Investors splashed out big for a tiny blank canvas cottage in Brisbane’s north on Saturday.
The humble two-bedroom Wilston cottage attracted 15 registered bidders and sold close to $100,000 above its reserve price.
First-home buyers and renovators – even tenants living nearby – confidently bid on 55 Vardon Street, but it was investors who took the keys for $815,000, just below Wilston’s $829,000 median house price.
The sale meant the vendors made $280,000 in less than three years from the home.
New owners Stephen Havas and Karen Dunashea planned to continue using the property as a rental and would likely keep the current tenants. The 405-square-metre property currently rents for $455 per week.
“We had been looking a lot of homes in the Wilson area for investment and we certainly paid at the upper end of what we wanted to,” Mr Havas said.
The auction attracted 15 registered bidders. Photo: Supplied
“But at the end of the day, that’s what’s happening in the market and it’s pretty hot at the moment.”
Ray White Albion agent and auctioneer David Treloar said the auction exceeded expectations.
“Well, firstly, it opened up nearly at reserve price, which was a lot stronger than I originally expected,” Mr Treloar said.
The tiny cottage is on 405 square-metres of land. Photo: Supplied
“I thought we’d have eight to 10 registered bidders and anything over would be a bonus, and we ended up with 15,” he said.
“The sellers set a realistic reserve price and I think it encouraged competition because once people know they’re playing for keeps it takes it to another level.”
Warm spring weather saw 40 onlookers turn up for the auction which collected more than 15 bids.
The property currently rents at $455 per week. Photo: Supplied
The suburb’s record house sale is $3.25 million which was set in 2009.
(Original story: Jason Quelch, Property Journalist – http://www.domain.com.au/news/wilston-fixer-upper-sells-for-815000-at-auction-20160924-grnkuq/ )
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