Uncategorized
Queensland home that last sold for $25k now worth $1.3 million
A Queensland home that last sold for $25,000 has hit the market with a million-dollar price tag.
The Coorparoo property is a renovator's dream and the current owners hope it can be restored to its former glory.
The home, which was built around 1912 and can't be demolished, has been with the same family for three generations.
READ MORE: Woolies' major cash withdrawal crackdown
The owner bought 25 Amelia Street from their grandparents for just $25,000 in 1977.
Fast-forward 46 years and it is up 5000 per cent, hitting the market at $1.3 million.
Despite holes in the roof and floor, renovators see a lot of potential in the 810-square-metre block due to its location.
READ MORE: The new Melbourne town of 14,500 residents without a post box
Michael Shean from Space Property said the house is situated in an ideal area about seven kilometres from the city.
"We're hoping someone is able to restore it back to its former glory, it's such a beautiful piece of Coorparoo history," Shean said.
Economists have predicted a brighter future for sellers as the market continues to recover.
"We are continuing to see very strong demand for homes and there's not a lot of stock available for sale across Brisbane at the moment and that's probably pushing prices up a little bit," Proptrack senior economist Angus Moore said.
