- A derelict property dubbed ‘the worst house you’ll ever see’ has gone on the market for just under $1 million
- Neglected house sits in prime beachfront location at 5 Harbour Parade in Buddina, Sunshine Coast in Queensland
- Real estate agent Anthony Gorman described the home as ‘a science experiment’ and ‘decorated by Breaking Bad’
- Squatters and vandals have graffitied the walls, the swimming pool was used as a skate bowl and ceiling is cracked
A derelict home advertised by real estate agents as ‘the worst house you’ll ever see’ with a pool that looks like ‘a science experiment’ has hit the market for almost $1 million.
The neglected two-bedroom home sits in a prime beachfront location, at 5 Harbour Parade in Buddina on the Sunshine Coast in Queensland, but is considered a definite ‘knock-down job’.
Squatters and vandals have graffitied the walls with obscenities, the pool has been converted into a skate bowl and the home has a permanent ‘bend in the centre’.
A home with a swimming pool converted to a skate park and dubbed a ‘science experiment’ has gone on the market for just under $1 million
The real estate agent advertised the property as ‘the worst house you’ll ever see’ and various rooms have multiple cords and mattresses scattered on the floor
Gorman and Gray real estate agent Anthony Gorman decided to ‘have a bit of fun’ with the online advertisement for the property and refrained from tiptoeing around the obvious flaws, Domain reported.
‘There’s a bend in the house, the pool looks like a science experiment and it looks like it was decorated by Breaking Bad but it is the most magnificent block that you’ll find,’ he wrote.
Photos of the derelict home show an overgrown backyard, smashed tiles on the stairwell and multiple cords and mattresses scattered on the floor.
The neglected two-bedroom home sits in a prime beachfront location, at 5 Harbour Parade in Buddina on the Sunshine Coast in Queensland
Squatters and vandals have graffitied the walls with obscenities and the home has a permanent ‘bend in the centre’
Despite its shortcomings, the property has two bedrooms, two bathrooms, two parking spots and sits on a 685 square metre block
Gorman and Gray real estate agent Anthony Gorman is hoping to attract buyers wanting to start afresh as the the property is a definite ‘knock-down job’
It appears squatters used the property as items including a fan, desk chair and esky have been left in the bedrooms
Despite its shortcomings, the property has two bedrooms, two bathrooms, two parking spots and sits on a 685 square metre block.
But Mr Gorman said the new owners may want to start fresh.
‘After having some potential buyers walk through, who quickly ruled renovating out, it became apparent that this was definitely a knock-down job,’ Mr Gorman said.
Photos of the derelict home show an overgrown backyard, smashed tiles on the stairwell and multiple cords and mattresses scattered on the floor
The backyard is clearly overgrown due to four years of neglect
The edge of the water is in full view from the chipped balcony and the owners purchased the beachfront home in 2011 for $1.65 million
‘It really needs a buyer willing to spend $2 million because of the building that would need to follow the sale of the land,’ Mr Gorman said
The agent said the neighbours would be overjoyed if the house were to be knocked down.
The current owners are facing a loss of $650,000 due to the property being ignored for four years. They purchased the beachfront home in 2011 for $1.65 million.
‘It really needs a buyer willing to spend $2 million because of the building that would need to follow the sale of the land,’ Mr Gorman said.
It is currently on the market for $990,000.
The current owners are facing a loss of $650,000 due to the property being ignored for four years
‘After having some potential buyers walk through, who quickly ruled renovating out, it became apparent that this was definitely a knock-down job,’ Mr Gorman said
The beachfront home sits in an ideal location at 5 Harbour Parade in Buddina, Sunshine Coast in Queensland
The agent said the neighbours would be overjoyed if the house were to be knocked down
Originally Published On: http://www.dailymail.co.uk/
Brisbane DA Lodged for ‘Record Sale’ Site in New Farm
One of Brisbane’s best parcels of land is now the site of one of the city’s most ambitious houses, according to a development application lodged with Brisbane City Council.
The vacant clifftop block, located at 31-33 Moray Street, New Farm recently sold to local businessman Jamie Pherous and his family for a suburb record of $11.3 million.
The 1,103sq m lot was sold by Jane Gibson, the widow of celebrated Brisbane architect Robin Gibson, who acquired the site in 1986 for just $200,000.
Designed by Tim Stewart Architects, the proposal includes a four-storey house with a basement level of car parking and recreational facilities.
Located on land zoned medium density residential, the impact assessable application is currently in front of Brisbane City Council, according to CityShape’s new DA Tracker.
The proposal includes a lower level of basement car parking, games room and gymnasium that leads out to a clifftop pool and pool deck.
The upper ground level will comprise a media room, office, study, laundry and combined living, dining and kitchen terrace at the rear.
Level one will include a master suite with expansive dressing room, ensuite and storage room and is accompanied by five bedrooms each with an individual ensuite.
And on the uppermost level, the proposal includes an entertainment room with kitchenette, roof terrace and pool and guests quarters.
