Long overlooked ugly duckling Brisbane house finally finds buyer
The Brisbane home that no one wanted to buy finally got sold last month.
The house that was Australia's most heavily discounted property for much of 2011 – 1350 Wynnum Road, Tingalpa – fetched $315,000.
The modest post-war home on an 1,158-square-metre block started its listing in November 2010 with $700,000 hopes, thereby reflecting a 55% price adjustment.
The deceased estate was under contract in August last year, but the buyers were unable to get finance. It has recently sold to an investor.
Property analyst Louis Christopher of SQM Research has said that discounting remains rife across the country, with many vendors being forced to accept offers far lower than they hoped.
“Properties from certain pockets within Queensland have definitely undergone harsher discounting in comparison to other states and regions across the country and as we can see from these homes' individual advertisements, there some desperate vendors trying to sell within the area,” he says.
“Although these homes do generally only show the extremities of the market place, it has become evident in recent times that real estate in particular locations within this state has genuinely decreased in value over the last 12 months.”
There had been multiple offers during 2011 for the house but being on an industrial main road, it had its challenges.
“And it was probably listed too high in the beginning,” one of its former listing agents noted.
RP Data says the median house price in Tingalpa is currently about $426,000, which is up on the $425,000 median last August.
The original asking price was at the owner's directive.
The latest selling agent was Scott Watson at Ray White Birkdale.
He marketed the property is being a “prime position 1,158-square-metre block is ready to be split into two with a massive 22-metre frontage, rent out or live in until you’re ready to cash in.
“The three-bedroom, one-bath, one-car home is very solid and surprisingly very quiet, when inside you will think you are in the suburbs.
“Never being sold before, this a chance of a life time and the owner is coast-bound and want this sold now,” he said.
“So if you like making money then you will need to be quick as this will make the phone run hot,” Watson advised potential buyers.
