| November 20, 2023 | 3 min read
In a testament to the burgeoning real estate market in Southeast Queensland, a dilapidated three-bedroom, one-bathroom home located at 16 Forestglen Cres, Browns Plains, recently sold for a staggering $540,000. This sale, which saw a staggering 32 bidders registering, reflects the growing appetite among buyers and investors for renovator's dreams in the region.Owner Malcolm Mackay, reflecting on the sale, expressed his satisfaction, mentioning that witnessing a similar auction at 19 Billabong Drive, Crestmead, which fetched $494,700 in late October, inspired him to list the property."I built this home 42 years ago, and it was our family home up until 11 years ago.
When I saw the auction out in Crestmead, I thought, 'Why not give it a go,'" said Mackay.The sale of this property, a result of an impressive auction process, underscored the strength of the Queensland property market, as highlighted by Ray White AKG principal, Avi Khan."Buyers who missed out on other properties we've recently sold are flocking to auctions like this one, seizing the opportunity with successful bids. It's a tremendous outcome for our team," remarked Mr. Khan.He further noted that the purchaser, an investor, intends to embark on a renovation project with the newly acquired property.
This trend echoes a surge in demand for fixer-uppers and opportunities for renovation amidst the current market dynamics.Reflecting on the heightened market activity, Khan also highlighted the presence of first-home buyers striving to enter the market, further driving up property prices. He advised potential vendors contemplating a sale to consider the opportune moment, noting the substantial interest from pre-approved buyers gearing up before Christmas.The sale of the property at Forestglen Cres adds to the growing list of successful auctions showcasing the enthusiasm among buyers and investors in Southeast Queensland's real estate market.As the region continues to see a hive of activity and escalating demand for properties, the allure of renovator's dreams appears stronger than ever, signifying a flourishing market for those seeking both investment opportunities and potential renovation projects.The record-breaking sale of this property stands as a testament to the robustness of the real estate market in Queensland, showcasing the resilience and enduring appeal of properties ripe for transformation.
