Derelict 1920s cottage with no access to power or a back door sells for more than $2MILLION – and it’s not in Sydney
- Abandoned 1920s cottage sold for over $2million in Brisbane suburb New Farm
- 58 people bid on the derelict shack that has no access to power or a back door
- Property sold to developers who plan to bulldoze the shack and build two houses
- Cottage is just one of many unliveable homes that are selling for millions
A dilapidated 1920s cottage with no electricity or a back door has been sold for more than $2million, as real estate agents say now is the time to buy.
The auction attracted 58 hopeful homeowners to the grimy cottage on Friday, which is located on Browne Street in the Brisbane suburb of New Farm.
The 570sqm property sold to Damien Zullo of Z Corp Developments who will bulldoze the cottage and build two homes on the lot, the Courier Mail reported.
A dilapidated 1920s cottage (pictured) with no electricity or a back door has been sold for over $2million in the Brisbane suburb of New Farm
The property listing describes the two-bedroom home as an ‘extremely rare offering’ with original features including stone fireplaces, high ceilings and pine floorboards.
The dilapidated shack is located in the heart of New Farm, ten minutes from the CBD and is surrounded by bars, shops and the New Farm Park.
The home has two bedrooms, kitchen, dining room and lounge as well as a two way bathroom, separate toilet and a verandah.
A large area underneath the house is recommended for use as a rumpus room, with a detached double garage at the rear of the property.
The abandoned two bedroom property (pictured) received interest from 58 hopeful homeowners at the auction on Friday
‘There’s no mistaking that there is a lot of work to restore this home however the rewards will be reaped at the end’, the listing reads.
Crowds began to form an hour before the auction for the abandoned home began, with Brisbane agents being consistently surprised by large turnouts.
The derelict cottage received interest from three rows of bidder registrations, looking to buy on the same street a house was sold for a record $3.2 million.
As investing in Brisbane home becomes more attractive to international buyers, properties are being sold in record time, regardless of their liveability.
The dilapidated shack (pictured) is located in the heart of New Farm, ten minutes from the CBD and is surrounded by bars, shops and the New Farm Park
Bruce Wilson, the agent who sold the 1920s cottage told Daily Mail Australia he had expected the property to attract significant interest.
‘The market is very strong at the moment, we have buyers from all over the place that have made the Queensland market very competitive’, Mr Wilson said.
He said buyers that were cashed up with disposable income flocked to Queensland to invest in homes that are relatively cheaper when compared to other states.
Haesley Crush, an auctioneer from Ray White told the Courier Mail he had warned Queenslanders a year previous to expect stiff competition at Brisbane auctions.
‘I remember last year saying to Queenslanders, we are such good value, just expect that you’re going to have more competition next year. Well here it is’, Mr Crush said.
‘In this market, yes it’s more than yesterday but it’s cheaper than tomorrow. And you have to consider affordability rather than price.
‘And there’s going to come a time, as Brisbane starts to attract international attention, if we’ve got the casino, if we get the Olympics, our property prices are going to be very attractive to international buyers.’
Bruce Wilson, the agent who sold the 1920s cottage (pictured) said he had expected the property to attract significant interest as cashed up investors flock to Queensland to buy