Derelict fixer-upper sold for $578k

first_imgThe value in this property was not so much the home but the land.Mr O’Kelly marketed it as “a project with potential” warning prospective buyers that they had to “come ready to renovate or explore your options to redevelop — the choice is yours for this property that requires a major overhaul in this highly sought after locale”.The median house price in the suburb was $882,500 last week, with two bedders at $694,250, three bedders at $785,000 and four bedders at $1.035m. An investor could see rent around the $500 a week mark which is the suburb median, though three bedders were sitting around $485 a week and four bedders at $648 a week. FOLLOW SOPHIE FOSTER ON FACEBOOK Potential galore at this Coorparoo home. Lots of sugar soap and elbow grease needed here. The outside’s not too flash either. 400 Chatsworth Road, Coorparoo, sold for $578,000 over the weekend.IF these walls could talk they would probably be saying “save me” but therein lay the charm for a buyer in Brisbane over the weekend who paid over half a million dollars for the ultimate fixer-upper.Tarpaulin and tape patching up a wall, peeling paint, an overgrown yard and multiple layers of dirt were just the start of the state of disrepair in this home but all were not enough to prevent it from being sold on Saturday.Simon O’Kelly of the Public Trustee of Queensland saw it land $578,000 proving the three bedroom, single bathroom, single parking space house was clearly not judged by its looks but its potential. More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours agoNot pretty but this patch job must have been effective. These walls have definitely seen better days.The home at 400 Chatsworth Road, Coorparoo was on a 607sq m block zoned low density residential with CoreLogic showing the valuation for the land at half a million dollars.The last time this property sold was 30 years ago according to property records, for just $63,000.Subject to council approval, the property held strong potential for someone wanting to start from scratch, according to the PTQ.Coorparoo was considered a high demand suburb by with twice the number of visits per property as the Queensland average and amenities including the Whites Hill Reserve, Camp Hill State School, Whites Hill State College and just 6km from the Brisbane CBD.last_img

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