Crumbling riverfront mansion lands enormous kitty for RSPCA

A crumbling riverfront mansion gifted to the RSPCA in a high end Brisbane suburb has landed it an enormous kitty at auction. SEE DETAILS, PLUS TODAY'S AUCTION VIDEOS & RESULTS

This riverfront home in Chelmer was sold for the RSPCA and landed a huge sum.

A riverfront home in Brisbane high end suburb Chelmer has landed an enormous kitty for the RSPCA after selling at auction Saturday.

The three bedroom, triple bathroom home on a prime 675sq m riverfront site at Queenscroft Street was gifted to the RSPCA, according to property records.

The fact that the home was in dire need of major repairs and upgrades - and potentially being torn down subject to council approval - did not stop interest in the property, with the stunning location and potential of the site drawing over 80 people to the auction.

Seven bidders registered to battle it out for the home, pushing the auction to $1.455m - which was $155,000 over the reserve, real estate agent Reuben Packer-Hill of Ray White Toowong confirmed.

The winner of the auction plans to demolish the building and build his dream home.

Watch Brisbane Auction Livestream:

He and colleague Zach Taylor marketed the post war home as being "an increasingly rare opportunity for an astute buyer to knock-down and build a magnificent new residence (STCA)".

"The existing multi-storey dwelling requires thorough renovation" especially the kitchen, bedrooms, and bathrooms, but it also has quirks like a sunken lounge room and raked ceilings. The site has just under 20m river frontage and adjoins a Brisbane City Council reserve.

Mr Taylor said most of the bidders were local owner occupiers. “The winning bidder hadn’t seen the home in person until today, he intends to knock down and build his dream home".

Auctioneer Haesley Cush said in a statement that it was an incredible auction with lots of bidding. “The bidding opened at $700,000 and it was called on the market at $1.375 million,” he said. 

“It just represents incredible value, nowhere in Sydney or Melbourne could you get a riverfront property like this at this price point.”

See Replays of Earlier Auctions:

Competition was tight through the day as just under 50 homes went under the hammer amid school holidays. Buyers across Greater Brisbane saw more choice at auction this week with 9 per cent more homes under the hammer compared to the same time last year – half of which is being put up for sale Saturday.

The capital is seeing a resurgence at the same time as regional Queensland auction numbers dropped dramatically – down 22 per cent for the week year-on-year, which saw the overall Queensland figures drop 10pc to 199 auctions, according to PropTrack data.

The number of homes going to auction next week in Greater Brisbane was expected to double this week’s figures showing the impact that school holidays have on the auction market.

Around 2,292 homes were slated for auction this week across the country, 20 per cent more than the same week last year.