Run-down house sells for thousands over its expected price
A home in need of serious renovations still sold for thousands over the suburb median price, with housing growing more and more expensive in the cost of living crisis. SEE LIVE AUCTIONS
A home in need of serious renovations still sold for thousands over the suburb median price, with housing growing more and more expensive in the cost of living crisis.
13 registered bidders arrived at 33 Lynngold St, Woodridge, to bid on the property just a street away from Compton Rd.
The two-bedroom, one-bathroom house saw 5 active bidders competing for the best price on the small location, soon whittled down to two going head-to-head on the final price.
With $480,000 as the starting bid, the price quickly rose before stagnating above $600,000. The final bids were increasing by increments of $1,000, the winner gaining the property for $620,000.
SEE THE LIVE COVERAGE AND BLOG BELOW
Our auction livestream will run throughout the day, and our live blog will capture auction results from across Greater Brisbane.
With a land size of $612m², the property has room for a granny flat to be installed at the end of the backyard.
But the property has several handicaps. The granny flat would require soundproofing to combat noise restrictions, the house itself has a fall from the front to the garage, and the house itself is in need of a new kitchen, a new bathroom, and new flooring.
Even still, the property sold for $50,000 more than Woodridge’s median sale price of $567,750.
Harcourts Property Centre agent Rowena Gil said that while she expected a high turnout for the auction, the sale exceeded her expectations.
“It sold for more than what I expected”, she said. “Probably because of the potential that it has, and being so close to Compton Road”.
The new owner plans to conduct a thorough renovation project on the property moving forward.
SEE THIS MORNING’S REPLAYS HERE, & SCROLL FURTHER FOR LIVE BLOG:
More Coverage
Originally published as Run-down house sells for thousands over its expected price
Updates
First look: Giant ‘sky-mansion’ tower on quiet residential street
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Experts make major rate call
Aussies are doing what the Reserve Bank of Australia is asking and cutting back on spending, but they might need to wait nine months for a reduction on their mortgage.