A run-down three-bedroom home in Mount Gravatt East went under the hammer for $938,000 at auction, with three buyers competing for the keys despite the property needing a major renovation or potential knockdown and rebuild.
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The property at 18 Wedmore Street changed hands on August 5 after being offered to the market for the first time in 25 years. It attracted about 25 groups during a three-week campaign.
The 607-square-metre property went to auction with bidding opening at $600,000. Three buyers competed, with the price reaching $910,000 before the property was declared on the market. Two bidders continued from there, eventually pushing the result to $938,000.
The home is a three-bedroom, one-bathroom post-war property built in 1980, with accommodation for two cars. It sits on a 607-square-metre block.
Renovate Or Start Again?
The property was marketed as an opportunity for buyers to renovate the existing home or clear the site for a new residence, subject to approval.
Its condition was one of the issues prospective buyers had to consider. The property’s contours were also identified as a building challenge during the campaign. The Ray White Mount Gravatt listing described the property as an opportunity to renovate the classic three-bedroom post-war home or clear the site for a new architectural build.
Selling agent Andrew Boman of Ray White Mount Gravatt said buyers had different views about the home’s future, with some considering renovation and others looking at redevelopment. Mr Boman said two of the three auction participants had been considering renovation, while he expected the successful buyer was more likely to demolish the existing house and redevelop the site.
A Rare Low-End Result For The Suburb
The $938,000 result was $427,000 below Mount Gravatt East’s median house value, according to the supplied sale report. The result stands out against the suburb’s median house value, despite the property sitting on a 607-square-metre block.
The sale highlights the gap between the suburb’s median house value and the price achieved for a property requiring substantial work. The buyer has acquired a property marketed as a renovation or redevelopment opportunity.
The result came amid broader signs of caution in Brisbane’s property market, with agents reporting that some buyers were taking longer to commit and scrutinising potential costs.
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For Mount Gravatt East, the Wedmore Street sale provides another recent price point for the suburb. At $938,000, the sale was well below the suburb’s median house value, although the property required buyers to consider renovation or redevelopment.
The property’s next chapter remains unclear, with the listing having offered renovation or redevelopment as potential options.
Published 13-August-2026