A bidding war erupted in south Brisbane this week when one of the last remaining double blocks in Upper Mount Gravatt changed hands for $1.85m.
It comes despite home prices in the River City dropping for the first time in three and a half years, with global uncertainty, interest rate hikes and controversial tax changes officially putting the brakes on the property market.
52 Wanda Rd, Upper Mount Gravatt sold for $1.85m.
The post-war property at 52 Wanda Rd attracted an enormous crowd which included 13 registered bidders and five highly active buyers competing for the rare 809sq m slice of real estate.
Aerial view of the 809sq m block.
The property was offered to the market for the very first time since its construction.
Ray White Mount Gravatt sales agent James Austin said the sheer scale and pristine condition of the flat, south-facing block made it the ultimate real estate unicorn for the 4122 postcode.
With a 20.1m frontage and three-bedroom post-war home, the property offered a lucrative opportunity for a traditional two-lot subdivision.
“An 809sq m flat block is a massive rarity in the local area now,” Mr Austin said.
“While we had a major wave of developer interest looking to split the land and build two properties for a profit, the heart of the family market won out at the end of the night.”
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The kitchen.
The high-stakes campaign concluded with a local family securing the keys.
Mr Austin said having missed out at several recent auctions, the successful buyers outbid the developer market to secure the entire double block for themselves.
“Instead of subdividing, the family plans to knock down the original structure and build a single, sprawling dream home,” he said.
Adding to the significance of the sale, the property was offered to the market for the very first time since its construction.
The living area.
The bathroom.
Built by the original owners, the well-loved residence was sold by the children of the family following their mother’s recent passing.
“It was an incredibly emotional sale for the sellers who were parting with their family home for the very first time,” Mr Austin said.
“To see it go to a local family who have been trying so hard in this market, and who now plan to build their absolute dream lifestyle home across the entire double block, is a truly special result for the neighbourhood.”
PropTrack data revealed the median house price in Upper Mount Gravatt is $1.408m.
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