An 'unrentable' deceased estate on a large block that cannot be subdivided has sold at auction today for $500,000 above its reserve price.
The three-bedroom 1920s heritage home at 31 Parooba Ave, Camp Hill attracted 17 local registered bidders including the neighbours on both sides.
Place Bulimba auctioneer Paul Curtain fielded almost 50 bids before the hammer fell at $1.815m with the property selling to one of the neighbours.
"The parents left the house to their son and their son lived here before going into a nursing home for a year and then he has passed away," selling agent and Place Bulimba director Sarah Hackett said.
The sale of the house means that the man's nephew in Sydney has just become a millionaire.
"He can't believe how much more it sold for than what he had anticipated," Ms Hackett said.
"The neighbours paid slightly above what a builder would pay for it and a builder knows the value of land here."
Camp Hill house prices have increased by 30 per cent in 12 months, CoreLogic property data shows.
"The property couldn’t be subdivided, which I found out through the campaign on the advice of town planners,” Ms Hackett said.
“It is also in original state, unrentable. It needs to be restumed straight away, but people like that.”
To see a replay of Place Bulimba auctioneer Paul Curtain taking this property to auction, click HERE.