After a fierce bidding war broke out, an uninhabitable house was sold for more than $ 1.45 million at auction in Brisbane.
A keen buyer snapped up the property on Deighton Road in Dutton Park, in Brisbane’s south, when the home went under the hammer on November 10.
While you can’t really live in the four-bedroom home, there’s council approval to refurbish the property completely.
A spokeswoman for selling agent, Ray White, told Daily Mail Australia there was a ‘pretty busy auction’ with seven bidders vying for the property at one point.
The property was so keenly contested at the auction because of the massive 810sqm block that is just 3.4km to the centre of Brisbane or a 10-minute drive.
A derelict home in Dutton Park, Brisbane (pictured) has netted $1.45 million dollar after it went under the hammer on November 10
The property listing described the structure as an opportunity for homeowners to ‘unleash’ their ‘architectural creativity’.
‘The current structure is non-habitable, but worry not as plans are being explored for the house to be removed,’ the listing read.
The agent didn’t try to conceal the ‘fixer-upper’ status; instead, they straightforwardly acknowledged that “there is no way to sugar-coat this.”
The agent said: ‘If someone is searching for the most challenging property on the finest street, this is truly as challenging as it gets.’
The property, sold on behalf of the Public Trustee, featured ‘high ceilings, ornate timber breezeways, and wide pine flooring.
Inspections were not permitted at the property, and it was sold without being seen by the buyer.
Ray White said properties in Brisbane attract 3.5 bidders on average and said the home would have been attractive for families with Brisbane South State Secondary College nearby.
The home is about half an hour’s walk to the famous Gabba cricket ground.
Princess Alexandra Hospital is also located nearby, and there are several schools in the area.
The property is the latest among several dilapidated dwellings on the same street, which have done well at auctions.
The home on 49 Deighton Road (picture) is just over ten minutes away from the Brisbane CBD is also within walking distance of The Gabba
The property’s listing described the home as an opportunity for residents to ‘unleash’ their ‘architectural creativity’ through a knock down and rebuild
A home located on 50 Deighton Road which was dubbed ‘Australia’s worst house’ was sold on the same street in 2015 for $668,000, before the Covid price boom.
Remarkably, the home was listed at a jaw dropping price of $1.599million in 2019 following a major renovation.
Another home located on Deighton Road (pictured) was listed at a price of $1.599million in 2019
The dilapidated dwelling (pictured) which was previously sold for $668,000, was dubbed ‘Australia’s worst house’
Domain’s latest quarterly house price report showed the median price for a house in Brisbane was valued at $848,752, an increase of 1.4 per cent.
The median price of units in the city rose sharply however by 1.7 per cent to $495,143.
Prominent economist Chris Richardson told the ABC’s Q&A program on Monday that Australia had failed miserably on housing over the last 40 years.
Mr Richardson said migration needs to be curbed and more homes built in order to stop the huge growth in house prices.