A corner block of sub-par units in Bulimba has sold for $2 million, with every dollar from the sale going to affordable housing for women.
With two bedrooms and one bathroom in each of the three units, the property at 54 Coutts St was owned by the Aged and Disabled Persons Hostel and Welfare Association (ADPHWA).
The charity works to provide services for aged and disabled people across Brisbane, and had purchased the property in 2004: accruing equity on the outdated homes for 20 years before the sale.
54 Coutts St, Bulimba
While outdated, the home was valued for its corner-block position and location.
Place Bulimba agent Shannon Harvey oversaw the sale, and said the ADPHWA plans to use funds from the sale to help build up to nine new apartments for struggling women.
“I think it’s always on their daily agenda: how they can maximise the best use of their equity as a charity,” she said.
The project will be geared towards older women facing housing insecurity, such as those struggling to find a stable home life.
Executive Manager Michael fame said the sale was a “tremendous” boost to their work.
“Our goal is to provide safe, affordable housing for women over 50 who are increasingly facing housing instability,” he said. “This sale brings us closer to creating more secure homes for those who need it.”
Each home has two bedrooms and one-bathroom, and was purchased by a family of four.
The parents and each daughter will own a third of the property, and plan to improve it down the line.
The property was bought by a family of four, with the parents and each child owning a third of the three-unit property.
“They’re locals, and their daughters were looking to just buying an apartment individually,” Ms Harvey said. “Then this popped up, and it was an opportunity for them all to buy something collectively as a family.”
With both daughters beginning their careers, the family plan to make improvements on the property down the line once they can afford it.
Ms Harvey said the sale followed a successful campaign, with 80 inquiries and several competitive offers once it went online. She added part of its popularity was due to it being “high yield”, giving it a greater return on investment compared to other properties.
“We were inundated – it’s a blue tick investment.” she said.
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