Home jumps $1m in just one year
A Brisbane riverfront home has sold for over one million dollars more than its owners paid a year ago, a 25 per cent jump in price without renovation.
Real estate agent Tony O’Doherty of Belle Bulimba confirmed to The Courier-Mail that the three bedroom riverfront home at 42 Quay Street in Bulimba had sold for $5.4 million.
The property which was listed as “Bulimba’s rarest offering of 2019”, was put up for sale by tender, which closed on Thursday. The result was announced Friday afternoon.
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The owners had bought the property for $4.225m in February last year, with the property holding two major features in its favour — its absolute riverfront position and 1,012sq m block size. Add to that, the owners had also secured demolition approval for the house on site.
The new owners have multiple options including demolition and building a large dream home, subdividing and building two luxury homes on the property like the neighbours, or sitting on the current home in a form of landbanking.
The current owner has offered to pay $1,000 a week in rent until the new titleholders decide what they want to do with the property.
The home is a short walk to the very popular Oxford Street, and the median price of houses in Bulimba was $1.395m.
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