House in Balmoral sells for $1.651m above its purchase price
A ‘humble bank clerk’ who bought a house with her mother 35 years ago has seen a healthy return on her investment, with the original Queenslander selling for $1.73 million.
Vendor Cathy Sternfeldt said she and her mother, now deceased, bought the elevated house and double block at 62 Victoria Street at Balmoral for $79,000 in 1984.
Even with inflation, that’s about $244,000 in today’s money, according to the Reserve Bank of Australia’s online inflation calendar.
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“I am very happy with the result,” Ms Sternfeldt, 71, said. “Thanks mum.”
The character-packed house, built in around 1923, was moved from Morningside by previous owners, and bought at auction by Ms Sternfeldt and her mother as an investment property.
Still in its original condition, albeit with a few cosmetic touches like paint and carpet, the house went under the hammer in front of a 50-plus strong crowd at 9am yesterday.
There were 14 registered bidders, with an opening bid of $1 million sparking off a flurry of strong bids from four active parties.
Bids rose in $100,000 lots, before falling to $50,000 instalments.
All up, it took about 15 minutes to get to $1.73 million when it was announced “on the market”, and the hammer fell.
It was sold to Ben Francis, a builder/developer who plans to move the original house and split the block, adding another house behind.
“We intend to use it as a development site so will look at putting a block at the rear of it and doing a significant renovation of the house.
He said he was drawn to its character, and its maintained original condition.
This is the kind of property we look for. We have one at Coorparoo and we have another one in Balmoral,” he said.
“This one ticked all of our boxes — a big block with an older home with lots of traditional features and easy to renovate.”
The house itself was in good condition, despite its age, with many character features throughout, including VJ walls, leadlight windows, and ornate fretwork, including two Coat of Arms decals above internal doorways.
It is located on a 854sq m block, which could be split in to two lots, and has stunning city views.
The property was sold by Damon Warat of Ray White Ascot.