Rare inner-city estate snapped up under the hammer
A local investor held off all comers to snap up this weekend’s first property on the auction block, an inner city deceased estate on the market for the first time.
Seven bidders registered for the property at 138 Princess Street in Kangaroo Point, located just a seven minute drive from the Brisbane CBD, with the property eventually selling for $940,000.
“Properties like this rarely arise,” according to agent Peter Laoudikos of Ray White East Brisbane.
The home was on the market for the first time after having been transferred within the Civitarese family, who had rented it out previously for around $460 a week.
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Bidding kicked off at $700,000 for the 645sq m block, and rose in $25,000 increments until it hit $900,000, when it then rose in $5,000 blocks until $930,000.
The property was then definitely on the market and saw bidding rise in $1,000 amounts until it was eventually sold to a local investor for $940,000.
Mr Laoudikos told The Sunday-Mail that a lack of product hitting the market and high demand in the inner city created strong competition.
“I’m finding that inner city areas that have once been undervalued and overlooked are now highly sought,” he told The Sunday Mail.
“All (bidders) were young families and local investors who see Kangaroo Point as a area to invest in with good growth in the future,” Mr Laoudikos said.
The block has a home on it — a five bedroom, one bathroom, double car park house in original condition — but it also has a dual street frontage, offering strong development potential.
The site is in development zone: Cr2 — character residential (infill housing) and was marketed as being “an outstanding opportunity for the astute investor, developer, owner builder, or land opportunist.”
Families and developers trying to secure prime spots close to the CBD were driving demand for homes like 138 Princess Street, Mr Laoudikos said.
“It’s got a very low turnover (this type of property),” he said. “Only a handful of houses like this were listed for sale this year, so it’s a low level of stock but high demand.”
He said homes like that had a “very good chance of selling as long as they use the right method and take the advantage to tap into competition.”
Kangaroo Point is a popular recreational suburb because of its winding river peninsula outlook, running and cycling tracks, restaurants with sporting facilities like The Gabba nearby.
The suburb has seen median house prices jump 25.1 per cent in past five years with the median asking rent in the area sitting at $580 a week. The median time taken to sell a property in the area is 61 days, according to CoreLogic data.
Sixty-one properties were listed for auction in Brisbane on Saturday with just one — at 69 Lancelot St, Tennyson — set to go under the hammer at 1pm Sunday.
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