A rundown house in Brisbane has sold for just under $1 million, less than it was bought for during the pandemic property boom.
Located at 11 McLeod St, Herston, the house sold for $984,500 in April and has now finally gone unconditional.
According to property records, the home was last sold for $1 million in 2020, with the buyers originally intending to renovate the ramshackle property into a family home.
Listing agents Place Newmarket said the three-bedroom, one-bathroom home offered “incredible potential”.
“This character home is a time capsule offering a plethora of traditional features and hidden architectural gems,” the real estate listing said.
“With a bit of elbow grease and attention, this home is perfect for the savvy private home buyer or astute investor.”
The house, which has been abandoned for about 10 years, has maintained its original hardwood flooring and ornate carved balustrades throughout.
It sits on a 916-square-metre block near the end of a quiet cul-de-sac in Herston, just moments away from the Royal Brisbane and Women’s Hospital. It is also within reach of QUT, Victoria Park, Kelvin Grove Urban Village and the CBD.
Listing agent Mario Sultana said the new buyer’s brother was a builder and he was intending to renovate the home.
“He loves the suburb and will do the renovations needed and then decide whether he will live there or rent it out,” Sultana told realestate.com.au.
The property originally went to auction in March, but was passed in following a $1 million vendor bid.
At $984,500, the property sold for less than the suburb’s average. According to realestate.com.au, the median price for a house in Herston is currently $1,115,000.