Rundown Hamilton Home Sold Under $1M After Bidding War

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.




Photo Credit: Ray White Ascot

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.

Photo Credit: Ray White Ascot

“We had heaps of enquiries, nine registered bidders, and it sold 10 per cent above reserve,” Jonker stated.

Photo Credit: Ray White Ascot

“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.”

Photo Credit: Ray White Ascot

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.

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Photo Credit: Ray White Ascot

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.


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Photo Credit: Ray White Ascot


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