Bought for $100,000 in 1981, this Paddington house is now worth over $2 million

In case you needed another lesson in why it pays to buy in Brisbane’s inner city suburbs, take the case of barrister Kerry Boulton and his wife Roxanne.

In 1981, the young couple paid $100,000 for a Queenslander house at Rockbourne Terrace in Paddington. It’s back on the market for the first time since — but now it’s expected to fetch more than $2.1 million.

And while $100,000 may sound like short change for a property in Paddington these days, 36 years ago it was a huge amount of money, Ray White Paddington principal George Hadgelias says. 

“Back in 1981 you could buy a modest cottage in Paddington for $30,000,” he says. 

“(The reason it was) $100,000 back then was because the property was made up of 1600 square metres (of land) across four blocks.”

It may have been a lot of money at the time but even then, the Boultons could see the value and potential in it.

“We were living in Bardon for about eight years and were looking for a bigger home. We bought it from the Public Trustee as it was a deceased estate,” Mr Boulton says.

“Two unwed sisters inherited the house from their father who built it in the 1890s. They had a life interest in the property and when one sister died and the other went to a nursing home, the house was closed up for a few years until she passed.”

The house had barely been touched since the 1940s. Mr Boulton says the two sisters had lived in only room, having virtually closed up the rest of the house.

“We were lucky enough to buy it for $100,000. That was the market at that time, no-one else was prepared to pay any more,” Mr Boulton says. 

“We were the highest bidder at $96,000 and we ended up going to $100,000. Some members of the Evans family were at the auction and they were happy that we moved in to make it a family home.”

The Boultons went on to raise their four children in what would eventually become a lovingly renovated five-bedroom, two-bathroom home, showcasing period features like rich timber floorboards, high ceilings, sash windows, breezeways, VJ panelling, cornices and large casement windows.

Named “Rhondda” after the Welsh Valley, its original features have been carefully preserved and it stands today as a wonderful example of some of Brisbane’s prettiest early architecture.

It sits on over 1,100 square metres of premier Paddington land, with a massive 40-metre frontage. It’s being offered as a package on two titles of land (house on 743 square metres and land on 404 square metres).

Ray White Paddington principal George Hadgelias says it’s rare for a home of such generous proportions in the heart of Paddington on this size block of land to come onto the market for sale.

“It’s definitely an aspirational home with so much character. It’s already popular, as we had 20 groups through our first open house,” he says.

The Boultons are moving to a newly built home nearby with plenty of room for their 10 grandchildren to visit, with all the living areas on the ground floor.

29 Rockbourne Terrace, Paddington

Interest above $2.1 million

5 bed, 2 bath, 2 car

Inspections by appointment only

Agent: George Hadgelias and Max Hadgelias, Ray White Paddington 0411 276 372