‘P-plate’ homebuyers have scored a bargain buy, priced $200,000 less than the suburb median due to an anomaly.
With a budget in the $600,000s, the homebuyers on Monday settled on a three-bedroom house in popular Wynnum West where the median house price is $876,500.
Prices of houses in Wynnum West jumped 11.5 per cent in the last three months alone according to PropTrack, while next door, in Wynnum proper, prices are even higher, up 15.4 per cent to $1.1m.
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The house is liveable as is, but the new owners plan to renovate.
It is on a 595sq m block.
The bargain hunters were drawn to this listing: “If I were a car I would have P-plates, mismatched panels and be covered in ‘Kmart Kisses’ but I am tidy, functional and do represent budget-buying at its absolute best”.
Real estate agent Peter Stone of LJ Hooker Property Centre said the house in question was a “modest lowset home and the answer to those struggling to get into this market before it truly gets beyond reach”.
Located on a 595sq m block, it is 12sq m smaller than it had been for the previous owners – which was part of the reason they were able to buy the home for $660,000.
Mr Stone said the mid-$600,000ish price range was very rare across Brisbane now.
“I have nothing else at that price range on the horizon,” he said, “this was a bit of an anomaly.”
The median house price in Wynnum West is $876,500.
This three bedroom house in Wynnum West has sold for $660,000, more than $200,000 below the suburb’s median house price.
“It was priced like this due to the size and modest nature of the dwelling, the fact that council is in the process of resuming some of the land for road widening around the railway station and the potential for flooding at the rear of the block.”
While all three factors may have struck fear into the hearts of some buyers, the new owners are already preparing to go into full renovation mode after settling the deal Monday August 5.
Experts say looking for such quirks around properties could be a way in for those priced out of suburbs they’re keen to get into – though they would also need to do their homework to ensure they were fully comfortable with the situation.
The council expects to begin road widening in the street to ease travel to the train station down the road.
The house was listed as “renovate or detonate” but is on a “well-proportioned block, close to schools, transport, shops and the Wynnum waterfront”.
“It is hard to find anything that offers so much for so little,” was how Mr Stone described it. “Whether you are looking for your first home, to downsize, invest, land bank or bulldoze and rebuild, the options abound.”
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