the new owners of the property in Baroona Road, Paddington, on a winning bid of $620,000 — which is about 60 per cent of the suburb’s median price ($1.05m).
The home sits across the road from Milton State School and was on the market for the first time in about 20 years.
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Paddington residents Roze and Sash Markovski had “been looking for a while” before they spotted the property two weeks ago.
Mr Markovski said their plan was to raise the house and undertake a renovation.
His wife Roze said it was the couple’s second renovation.
“We will have to get our development approval and that can take six months. So once they’re through then we’ll start the work.
“I couldn’t tell you just yet (how much the renovation will be). We have to have the architect take a look, see what she can do and what we can do with council restrictions.”
Agent Alex Rutherford of Place New Farm said six bidders registered, including two late registrations, with two out of state bidders.
“Fifty-four groups came through which is not bad because the block size is 274sq m. It’s the smallest block I’ve sold,” she told The Sunday-Mail.
Demand for workers cottages was strong, with families and developers both on the hunt.
“They are really hard to find. If we had been on a 405sq m block, we probably would have had 25 bidders.”
Auctioneer Paul Curtain, who’s also Place Estate agents joint managing director, said the entry-level property had all the fundamentals for Paddington, including great location, across the school, and the smaller block size opened it up to more buyers.
“Because it’s on smaller block of land, what it does is it give somebody an opportunity to get into this market at the entry level price.”
Bidding opened at $400,000, before jumping to $450,000, $475,000 and then half a million dollars. It then jumped in $10,000 lots until it his $570,000, during which two more bidders registered. When the bids hit $590,000 it jumped in $5,000 lots until $615,000 before two final bids were made at $617,000 and $620,000.
“Buyers respond to auctions because they like the fact the seller is there ready to make a decision so it’s a good investment of buyers’ time,” Mr Curtain said.
The house was marketed as a traditional Queensland cottage in a sought after Rosalie location, with high ceilings, polished hardwood floors, archways and VJ walls.
It’s also within the Milton State School and Kelvin Grove State College catchments.
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