49 Browne Street, New Farm, goes to auction in March.
This dilapidated inner-city property – bought for a measly $17k in 1979 – is set to ignite under the hammer, with the land alone estimated at a million dollars.
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New Farm is one of Queensland’s hottest suburbs for young professionals, their families and cashed-up retirees.
Located close to the CBD, restaurants and park.
Listed as a two bedroom, one bathroom, one car space house, the home at 49 Browne Street is in one of the Queensland capital’s hottest inner-city suburbs – New Farm.
It sits on a 577sq m block of land that was estimated to be worth a million dollars in June last year, according to CoreLogic records.
The house, which has been listed for auction at 12.30pm on Saturday March 20 by the Public Trustee, has definitely seen better days.
Two street access is a major bonus.
Room to expand in the backyard.
Built in 1920, the last price paid for the property was $17,000 in October 1979, an almost unbelievable amount considering recent surges the New Farm area has seen.
House prices have jumped 20 per cent in the area, with median asking rent at $710 a week.
Bruce Wilson of the Public Trustee of Queensland’s office listed the property as an “extremely rare offering”.
Lots of light in the kitchen area.
The home was built in 1920.
He said the dilapidated workers cottage was in the heart of New Farm and properties like it “don’t come along every day”.
The home “is in need of a full renovation” he said.
For those keen to redevelop and add further value, the block had two street access – a rarity that adds even more appeal for those keen to perhaps ask council to consider two homes on site.
It’s not pretty but then that’s not where its charm lies.
“The house boasts many other original features including the stone fireplaces in the lounge and kitchen, pine floorboards, high ceilings, central breezeway, VJ walls and some fretwork. Later additions would be the pot-bellied stove and the ornate plaster cornices and ceiling in the dining room.”
Mr Wilson warned “there’s no mistaking that there is a lot of work to restore this home”.
“However,” he continued, “the rewards will be reaped at the end. Or could the property be developed in some way (subject to Council approvals)? Do your homework.”
