Falling apart but sought-after! Why buyers eye possum-filled home
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Property sales can be unpredictable, especially when a seemingly uninhabitable home sparks fierce competition among buyers.
One Brisbane listing has drawn attention—not for its charm or liveability, but for its potential. Despite its neglected state, the property has already attracted multiple offers, proving that location and opportunity often outweigh first impressions.
Here's why this dilapidated house is expected to fetch millions.
A run-down Brisbane home, untouched for more than 25 years, was expected to fetch millions despite its dilapidated state.
Located at 23 Chermside Street in Grange, the property sat on two 405 sqm blocks in one of the city's most desirable suburbs.
The weathered exterior, rusted corrugated iron roof, and peeling paint made it stand out among the more modern homes in the area.
According to the listing, the property was ‘truly golden’, with potential for either a complete transformation or subdivision, pending council approval.
Despite being described as ‘possibly unsalvageable’, McGrath Wilston sales agent Cayle Blaxland revealed it had already received five offers.
While he did not disclose the exact figures, he said they were in line with expectations based on recent sales in the area.
Comparable properties suggested the home could attract offers in the low-to-mid $2 million range.
The owners, now in their nineties, had decided to sell the three-bedroom house for personal reasons.
Blaxland admitted that, despite anticipating the state of the property, he was still taken aback by its structural issues.
‘There are plenty of stumps and foundations that aren’t touching [the ground],’ he said.
The home, built before 1946, lacked significant architectural features that might warrant preservation.
‘It was built pre-1946 but there aren’t really those extravagant features that deserve to be preserved, it’s really just a common Queenslander,’ Blaxland said.
Restoration could be a costly endeavour, with Blaxland estimating renovation expenses could exceed the initial budget by as much as 50 per cent.
‘It depends on the buyer but ultimately the costs of remedying in the current construction climate make it almost unfeasible to salvage,’ he said.
‘A buyer might have a million dollar budget to renovate the property but would likely end up going over by up to 30, 40, 50 per cent.’
Many locals hoped the property would be restored, but given the state of disrepair, demolition appeared to be the more practical option.
Grange remained a highly sought-after suburb, particularly among families, due to its proximity to top school catchment areas.
‘It attracts a lot of middle-to-late aged families as well; it’s got a lot of different parks, playgrounds, cafes,’ Blaxland said.
A Queenslander-style home on a similar 810sqm block in the area had sold for $4.55 million after a complete renovation.
Another nearby two-bedroom Queenslander in Wilston had sold for over $2.5 million in March, despite being described as ‘arguably liveable’.
In contrast, a two-lot property of the same size in Grange with a more habitable house had sold for $2.35 million in May.
Blaxland had been aware of the home for some time and was not surprised by the level of interest.
‘Many people in the area have been keeping an eye on it like myself,’ he said.
‘I’ve known the owners for about a decade and I’m glad to see it getting out there.’
Possums may have been the only long-term residents of this abandoned home, but they’re not just found in neglected properties.
These nocturnal visitors can take up residence in even the most well-maintained houses.
Watch the video to learn the key signs of a possum infestation and how to spot them in your home.
Source: Youtube/limpiarOnline
With buyers eager to snap up this long-abandoned home, will it be restored to its former glory or cleared for something new? Let us know your thoughts in the comments.
One Brisbane listing has drawn attention—not for its charm or liveability, but for its potential. Despite its neglected state, the property has already attracted multiple offers, proving that location and opportunity often outweigh first impressions.
Here's why this dilapidated house is expected to fetch millions.
A run-down Brisbane home, untouched for more than 25 years, was expected to fetch millions despite its dilapidated state.
Located at 23 Chermside Street in Grange, the property sat on two 405 sqm blocks in one of the city's most desirable suburbs.
The weathered exterior, rusted corrugated iron roof, and peeling paint made it stand out among the more modern homes in the area.
According to the listing, the property was ‘truly golden’, with potential for either a complete transformation or subdivision, pending council approval.
Despite being described as ‘possibly unsalvageable’, McGrath Wilston sales agent Cayle Blaxland revealed it had already received five offers.
While he did not disclose the exact figures, he said they were in line with expectations based on recent sales in the area.
Comparable properties suggested the home could attract offers in the low-to-mid $2 million range.
The owners, now in their nineties, had decided to sell the three-bedroom house for personal reasons.
Blaxland admitted that, despite anticipating the state of the property, he was still taken aback by its structural issues.
‘There are plenty of stumps and foundations that aren’t touching [the ground],’ he said.
The home, built before 1946, lacked significant architectural features that might warrant preservation.
‘It was built pre-1946 but there aren’t really those extravagant features that deserve to be preserved, it’s really just a common Queenslander,’ Blaxland said.
Restoration could be a costly endeavour, with Blaxland estimating renovation expenses could exceed the initial budget by as much as 50 per cent.
‘It depends on the buyer but ultimately the costs of remedying in the current construction climate make it almost unfeasible to salvage,’ he said.
‘A buyer might have a million dollar budget to renovate the property but would likely end up going over by up to 30, 40, 50 per cent.’
Many locals hoped the property would be restored, but given the state of disrepair, demolition appeared to be the more practical option.
Grange remained a highly sought-after suburb, particularly among families, due to its proximity to top school catchment areas.
‘It attracts a lot of middle-to-late aged families as well; it’s got a lot of different parks, playgrounds, cafes,’ Blaxland said.
A Queenslander-style home on a similar 810sqm block in the area had sold for $4.55 million after a complete renovation.
Another nearby two-bedroom Queenslander in Wilston had sold for over $2.5 million in March, despite being described as ‘arguably liveable’.
In contrast, a two-lot property of the same size in Grange with a more habitable house had sold for $2.35 million in May.
Blaxland had been aware of the home for some time and was not surprised by the level of interest.
‘Many people in the area have been keeping an eye on it like myself,’ he said.
‘I’ve known the owners for about a decade and I’m glad to see it getting out there.’
Possums may have been the only long-term residents of this abandoned home, but they’re not just found in neglected properties.
These nocturnal visitors can take up residence in even the most well-maintained houses.
Watch the video to learn the key signs of a possum infestation and how to spot them in your home.
Source: Youtube/limpiarOnline
With buyers eager to snap up this long-abandoned home, will it be restored to its former glory or cleared for something new? Let us know your thoughts in the comments.
