Worst house in Brisbane's most expensive suburb gets passed in at $3m, but buyer splashes $1.3m on rickety Sydney house

With rising interest rates and high construction costs, it poses the question whether it’s ideal buying the worst house in the best street.

Saturday saw two dilapidated properties going to auction in very trendy suburbs with vastly different results.

A derelict property in Brisbane’s most expensive suburb of Teneriffe was passed in at $3.05 million. There were three bidders and with negotiations underway, an outcome is expected sometime this weekend.

The abode at 93 Little Chester Street, represented by Place Estate Agents New Farm, is described in the listing as the “last untouched cottage” on the street.

93 Little Chester Street, Teneriffe, QLD

Teneriffe is Brisbane’s most expensive suburb, and based on Domain’s market trends over the past 12 months, has a median price of $2.24 million for a three-bedroom home.

Domain’s September 2022 House Price Report, released earlier this week, also revealed that Brisbane’s median house price is $811,312.

Earlier this year, another house on Chester Street sold for $5.9 million, while a property at 38 Beeston Street sold for $5.05 million.

The early 1900s cottage at 93 Little Chester Street is ready to be renovated with approved DA plans in place.

Only exterior shots of the four-bedroom, one-bathroom property are shown on the listing. The home features a wire fence, porch, and corrugated iron roof.

However, the plot of land is promising with views of the city skyline from the rear yard.

13 Wallace Street, Marrickville, NSW

SOLD - $1,303,000

13 Wallace Street, Marrickville NSW 2204

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Meanwhile, over in Sydney on Saturday, a bidder was happy to splash $1,303,000 on a dilapidated house in the trendy locale of Marrickville.

There were 14 registrations for the house at 13 Wallace Street, that’s so rickety with inaccessible rooms. However, it was sold under the hammer, no doubt due to the suburb’s appeal.

Marrickville was ranked as the 10th coolest suburb in the world by Time Out magazine in 2020, and has kept that mantle within Sydney’s happening inner west. Time Out is a global network of publications that covers art, fashion, events, nightlife and food.

The block of land on Wallace Street presents an opportunity to build a home in a bustling, culturally-rich neighbourhood.

Domain’s September 2022 House Price Report reveals that Marrickville’s median house price is $1,935,000. This is a 13.5 per cent increase from last year.

Other properties for sale in Teneriffe and Marrickville

247 Kent Street, Teneriffe, QLD

SOLD - $4,850,000

247 Kent Street, Teneriffe QLD 4005

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297 Harcourt Street, Teneriffe, QLD

For Sale

297 Harcourt Street, Teneriffe QLD 4005

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349 Livingstone Road, Marrickville, NSW

SOLD - $4,375,000

349 Livingstone Road, Marrickville NSW 2204

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18 Harney Street, Marrickville, NSW

SOLD - $4,280,500

18 Harney Street, Marrickville NSW 2204

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