‘We’re not about to undersell’: Grange renovator passes in at $980,000

A Queenslander with scope for an extensive renovation passed in at auction on Saturday, with the owners convinced they could get a better price post-auction.

The owners of 108 Gracemere Street, Grange, had grand plans to add value to their home when they bought it 11 years ago but struggled to bring them to life.

They had both lived in and rented out the three-bedroom house, but recently decided it was finally time to part ways with the raised Queenslander. 

Harcourt Solutions‘ Jesse James was marketing the property as a home with enormous potential, as the house is high enough to legally build underneath. 

“You can build straight away, but can also move in straight away and live upstairs,” Mr James said. “It has lots of potential to add value.”

Renovating the storage area below the house would increase the home’s appeal, he said.”

“I’d probably put all the rooms downstairs, maybe four rooms, a living room and a family bath[room],” he said. “Then upstairs, convert it into your sort of main entertainment area, because it flows out onto the backyard and the pool.”

Buyers saw the possibilities, with about half a dozen parties registering to bid.

The auction kicked off at $810,000, and quickly rose to $950,000 before bidding slowed. 

Proceedings paused at $970,000 and, despite an increased bid from one of the buyers, the house passed in at $980,000.

• Related: Both apartment prices and construction falling
• Related: South Korea’s property tax won’t work here
• Related: Brisbane buyers are chasing townhouses over apartments

Auctioneer Mitch Peereboom said he did not feel comfortable continuing with the auction.

“We think based on the conditional interest of parties we’re dealing with, we are going to be able to achieve more money if we negotiate with those parties over the course of the day,” he said. “We’re not about to undersell a property just for the sake of selling under the hammer.”

Earlier on Saturday, one suburb over in Alderley, a half-renovated Queenslander sold for $782,500 to a first home buyer couple.

McGrath Wilson‘s Craig Lea said the vendors had been planning to live in the three-bedroom house and renovate but decided to sell after they were given another old house by relatives.

“The vendors are a young family, they literally moved around the corner to their parents’ old place,” he said.

Mr Lea said the kitchen was one of the best he had seen in recent times. “The kitchen is very nicely specced, with Pietra grey stone benchtops.”

The home sold after some long negotiation, but Mr Lea said it was a good indicator of value in the suburb.