178 James Street, New Farm Qld 4005
178 James Street, New Farm Qld 4005

They paid how much? What sold for $1.1m last weekend

AN ageing Brisbane fixer-upper that's screaming for a million-dollar makeover has sold for a whopping $1.105m just hours before it was set to go to auction.

Realestate.com.au reports the inner-city deceased estate in New Farm's smoking hot James Street saw the seven-digit offer roll in late on Friday, hours before what was expected to be strong competition under the hammer.

Agent Simone Weigall of Place New Farm said the price offered for the three bedroom, one bathroom house was well above the vendor's reserve.

Retro to the max in the bathroom.
Retro to the max in the bathroom.

"This highly sought after property sold to an investor who plans to renovate it once their children leave the nest. They currently live in the western suburbs and want to have the convenience of an inner-city lifestyle," she said.

"This is a busy time of year where we're seeing buyers eager to secure homes ahead of Christmas and the New Year, which makes settlement periods challenging. If it's an investment property, it also means this time of year is peak for rental departments rushing to find new tenants before the holiday period."

Neat as a pin, just somewhat dated.
Neat as a pin, just somewhat dated.

The home had everything from the old school rotary clothesline in the backyard to a groovy old bathroom inside, and was less than 2km from the Brisbane CBD.

New Farm was "home to Italian migrants after the Second World War, and a rougher, grungier crowd in the 1980s".

New Farm has seen major gentrification in the last two decades with its median house price now $1.345m and median rent sitting at $755 a week.

This home was worth $1.105m to one buyer.
This home was worth $1.105m to one buyer.
The property was being sold as deceased estate.
The property was being sold as deceased estate.


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