A rundown post-war Hamilton home has sold at auction for $980,000 after a heated nine-way bidding battle, highlighting the premium prices buyers are willing to pay for development opportunities in desirable locations.
The low set brick home on a 647 square meter block on busy Nudgee Road was snatched up by a developer, according to the selling agent Oliver Jonker of Ray White Ascot. Despite being in original and rundown condition, its prime location less than 1 km from Portside, the Brisbane River, and major racecourses like Eagle Farm proved highly attractive.
“We had heaps of enquiries, nine registered bidders, and it sold 10 per cent above reserve,” Jonker stated.
“It was owned by an old pharmacist I believe, I dealt with the trustee. There are not very many post war properties left in Hamilton, and this could be one of the lowest entry points into the suburb.”
The sale price of $980,000, while eye-watering for a rundown four-bedroom, two-bathroom home, represents a bargain for entry into the exclusive Hamilton property market. The median house price in the suburb is $2.3 million, with four-bedroom homes fetching a median of $3.095 million.
Jonker highlighted the property’s development upside for the buyer, a developer, who now has multiple options including renovation, demolition for a new home or townhouses subject to council approval. “There’s a lot of upside there,” he said.
The sale demonstrates the voracious demand for properties with redevelopment potential in Brisbane’s most prestigious suburbs. With a housing shortage gripping the market, developers are willing to pay top dollar for the opportunity to meet buyer demand through new construction or renovations.
Published 28-March-2024
