A scorched and fire-damaged Wishart property is set to go under the hammer this weekend, presenting an enticing opportunity for budding renovators and first-home buyers.
Photo Credit: Ray White
The three-bedroom, two-bathroom house at 340 Mount Gravatt Capalaba Road sustained significant fire damage to its upper level caused by an electrical fault, leaving ceilings charred and walls coated in soot.
Photo Credit: Ray White
Despite its dilapidated state, the listing has sparked heated interest from prospective buyers eager to tackle a renovation project in the supply-constrained Wishart market. Ray White Marsden AKG agent Aidan Knox reports receiving a staggering 12 offers within just a week of listing, with 8 parties pre-registered for Saturday’s auction conducted by Apollo Auctions.
Photo Credit: Ray White
“It’s a case of what you see is what you get — the top floor has significant fire damage, but with its prime location and ever-growing demand in the area, this property represents either a knockdown opportunity, or potential to recreate what was once a beautifully kept home,” said Knox.
“The appeal here is the prospect of a cheap property in a demographically diverse marketplace, and there are a lot of first-home buyers and builders, renovators alike out there who have been missing out on other properties and are ready to have a go at the auction and get hands-on to make this their own.”
Photo Credit: Ray White
House prices in Wishart soared to 13.5 percent over the past 12 months, to a median of $1.225m, according to PropTrack data.
Photo Credit: Ray White
Photo Credit: Ray White
Situated on a generous 546 square meter lot, the lower level escaped the blaze largely unscathed, offering a separate rumpus room and kitchenette as a starting point for renovations. However, Knox notes the sellers prefer not to discuss further details surrounding the “unfortunate circumstances” of the fire.
Photo Credit: Ray White
In the heated Wishart market, where just 28 houses were listed over the past month despite over 1,800 prospective buyers per property, the auction of this charred residence is shaping up to be a hotly-contested affair. First-home buyers and ambitious renovators alike are lining up for a chance to breathe new life into one of Brisbane’s smouldering investment opportunities.
Published 29-March-2024
