A heritage-listed ‘shack’ that has been in the same family and untouched for more than a century has sold for $3.4m in just six days.
The property at 121 Heal Street in the inner Brisbane suburb of New Farm attracted five offers and sold prior to auction, despite its shabby appearance and undesirable living arrangements.
A New Farm couple with an apartment in the suburb plan to rebuild the property, which was built in the 1920s and last changed hands in 1982 for just $42,000 to a son within the same family.
This house at 121 Heal St, New Farm, has sold for $3.4m.
The kitchen inside the home at 121 Heal St, New Farm.
Place New Farm agent Aaron Woolard said the speed at which the home was sold reflected the “extraordinary demand” for larger blocks in the blue-chip suburb.
Mr Woolard said buyer interest was strongest from families and local builders.
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“We’re seeing buyers prioritise land and lifestyle over presentation,” Mr Woolard said.
“New Farm is consistently one of the hardest suburbs to buy into, particularly for families chasing land. When a block of this size comes up, buyers know there are very few second chances.”
Despite its rundown state, this home at 121 Heal St, New Farm, sold for $3.4m.
Place New Farm agent Aaron Woolard said demand for large, inner-city blocks was huge. Image supplied.
Within walking distance of New Farm Park, river walks, Merthyr Village, James Street, Howard Smith Wharves, and Gasworks, and located within the New Farm State School catchment, the property ticked every box for the buyers.
The property comprises 711 sqm of land with about 12m of frontage, but the new owners will have to retain the traditional Queenslander façade which is heritage listed. The block is also elevated and offers some city views.
The real value in the sale of 121 Heal St, New Farm, is in the land.
The home is very much in its original state.
It comes hot on the heels of another New Farm sale, which saw a knockdown 1990s built house change hands for a Brisbane record of $25m.
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That property at 17 Julius Street is currently being demolished to make way for a new riverfront home to be built by Graya for the managing partner of Chemist Warehouse, Jeff Wasley.
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