New Farm dump sells under the hammer for impressive price – realestate.com.au

News Corp Australia Network

Exterior of 62 Abbott Street, New Farm

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A dilapidated home in an inner northern Brisbane riverside suburb has sold for an impressive price, with 13 property-hungry buyers missing out.

The home at 62 Abbott Street, New Farm, old under the hammer for $2.29m and has been owned by its current owners for over six decades, featuring damaged floors and mould on walls.

Built-in the 1920s and located on the sought-after Abbott Street, where a modernly renovated house a few blocks apart at 66 Abbott Street was sold at $4m last Saturday.

After a strong campaign 62 Abbott Street, New Farm sold under the hammer for $2.29m.

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The outgoing homeowner had never renovated the home, but it still caught the eyes of 14 registered bidders.

Ray White Clayfield principal Nicholas Given said the house was sold to a young local professional.

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“He’s a young local guy who just wanted to be in New Farm, and he obviously saw the value in Abbott Street,” Mr Given said.

“It’s probably not liveable now, but getting a house on Abbott Street is hard. There’s not many left.

The auction at 62 Abbott Street, New Farm had 14 registered bidders.

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“Abbott Street is generally regarded as one of the nicest streets in New Farm, and this house had a nice northeast aspect of the rear.

“It’s a good spot in New Farm, and there are more buyers than sellers, which helped to achieve such a great result.

“Vendors were sad to see the property go after being in the family for over 60 years.”
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The well-loved family home at 62 Abbott St, New Farm has fallen into disrepair

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Ray White Collective CEO Haesley Cush said it was an absolute screamer, with a crowd of people filling the street.

“We even had the kids on deck, getting involved and writing down the numbers,” Mr Cush said.

“The bidding opened strong at $1.8 million and then belted through to $2 million.

Kids got involved in the 62 Abbott Street, New Farm auction.

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“The auction stalled around $2.1 million and looked like it was going to sell until a new bidder popped up and placed a large bid at $50,000, which reignited competition.”

Mr Crush said the result showcased people’s willingness to buy unrenovated properties.

“It’s been a strong day of auctions,” he said.

“This property today represents the eagerness of people to buy unrenovated properties.

“There is still a little bit of a tentative market for people who are still concerned with build costs, which seemed to factor into bidding today.”