Jamie Pherous is the founder and managing director of Corporate Travel Management, one of the largest travel management companies in Australia.
He started the company in 1994 and later floated it on the Australian Securities Exchange (ASX) in 2010.
The proposal comes amid growing confidence in the Brisbane residential market with BIS Oxford Economics predicting Brisbane will lead the Australian capitals with 13 per cent property price growth predicted by 2021.
The average price of a block of land in New Farm is $2.6 million and the previous record for a vacant lot in the suburb was a $5.5 million sale to a developer.
South Brisbane emerges from unit glut with some of the fastest rising rents in the city
The epicentre of Brisbane’s unit oversupply is reaching equilibrium, as renters flock to thousands of new apartments in amenity-rich areas.
But less-developed inner-city suburbs that lack amenities continue to languish.
South Brisbane saw significant levels of development over the past few years, with 1225 units listed for rent in the three months to the end of December, according to the latest Domain Rental Report for the December quarter.
But the supply is starting to be absorbed and the median asking rent for units has risen 5.4 per cent to $485 over the last year, the fourth-sharpest jump in the city.
This compared to even steeper jumps in Holland Park, Clontarf and Bardon, with rises of 12.1, 6.9 and 5.6 per cent respectively.
Source: Domain Rental Report, December quarter 2018
Those in the industry say the South Brisbane market has made a remarkable turnaround in the past year.
“We may have escaped that ridiculous glut we had,” Space Property principal Nick Penklis said.
Renters were haggling on price less frequently and landlords were becoming less likely to hand out incentives, he said.
“Sometimes those incentives were there for apartments not quite at the market level,” Mr Penklis said. “Some would be there to keep a rental guarantee, so it’s an inflated market.
“Perhaps we’re on a more even keel.”
Aria Living’s general manager Zeyad Iman said the developments he managed were not immune to the consequences of over-development, but their premium offering insulated Aria from issues facing low-end properties.
“We’re a bit more expensive but people can justify those costs,” he said.
South Brisbane’s relative amenity was the suburb’s big drawcard, and was why the suburb was outperforming neighbours like Highgate Hill, Mr Iman said. “You’ve only got the view and the location, there’s none of the amenity there.”
Highgate Hill’s rental prices fell the fifth-fastest in the city for both houses and units, down 5.7 and 6.7 per cent in the past 12 months respectively.
But other inner-city neighbourhoods continue to see prices drop.
Brisbane CBD, separated from South Brisbane by the river, was the 10th-worst performing suburb for units, with a fall of 4 per cent to $480 over the past year.
“There’s a stark contrast in the five-year performance in these areas,” Domain senior research analyst Nicola Powell said. “What we have seen is a much greater level of development in the Brisbane CBD than we have in South Brisbane.”
Dr Powell said this could indicate the two side-by-side suburbs could be settling to similar levels, although conditions appeared tougher in the CBD.
“There’s been a lot more rental stock come onto the market relative to the demand in the CBD.”
The detached housing market has not seen the same wave of new supply, with sought-after suburbs recording double-digit rental growth.
Manly, Ascot and South Brisbane had the highest rental rises for detached houses, recording 14.5 per cent, 14.2 per cent and 13.7 per cent rises respectively.
“There would be that desirability factor,” Dr Powell said. “There is an increase of interstate migration from NSW and we can assume that is Sydney.”
All three are established locations with access to good schools, she said.
“So it could be families looking to rent to test the waters in certain suburbs.”
Apartment values to jump up to 11 per cent in some Brisbane suburbs
Brisbane’s recovering apartment market is set to lead the nation over the next two years, with values forecast to grow more than in any other major capital city. The region’s house prices are also looking good – with some areas performing better than others. SEE WHERE
A rise in unit values of more than seven per cent is expected in the inner city, Logan and northern Moreton Bay regions in 2019.
Double digit growth is expected in northern Moreton Bay in 2020, with apartment values set to jump 11 per cent.
Moody’s Analytics forecasts a gain in house values across Brisbane of 1.2 per cent over the next 12 months, with strength in the western and inner city suburbs offsetting declines in South Brisbane.
House values are tipped to grow the most in Brisbane’s western suburbs this year (4.5 per cent).
“This is a reversal of trend from the past few years,” the report’s authors said.
“Home values had risen more than 30 per cent since mid-2012, while apartment values had risen only around 5 per cent.”
It’s not good news for the nation’s two biggest housing markets.
Moody’s Analytics is forecasting a further six per cent correction in house values in Melbourne this year on the back of a 0.1 per cent decline in 2018.
And Sydney house values are expected to fall a further 3.3 per cent in 2019 following a 5.2 per cent drop last year.
“Australia’s housing market has continued its entrenched cooling trend in the final months of 2018,” the report’s authors said.
“The decline has been sharper in home values than for apartment values: Home values have fallen more than 4.5 per cent from their peak late last year, while apartment values are down 3.3 per cent.”
Originally published as Where Brisbane home values keep rising
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