A $10m house in a suburb of the Brisbane CBD has sold for just $11.5 million.
Key points:Brisbane real estate has fallen by more than 15 per cent in the past year after the property market crashedThe home was sold for $11,829,000 in May 2017 and sold again for $14,907,000 last monthThe property is now listed on the city’s market website for $16,995,000, making it the second-most expensive Brisbane property of all timeThe Brisbane suburb of Northridge has lost almost 15 per per cent of its value since 2017, when the property bubble burst, and it now ranks as the second most expensive suburb in the state of Queensland.
The property, a two-bedroom house in Northridge, is located in the South Brisbane suburb, which has fallen into disrepair in recent years, with almost a third of the building’s original façade destroyed.
The house is valued at just $7.5m by property agent Tradesman Properties, who was in the process of selling it to a Chinese buyer.
A spokesman for Tradesmans said the property was bought by a Chinese family for just under $9 million.
The buyer paid $10 million for the property, and Tradesmills is now waiting for a buyer to take delivery.
“We’re just waiting for them to be willing to take a bit of the risk,” he said.
“The buyer was just willing to pay more than we were willing to.”
Tradesmans has listed the property on the market website, and there is no reserve.
“Tradesmans is currently seeking a buyer for the house,” the spokesman said.
Mr Gidley said the house was a bargain.
“I think that it was a good deal for the value,” he told the ABC.
“If you’re looking for a really big house, it’s not cheap.
It’s not going to be worth $20,000.”
He said it would be a shock to the local community if the house went to auction.
“It’s going to go on the block,” he explained.
“But it’s going into the community’s hands to get it back.
It might be on the auction block for a while.”
Mr Giddings said the sale had raised more than $2 million for a local children’s charity.
“This is a nice house.
We’re glad we’re selling it and it’s a good house,” he added.
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