Fixer uppers in prized Brisbane locations prove hot for buyers
Fixer uppers and character homes in Brisbane’s sought-after suburbs were the hot buys at auction yesterday, with buyers willing to dig deep for the rough diamonds located within prized school catchment zones.
In Bardon, five of eight registered bidders battled for half an hour to secure the character-packed, pre-war Queenslander at 51 Gerler St.
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Located on am elevated double block totalling 810sq m, the two bedder is located within the sought-after Rainworth State School and Kelvin Grove State College catchment zones.
It is just 5km from the CBD and was pitched as a property ripe for renovation.
Ray White Paddington agent Sonya Browne said the winning bidder joined the action by phone, eventually knocking out the competition with an offer of $935,000.
“He is a local developer-investor type on the southside who buys and renovates a lot of properties around Brisbane,” she said.
“He is planning to rent it out for awhile and then do a big renovation.
“He does plan to move to Bardon with his family but it may or may not be to this house.”
Bidding started at $750,000, increasing in $10,000, $5000 and, at times, $1000, lots.
Ms Browne said there was a mix of local buyers, developers and first home buyers in the 40-strong crowd, and it was slow and steady right up until the hammer fell.
“The owner has had the house for 30-odd years so it was an emotional sale,” she said.
“But he was very happy with the result.”
She said the suburb was a strong sales performer, with the majority of buyers prepared to pay a premium to get in to the school catchment zone.
As for the Gerler St house, it has character features including soaring decorative ceilings, VJ walls, casement and lead light windows.
Both bedrooms open onto a sunroom, the kitchen has been updated and the gently sloping back garden is ringed with trees for privacy.
Meanwhile in Camp Hill, a young family snapped up a three-bedroom house with city views at 32 Ernest St.
The house had been updated but was also granted a demolition approval two years ago opening up the possibility for a knockdown and rebuild.
Place Bulimba agent Joanna Gianniotis said bidding started at $900,000 and then paused at $960,000.
Negotiations with the highest bidder saw that offer raised to $985,000 and the house was sold.
“The vendors had outgrown the house and were upsizing,” she said. “We also had other interested parties at the auction but they were not able to bid under auction conditions.
“Camp Hill is very solid and consistent with a good number of people through our open homes.”