An empty patch of land in East Brisbane can now earn you more than $1.8m on the property market.
The corner block at 23 Kennedy Tce, East Brisbane, was last bought in 2025 for $1.58m, when the existing home was completely torn down.
The block of land at 23 Kennedy Tce, East Brisbane, has sold for $200,000 more than it sold for last year, even after its old house was knocked down.
The home once there was built in 1979 as a one-bedroom, one-bathroom house, bought that same year for $25,700. Adjusted for inflation, this would amount to around $153,295 today.
The median house price for East Brisbane currently sits at $1.69m – more than $100,000 cheaper than the sale price for 23 Kennedy Tce.
The address once had a one-bedroom, one-bathroom house, which had the same owner from when it was built in 1979 to when it sold in 2025.
Its next owner removed the old house entirely, planning to build a prestige city home before a sudden move changed their plans.
After 45 years with the same owner, the property traded hands, and its new owners bulldozed the site to make way for a new boutique home.
The owners secured designs and development approval for a luxury house designed by OH Architecture before a change in circumstances required them to move.
The 506 sqm plot once held a modest house, but had the potential for a home with a more expensive and ambitious design.
Designs and development approval was secured for a deluxe home with views of Brisbane’s CBD.
The land went up for sale in April with Ray White Bulimba, described by sellers as “a rare 506 sqm blank canvas”.
Thanks to the site’s potential and existing approvals, the land ended up selling to a private buyer for $1.825m – more than $200,000 above what it sold for just a year prior.
The land sold for $1.825m to a Melbourne buyer, who planned to move up north and build their dream home.
Ray White Bulimba principal Brandon Wortley said the buyer was moving to the Sunshine State from Melbourne, looking for the best spot to build their dream home.
“The area is undergoing a significant transformation,” he said. “With the city preparing for the 2032 Olympic Games, unprecedented levels of infrastructure investment, connectivity upgrades, and global attention are already driving increased demand across inner Brisbane.
“As supply remains critically limited and opportunities to secure vacant land continue to disappear, sites of this nature are incredibly rare.”
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