Dilapidated Brisbane home listed for $1.3m as Qld springs back

Space Property Ashgrove principal Michael Shean and Nick Beadle at a popular dilapidated listing in Coorparoo where a specialist gardener cut back years of overgrown shrubs so potential buyers could see the home.

A dilapidated Brisbane home that last changed hands for $25,000 in the 70s has hit the market with a circa $1.3m price as Spring and rates holding give new hope of a listings rise in Queensland.

Even rundown with holes in the roof, overgrown gardens and a major renovation required, the circa 1915 home 7km from Brisbane CBD is among those drawing strong buyer interest, with PropTrack senior economist Eleanor Creagh expecting Spring to boost housing prices further thanks to demand outstripping limited listings.

This 810sq m Coorparoo property has a price guide around $1.3m.

“The majority of home price falls recorded last year have been reversed in 2023,” Ms Creagh said. “Strong demand and limited supply have offset the impact of rate rises.”

“The decision by the Reserve Bank to continue holding the cash rate steady in September is likely to maintain both buyer and seller confidence as the spring selling season begins, with home prices likely to continue lifting in the period ahead.”

New listings have a way to go to claw back lost ground, with latest PropTrack figures showing Brisbane down -14 per cent year-on-year in July, with regional Queensland worse at -16.2 per cent.

Space Property Ashgrove principal Michael Shean, who is selling the dilapidated Brisbane home with colleague Nick Beadle for circa $1.3m, said five buyers, including builders, were keen on the property within days.

“We have been inundated with inquiries and interest,” he said. “It has been in the family for a very, very long time. The current owner I believe it was his grandmother’s property.”

Space Property Ashgrove principal Michael Shean and Nick Beadle are only running private visits to the site – no open homes.

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“The access to the property has been very limited. You couldn’t really get through all of the shrubs and trees at the front. It took a pretty experienced gardener to cut through it and thin it all out … In one of the bedrooms, if you look up you can actually see the sky.”

“We are hoping that the property will be renovated and brought back to life. Obviously, it comes down to whoever buys the property what they want to do with it.”

*This post was originally published on https://www.realestate.com.au/news/dilapidated-brisbane-home-listed-for-13m-as-qld-springs-back/