A rundown home in Woodridge has fetched $70,000 above reserve, and the auctioneer said it wasn’t an isolated incident.
Now might be the time sell, according to Ray White Logan City auctioneer Ramin Bay.
14 Pamela Crescent, Woodridge, sold last week for $491,000 – $70,000 above reserve.
Mr Bay said there were 102 buyer inspections prior to the auction, at which 17 bidders showed.
“It needs all the work under the sun to be done to it – a total renovation or demolition,” Mr Bay said.
“The low end of the property market in Woodridge is doing extremely well because people fear that because the interest rates are going up, they will be priced out of the market.
“They fear… they will never be able to buy a house.”
He said people were “still trying to secure something like this” despite high rates.
Mr Bay predicted a “decent” renovation of the house to cost at least $100,000.
The three-bedroom, two-bathroom home was marketed as the ideal first home or an opportunity to “expand your investment portfolio”.
The property’s online listing was titled: “NEEDS WORK? YES IT DOES!”
Although shocked, Mr Bay was happy the 607 square-metre block near Woodridge train station sold for so much.
“To compare, 22 Pamela Crossan went to auction three days before us, a similar home but without the need to do work – you could rent it out straight away – that sold for $422,000,” Mr Bay said.
He said the key to getting the high price they did was to have several bidders.
“It pushed the price up,” he said.
“Competition kicked in.”
The walls have dodgy paintjobs, half the house is white and the other yellow, tiles are missing and there are two-types of benchtops in the kitchen – it’s like a Jackson Pollock painting.
Nevertheless, 14 Pamela Crescent sold for $20,000 above the median price for a three-bedroom home in Woodridge and $13,000 above the median price for a four-bedroom home.
