Buyer pays eyewatering price for derelict junk yard home

A junk-laden, derelict knockdown has sold for a staggering price to a buyer who will spend a fortune renovating it.

A junk-laden, derelict knockdown has sold for $700,000 to a buyer who will spend hundreds of thousands more cleaning it up as more people choose renovating over detonating in the current market.

The two-bedroom property at 62 Blaker Rd in the Brisbane suburb of Mitchelton has sold to a local buyer who plans to renovate the eyesore, which attracted attention when it hit the market for offers above $699,000.

This house at 62 Blaker Road, Mitchelton, has sold for $700,000.

RELATED: ‘Get a bobcat’: Buyers flock to derelict house with shock asking price

Local builder, Luke Anderson of EJ Hall Constructions, said even though the house “should be bowled over”, it was cheaper to renovate than demolish and rebuild.

“It would cost you maybe $20,000 or $30,000 to get rid of everything, whereas you could spent maybe $100,000 to tidy it up a bit,” Mr Anderson said.

“You can’t buy a house in that area for $800,000 really.”

The house at 62 Blaker Road, Mitchelton, has sold to a buyer who plans to renovate.

Marketing agent Rob Missenden of Denovans Real Estate said he had received “more offers than I could count” for the home.

“The most amount of interest has been from flippers and people wanting to renovate,” Mr Missenden said.

“At the end of the day, real estate has a floor in land value. You’re buying 412 sqm of land. Who cares about the house? People have fixed up worse and knocked over better.”

The yard at 62 Blaker Road, Mitchelton, is filled with junk.

He said a cosmetic renovation could add enough value to be able to resell the property for a price in the low $900,000s.

“I’ve sold plenty of houses like this before,” he said.

In fact, he recently sold a three-bedroom house in even worse condtion at 100 Glen Retreat Rd, Mitchelton, for $739,000 to a couple who are in the process of renovating it.

This house at 100 Glen Retreat Rd, Mitchelton, sold for $739,000 to a couple who are renovating it.

The buyers of this house at 100 Glen Retreat Rd, Mitchelton, are in the process of renovating it.

Every room in the house was filled with rubbish, the bathroom vanity was coming off the wall, and pieces of the ceiling were missing.

Fixer-uppers are still attracting interest despite a long wait for builders and an increase in costs for supplies.

Inside the house at 100 Glen Retreat Rd, Mitchelton, when it was for sale.

A search on realestate.com.au shows there are a number of ‘renovate or detonate’ properties on the market across the state — for surprisingly high prices.

A battered-looking, 1945-built, three-bedder on a corner block in sought-after Seven Hills is on the market for offers over $1.3m — purely based on its land value.

A very rundown house in the town of Yeppoon, northeast of Rockhampton, is on the market for $450,000 and advertised as; ‘Yes, I need work, but you could transform me into an amazing close-to-the-beach home!’

This house at 36 William St, Yeppoon, is for sale for $450,000 negotiable.

This three-bedroom house at 222 Agnew St, Seven Hills, is on the market for offers over $1.3m.

Originally published as Buyer pays eyewatering price for derelict junk yard home