An investor property with nearly 2,000 sqm of land and just one house has sold for $200,000 more than what its owner was expecting.
The home at 10 Cypress Dr, Marsden, only has one house on its big block, but has the potential to add four more homes across its three separate lots.
It’s exactly what brought 16 registered bidders to the property, all of whom were investors looking to develop on the land.
10 Cypress Dr, Marsden
In addition to its existing home, the block has approval for three lots and a potential five dwellings in the area.
Starting at a bid of $800,000, the 1,839 sqm property immediately jumped to $900,000 within the first bid.
Ray White Marsden AKG agent Rebecca Cuderman said the auction continued at a quick pace between six active bidders, with more than two dozen bids passing between them in just minutes.
“We went up to a million bucks, that went all within a minute,” she said. “It got down to these three bidders, just yelling over each other.”
The home went on the market, then continued to blitz past its expected selling price – eventually selling for $1.3 million.
“The owner was really expecting about $1.1, and I think we were too,” Ms Cuderman said. “I don’t think anyone expected it to go that high … [the vendors were] so stoked.”
The auction was attended by investors eager to build over the property, though many were surprised at the high price the block sold for.
One new home can fit on the top-left lot, and the top-right lot can fit a new granny flat. Meanwhile, the bottom lot can fit two four-bedroom, two-bathroom homes.
The home was previously owned by a developer who lives in Sydney, who had planned to finish the project but needed to focus on his other work.
The winning bidder was a local builder from the northside of Brisbane, planning to subdivide the area and build new homes.
With three lots on the big block of land, each can hold a different combination of homes.
One empty lot can sit one new house, and the other can sit two four-bedroom, two-bathroom houses. The pre-existing house with four bedrooms and one bathroom can also have a granny flat built on that space.
Ms Cuderman said the popularity of the sale represented the demand for new homes in the growing community in Marsden.
“Marsden high school is recognised as one of the number one state schools in Queensland,” she said. “It’s driven a lot of traffic from both investors and family to the area.”
“It was once a heavy rental area, and is slowly changing to a first homebuyer area … it’s still quite affordable, given block size, house size and age.”
The median house price in Marsden is currently $688,000, while the median apartment price is $479,232.
Ray White AKG CEO Avi Khan said this was another sign of Marsden and the larger City of Logan thriving, driving a wide variety of different buyers.
“This home proved that all eyes are on the epicentre of Logan with the market entering a new phase,” he said.
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