Demand for original ‘blank canvass’ properties is at an all-time high in Brisbane’s inner-western suburbs.
Buyers who have been priced out of purchasing an established family home are turning to original properties as a more affordable alternative.
The trouble is, finding a solid home that is ripe for renovation or even demolition is a feat in itself. Land in Brisbane’s inner-western suburbs is also becoming a rarity.
Every now and then, a sub-dividable block might pop up for sale in Taringa or St Lucia, but for the most part, buyers are scouting for original houses to either renovate or demolish.
Sold | 12 Lodge Street, Toowong $652,000
These untouched gems have been attracting enormous interest from savvy buyers who are prepared to roll up their sleeves and give the home a new lease on life.
Experienced renovators and builders are generally looking for:
- Reasonable parcel of land, allowing room for extensions (600sqm +)
- Wide street frontage (15m +)
- Good structural integrity
- Post war homes with the option to knock down (1947 onwards)
When these homes come to the market for sale, you can almost guarantee there will be a line of budding renovators waiting to take a look.
Property renovations in Brisbane
The recent sale of 108 Boundary Road, Indooroopilly is a prime example of this. The highset, weatherboard house was offered to the market for the first time in 29 years and buyers were not going to miss their chance to buy into Indooroopilly.
Sold | 108 Boundary Road, Indooroopilly $605,000
45 groups attended the first open home, intrigued by how they could make it their own. Due to the scarcity of these types of properties, competition amongst buyers was fierce.
5 written offers were presented to the Seller and property was sold with a cash unconditional contract in just 6 days.
The successful buyers purchased the home for $605,000, offering above the asking price in order to beat their competition. They intend to demolish the property and build a new family home.
This scenario is one we’ve seen play out again and again in Brisbane’s inner-western suburbs and demand is at an all-time high.
- Sold in 13 days for $652,000
- Cash unconditional contract
- Buyer will undertake extensive renovations
37 Bernhard Street, Paddington
- Sold for $818,000
- 2 bedroom house in prime location
- Buyers will undertake a moderate renovation
20 Victoria Street, Indooroopilly
- Sold under the hammer for $1,405,000
- 13 registered bidders
- 810sqm block with ability to restore or remove the building and build new
Buying property to renovate and sell
For those who manage to snag themselves a property which they can add their own personal flare to, the rewards are well worth their efforts.
Architecturally designed new-builds such as 69 Gladstone Street, Indooroopilly or 42 Hillsdon Road, Taringa are selling for upwards of $1.6M.
Sold | 42 Hillsdon Road, Taringa $1,650,000
Whilst restoring a character home such as 44 Gregory Street, Toowong or 92 Haig Road, Auchenflower could fetch you $1.2M to $1.3M, and that was prior to the current market.
Renovated cottages with extensive renovations and a pool, in the right location, are achieving over $1.5M in the market today.
Thinking of selling?
Now could be a great time to take advantage of the increased buyer activity we are experiencing throughout Indooroopilly, Toowong, Taringa and the surrounding suburbs.
Contact Byrony today on 0412 132 480 and find out how we can help you achieve a similar result.
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