Even the agent for 16 Leonard St, Woolloongabba, doesn’t think the home is the best thing she’s ever sold – but that might just be why it had a wild auction on Saturday afternoon, with a crowd of around 70 people.
The four-bedroom, two-bathroom house was described by agent Sam Peterffy of Belle Property West End as a “diamond in the rough” on the listing for the home.
“I would describe the house as the worst house on the best street,” she said. “Great views, but she needs a little love.”
16 Leonard St, Woolloongabba
The home currently has two tenants with a dual income, having been owned by a family for 14 years.
“They were going to renovate the property themselves, but they’re just so time-poor that they chose to sell,” Ms Peterffy said.
With eight registered bidders, a crowd gathered to watch the auction go ahead, made up of investors and others in the area.
Starting with an offer of $900,000, four active bidders fought to get their hands on the home.
Ms Peterffy described the auction as a fast-paced effort between bidders, with one clear winner making their way ahead.
“It was super fast – it would have been finished in less than 10 minutes,” she said. “The person who started was the person who finished it.”
After a short sprint between the bidders, the property sold under the hammer for $1.25 million.
A crowd of 70 people attended to watch the auction: many of whom were investors with an interest in Woolloongabba’s future.
The winner was an investor who also used to live in Woolloongabba, just a short distance away.
Ms Peterffy said the old owners “were pleased with the result”, and had seen more and more attention being given to Woolloongabba’s growing market.
“With South City Square being super close, I think great developments like that are making Woolloongabba more and more popular,” she said, adding that in her last 50 sales in the area, “70 per cent of my buyers are lawyers, doctors, engineers, accountants and IT professionals.”
The old owners were time-poor and were not able to do renovations themselves, but were happy with the price the property went for.
PropTrack’s latest property preview report had reported 16 Leonard St as the second most-viewed home in Queensland up for auction this weekend.
The most-viewed home at 47 Wardell St, Ashgrove, was passed in after an auction with three registered bidders.
After last week’s decrease in auctions compared to that time last year, this week has seen a 21 per cent increase in scheduled auctions compared to 2023, at 289.
This is due to a 24 per cent year-on-year increase in Brisbane auctions at 147, followed by an 18 per cent increase in Regional Queensland at 142.
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