Auction record smashed in Brisbane's roughest suburb

One of Brisbane's roughest suburbs has a new million-dollar-plus auction house price record, as ramshackle renovators drew as many as 70 bids Saturday. SEE AUCTION REPLAYS & RESULTS

This Woodridge home is now the auction house price record holder.

One of Brisbane's roughest suburbs has a new million-dollar-plus auction house price record, as ramshackle renovators drew as many as 70 bids Saturday seeking growth opportunities.

Woodridge, which has a reputation for being one of the toughest neighbourhoods in Brisbane, is in for some major gentrification after breaking through the $1.35m mark for a three bedroom house.

The home at 53 Nyanza Street has one bathroom and a double car garage, but it comes with a big bonus in the current market, sitting on a 2,023sq m block of land.

Ray White AKG agent Roxanne Liu who listed the home for auction, had to contend with a massive 21 bidders vying for the property.

She said any time there was a property with an upside to it, buyers were not afraid to compete.

The backyard includes a large shed.

"This property has potential for up to eight units to be constructed on it. The eventual buyer intends to hold on to the property initially and develop at a later point," she said in a Ray White AKG statement. 

Principal Avi Khan said auctions were by far the best method for a transparent buying process for all properties in any area.

"Woodridge is highly popular at the moment and this sale showed how to best sell properties to give all buyers a chance to compete."

Woodridge has a new auction house price record.

It was only a matter of time before the area - renowned as a crime hotspot in decades past - breaks through with more million dollar house sales - with some recent results including 2 Elizabeth ST for $900,000 with a 1,740sq m block and 25 Laburnum St going for $801,000.

The area's top house price figure overall is expected to hit $1,440,500 as soon as another Woodridge property at 134 Ewing Road is officially declared settled. It is currently listed as "pending settlement advice" by agent Alex Simule of Raine & Horne Springwood who confirmed it was under offer at that record level. 

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This fixer upper at 107 Kennington Road, Camp Hill, was sold under the hammer for $1.221m after 70 bids.

 

One of the most contested houses to go under the hammer on Saturday was the ramshackle 107 Kennington Road, Camp Hill, which was listed by Place Camp Hill agents Shane Hicks and Antonio Puopolo.

The home, which was put up for sale by the Corporation of Trustees for the Catholic Church in Brisbane, was highly contested by 10 bidders with over 70 bids cast throughout the auction.

Described as "entry level", the rundown property eventually sold for $1.221m, offering the new owners an opportunity to turn "a perfectly flat corner block" into  a major money earner.

"Whether you choose to embark on a renovation journey to bring the lowest brick home back to life or opt for a complete rebuild to realise the potential of the location, the possibilities are endless. Convenience is at your doorstep, from quaint cafes and restaurants to reliable bus services, everything you need is within easy reach," was how Mr Hicks described it.

This home at 211 Stanley Terrace, Taringa, requires renovations and sold for $1.32m.

Meanwhile, a three bedroom house at 211 Stanley Terrace, Taringa, listed by Vern Gilbert of Plum Property Brisbane West, required a lot of renovation work and potentially a rebuild depending on the buyer.

That did not deter those who registered for the auction, with the opening bid for the 1962 home at $1.2m. Six more bids were cast - $1.21m, $1.23m, $1.25m, $1.3m, $1.31m and then the final offer of $1.32m which is what it sold for.

Apart from its prime location close to Indooroopilly shopping centre, cycling distance to the University of Queensland and near several coveted schools, the home packs views of the Brisbane city skyline off its back deck.

Mr Gilbert said the home did require a lot of work but it would pay off given the stunning location.

City skyline views off the back deck.

The successful buyers said they had been trying to buy a home in the Taringa area for a while, close to friends of theirs who lived up the road but also planning ahead for when their son has to go to university.

Mr Gilbert said "the generous 607sq m block size provides ample space for building a new home. Alternatively, the existing house can simply be renovated, with the option to add a deck to enjoy the convenient lifestyle and stunning city views at night".

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Originally published as Auction record smashed in Brisbane's roughest suburb

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