A home left unchanged since it was built three decades ago has smashed records as the highest-selling home in its suburb: selling for nearly $500,000 more than a similar home just weeks prior.
The five-bedroom, three-bathroom home at 38 Mansfield Pl, Mansfield was built in the 1990s by its owner-occupiers, who spent more than thirty years raising their family there.
But when the empty nesters found the 433 sqm property was too much to handle on their own, they decided to sell it with little more than a fresh coat of paint.
38 Mansfield Pl, Mansfield, has not been renovated since it was built in the 1990s – and is now the highest-selling home in the entire suburb.
When its owners decided to downsize, the house was sought by owner-occupiers with multigenerational needs, especially from families with visiting grandparents.
The home went on the market earlier in March with RE/MAX agent Henry Wong, who said it gained a lot of interest among Mansfield’s immigrant population.
“All the kitchens and bathrooms are literally in their original condition,” he said.
“The layout suits a lot of buyers that have grandparents who come to Australia … a lot of the time our grandparents don’t drive, so it allows them to help walk their grandkids to school.”
Before the home even went to auction, a family who wanted to buy back in their old suburb swept in with a staggering offer.
With a suburb full of owner-occupiers, Mr Wong said he expected a lot of local competition going into the expected auction, with 29 groups of buyers having been through the home in seven days.
However, the auction was cancelled when the vendors received an offer that almost seemed too good to be true.
A family on Brisbane’s north side, who used to live in the area, decided to try and buy back in with an offer so high it would prevent the owners from going to auction.
The home then sold for $2.52 million on an unconditional cash sale.
A similar home just down the street sold a month beforehand for nearly $500,000 less than this sale price.
With an unconditional offer of $2.52 million on a cash contract, the old owners made the call to sell the home well before it could go under the hammer.
“It sold well past what they were expecting,” Mr Wong said. “This offer was too good to refuse.”
2 Mansfield Pl, another five-bedroom, three-bathroom home on the same street, sold for $2.035m just one month beforehand – a difference of $485,000.
The home will be used to help grow a new family, with renovators ready to get to work.
Mr Wong said homes that encouraged multi-generational living were growing more appealing to buyers, with more people pitching in on the deposit for a home.
“Multi-generational living is reshaping Brisbane’s market,” he said. “When families are pooling resources across generations and competing against interstate and overseas money at the same time, a dual-living home beside a top-ranked school becomes the most fought-over listing on the block.”
The new owners, a family with two young kids, are looking to renovate when they move into the home, with builders already lined up to begin the work.
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