Add CategoryA starter house in one of Brisbane’s most expensive suburbs has sold for $1.3 million – more than 12 times what the owner paid for it – in less than a minute.
The cottage sits on a 405 sqm block abd was the first property to go under the hammer at the Ray White Auction Under the Stars event at the Howard Smith Wharves last night.
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97 Villiers St, New Farm
And it was a quick sale, with the new owner opening the bids with a knockout $1.3 million blow.
Less than a minute later, the hammer fell, with members of the crowd heard to say “a quick auction is a good auction”.
97 Villiers St, New Farm
Property records show the house last sold for $108,000 back in 1988 – the year of Expo.
Located at 97 Villiers St, the house has character but is nothing flash, with just two bedrooms, one bathroom and garaging for one vehicle.
97 Villiers St, New Farm
It also still has many of its original features including the hardwood floors, VJ walls, picture rails, French doors.
But its biggest selling point is its location, and its appeal to renovators, with the Brisbane River just 300m away and Merthyr Village, New Farm Park and James Street all within a short stroll.
97 Villiers St, New Farm
Ray White Bulimba agent Scott Darwon said the new owner planned to renovate and live in the house.
“They are a French couple and had been renting locally for 12 months and decided to take the leap and buy in the area,” he said.
“They had displayed interest in the property prior to the auction, and had made an offer good enough to buy it.
“It was actually down to go to auction on November 30 but we brought it forward so it was only a five day auction campaign, something I have never done in my real estate career.
“We ended up having three registered bidders (at the auction event) … the owner is very happy.”
The New Farm cottage was one of 35 properties that were scheduled to go under the hammer at the event.
Ten of those properties sold prior to the auction, including 2 Rhyndarra Street at Yeronga.
2 Rhyndarra St, Yeronga.
That property sold for “just short of $2 million” just hours before it was due to go under the hammer, with auctioneer Haesley Cush telling the crowd that the agent had confirmed a contract had been signed.
Mr Darwon also marketed another starter house in Bulimba, which sold prior to the auction for $1.035 million.
20 Smallman St, Bulimba
A deceased estate, the owner had lived in the house for about 50 years.
“We had developers and other entry level house seekers interested in that one,” Mr Darwon said.
“It was bought but a couple who are also going to renovate it and live in it.
“The two children (of the deceased owner) were very happy to see it go to someone who wasn’t just going to knock it down.”
Mr Darwon said entry level houses in Brisbane’s blue-chip suburbs were proving as popular as ever.
“Again, location is the big drawcard,” he said.
Of the remaining properties, one was withdrawn and five sold under the gavel, with interested parties circling the properties that were passed in.
Bidding reached $3 million for a historic character house at 388 Bowen Terrace in New Farm, but the property was passed in, with negotiations continuing.
Negotiations are continuing for 388 Bowen Tce, New Farm
An architecturally-designed stunner at 89 Towers St in Ascot, which comes with a 1000-plus bottle wine cellar, eight-seat home cinema, gym and pool, was sold prior, and in under contract.