
A Derelict Home in Mitchelton Presents a Unique Opportunity
A dilapidated two-bedroom house in Mitchelton, Brisbane, is generating significant interest despite its derelict state. Listed for $699,000, the property presents a unique opportunity for potential buyers to either renovate or detonate the existing structure and build anew.
The house, located at 62 Blaker Road, is barely visible through overgrown weeds and surrounded by piles of rubbish and broken appliances. Inside, the walls are covered in graffiti, the ceilings are moldy, and shattered windows are patched with cardboard.
Despite its condition, the property is attracting considerable attention. Real estate agent Haydn Denovan reports receiving "four or five" offers and six times the usual interest for a house in the area. The $699,000 price tag is considered "extremely entry-level" in the current market, especially considering the median house price in Mitchelton is $1,115,000.
Denovan sees the property as a "great opportunity" for someone willing to invest time and effort in a renovation project. However, Ray White chief economist Nerida Conisbee believes most buyers will likely focus on the value of the land and demolish the existing house.
The high demand for housing in southeast Queensland, coupled with a strained building industry, has significantly increased the cost of knockdown-rebuild projects. Conisbee suggests that buying an existing property might be a more cost-effective option in the current market.
The derelict house at 62 Blaker Road presents a unique opportunity for those seeking an entry-level property in a desirable location. Whether the new owner chooses to renovate or rebuild, the potential for creating a beautiful and valuable home is undeniable.