A lead-ridden, asbestos-clad, termite-infested home in the outskirts of Brisbane, replete with a dead possum’s skeleton hanging from the ceiling, located in the outskirts of Brisbane, has sold for $825,000.
The buyer says that he has no immediate plans for the property and intends to land bank the lot for now, according to realestate.com.au.
An unsuccessful bidder at the auction, who is intends to restore or rebuild the house himself, predicted that removing the asbestos and lead would cost around $30,000.
The property was slated as one that needs repair. The real estate posting warned that it was not for the “faint-hearted”.
“Once upon a time this home was very much loved and now it’s time for either a complete makeover or perhaps a great opportunity to remove and build a new home.”
Kathy Lillecrapp, one of the realtors who sold the property, told news.com.au she was never worried that the property wouldn’t sell despite these flaws.
“We knew that something like this would be highly sought after because: one, there’s not much land around, and two, it’s in a beautiful position. It was literally the worst house in one of the nicest streets.”
The 615sq m corner lot is in the suburb of Gaythorne, only a 15 minute drive from the Brisbane CBD.
“If you restore [the property] back to its original condition, and you left it on the 615sq m block, you could get upwards of $1.2 million,” Ms Lillecrapp said.
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“If you built a new one, you could be looking at a lot more – $1.3, $1.4 million – depending on how many bedrooms and bathrooms.”
The median asking price for a house in Gaythorne is $995,772 according to SQM Research, around $170,000 above the sale price of this property.
Brisbane’s property market is tipped to climb the most among the capital cities this year and the next, according to predictions by major banks.
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