Toowoomba CBD property on Russell Street sells at auction through Webster Cavanagh for $1.3m

A “unique” four-bedroom home in the Toowoomba CBD had been earning attention from both commercial and residential operators ahead of an auction. Now both its sale price and future use have been revealed.

FOR SALE: A residential property on Russell Street in Toowoomba City will go under the hammer this month through Webster Cavanagh, with a sorts of potential buyers interested in it.

An out-of-town Queensland buyer has snapped up a beautiful residential property on the fringe of the city’s CBD, beating several other bidders with a $1.3m offer.

The four-bedroom home on Russell Street earned attention from both residential and commercial parties at Saturday’s on-site auction, hosted by Webster Cavanagh.

The 2000 sqm property features an extensive backyard improved by a pool and garage.

Selling agent Grant Nissen said the new owner intended to keep the property as a family home.

“Obviously we had spirited bidding, and it’s exactly what previous comments had suggested about there being a variety of bidders,” he said.

It’s the first time in 32 years that the home has sold, having been bought by the previous owner back in 1990 for $200,000, according to RP Data.

Mr Nissan said the lucrative sale price, which cleared the reserve, was unlikely to prompt a surge in listings for fringe CBD homes.

“I think they’re so tightly held, they’re difficult to come across,” he said. “You’ll be waiting a long time for another one to pop up.”

FOR SALE: A residential property on Russell Street in Toowoomba City will go under the hammer this month through Webster Cavanagh, with a sorts of potential buyers interested in it.