An “unliveable” century-old cottage in Brisbane’s inner-city suburb of Spring Hill has sold for an astonishing $1.4 million after spending 18 months on the market. The sale of the three-bedroom house, located on a mere 240 square meter plot, has set a new benchmark for entry-level property prices in the area.
The property at 24 Gloucester Street, built in 1925, is one of the last remaining homes in its original condition in Spring Hill, just a short distance from the Central Business District. Due to its historical significance, the house cannot be demolished and can only undergo renovations.
The Price of History
Real estate agents Sam Mayes and Zac Tully of SPACE Property Paddington marketed the house as “ready to renovate.” Despite its dilapidated state, Mr. Tully remarked that the sale price was “just silly,” reflecting the growing demand for properties in Brisbane’s inner-city suburbs.
The buyer, who had been eyeing the Spring Hill area for two years, was drawn to the property’s potential for renovation. “He needed to get into Spring Hill because his business had opened up in the city, so he wanted to be close to the city so he could walk,” Mr. Tully explained.
Challenges of Renovation
The cottage presents several renovation challenges. It has been vacant for 17 years, with bamboo shoots growing through the floors. Additionally, the house is built into the footpath, offering no car parking, and renovations must preserve the roofline and front facade. “You can raise it, but that’s all you can do,” Mr. Tully noted.
Historical Context and Market Trends
Originally sold in 1983 for just $60,000, the house has been in the same family for over four decades. The owners initially hoped to sell the property for over $1.5 million. The sale highlights the dramatic increase in property values in Brisbane, driven by the city’s growing appeal and limited availability of heritage properties.
Architectural historian Marianne Taylor expressed interest in the property on her House Detective social media account, noting its potential. “This is likely a very old Brisbane home on a beautiful inner-city street… It would also come up a treat with a sympathetic reno!” she wrote. Taylor also mused about the historical artifacts that might be uncovered in the backyard, untouched since the house was built.
Implications for the Real Estate Market
The sale of the Gloucester Street cottage underscores the rising demand for unique and historically significant properties in Brisbane’s competitive real estate market. As more buyers seek out homes with character and history, prices for such properties are likely to continue climbing.
For prospective buyers, the sale serves as a reminder of the challenges and rewards of restoring heritage properties. While the cost of renovation can be significant, the opportunity to own a piece of Brisbane’s history is a compelling draw for many.
As Brisbane’s property market continues to evolve, the sale of this “unliveable” cottage may signal a broader trend towards valuing historical integrity and the unique character of heritage homes.
