A DERELICT inner city property, vying for the title of Australia’s worst house, sold for less than its land value yesterday after a gruelling auction in the rain that saw 26 bids in 13 minutes.
Is this the worst house in Australia? It certainly is the cheapest in this part of Brisbane since 2016. Picture: Mark Cranitch.
The boarded-up 405sq m property at 22 Deighton Rd in the tightly held suburb of Dutton Park was sold sight unseen for $665,000 to a Carina couple buying their first home.
It was the cheapest house sale in three years for the inner city suburb according to CoreLogic property data.
Just half an hour earlier on the same street, a property previously dubbed “Australia’s worst house” also went to auction.
Just down the road, 50 Deighton Rd, Dutton Park used to look like this.
In 2015, the knockdown pre-war building at 50 Deighton Rd, was bought for $668,000 and then demolished to make way for a brand new five-bedroom house.
And now 50 Deighton Rd looks like this. The street is now looking to the new owners of 22 Deighton Rd, to see what they turn it into.
With no registered bidders, that property was passed in with a vendor bid of $1.45 million.
The Public Trustee of Queensland took 22 Deighton Rd to auction with 10 registered bidders among more than 60 standing in heavy rain on the footpath.
Public Trustee auctioneer Simon O’Kelly almost lost his voice in the rain, trying to get the best price for the worst house in a million dollar suburb. Pic: Mark Cranitch.
After a long pause to start, Public Trustee auctioneer Simon O’Kelly suggested $600,000, then a bidder called out $400,000, which was left ‘in the pocket’ until another bid of $550,000 started the auction.
Of the 26 bids, almost half were jumps of $1000 or $2000 each.
More than 60 people crowded around a skip and a caravan which were set up outside 22 Deighton Rd, Dutton Park. Picture: Mark Cranitch.
The rain eased only when Mr O’Kelly raised his wooden gavel to announce the property was on the market at $657,000.
A further six bids were made before the property sold for $665,000, well below the suburb’s median house price of $1.028 million.
The land alone has been valued by the State Government at $700,000.
“It was definitely nerve-racking knowing how much there is to do with it,” Adam Barbaro said after securing the winning bid with his wife Laura.
“What do they say, you buy the worst house in the best street? It’s a good street and if we can work hard and put some value into, that’s our way to get a leg up in the market isn’t it?”
While the property was a bargain for the buyers, it has also become a gift for three beneficiaries including Woolloongabba resident Tom Carter who was present at the auction.
Buyers Adam and Laura Barbaro with one of the beneficiaries of the property, Tom Carter. Picture: Mark Cranitch.
“This house belonged to my grandmother’s cousin,” Mr Carter said.
“She passed away in 2010 but even when she lived here it looked like this.
“I’ve been underneath but she never let anyone upstairs.”
The other beneficiaries are a friend and a Catholic missionary society.
This article was first published in www.realestate.com.au. Here is the link to the original article: https://www.realestate.com.au/news/worst-house-best-street-sale-lands-a-bargain/