A Queensland real estate agent says people are willing to buy houses in "any condition" after a property marketed as Australia's worst houses, sold for almost $170,000 ave reserve.
In a sign the housing market has gone truly bonkers, a crowd of more than 100 people gathered to watch 25 bidders battle over the dilapidated cottage in the central Brisbane suburb of Dutton Park.
The former family home, now taken by termites and unsafe to even enter, was snapped up by local investors for $668,000, some $168,000 over its reserve price.
The new owners, who did not wish to comment on the sale other than to say they were “very happy with the result” as the deal was “well beyond their expectations”, are expected to demolish the house and rebuild on the large block.
The crumbling, pest-infested home had been marketed with the unique sales pitch of being the “worst house on the best street”.
Because of its age, the pre-1946 rotting timber house is protected and requires a rigorous inspection, council approval for its removal, and a very expensive demo job. To allow a buyer to knock it down a structural engineer has to deem the property to be “in a state of disrepair”, and Mr Behrendt, a former builder, says it’s the first time he’s sold a property where the terrible state of the home has been a selling point.
Mr Behrendt credited the unusual selling point and massive media exposure, started by news.com.au, with building interest in the unique property. TV crews and reporters joined the crowd of bidders and spectators.
After the intense interest in the property, Mr Behrendt says he now has a book full of people that are willing to buy houses in any condition.
Read the full article