A landmark home in need of renovation has smashed the Paddington suburb record after it sold for an eye-watering $7.75 million just days after hitting the market.
The pre-war estate – perched on a rare 4135-square-metre parcel in the inner-city Brisbane suburb – had been in the same family for more than 100 years, making the home a once-in-two-generation buy that sparked nothing short of a feeding frenzy.
Co-selling agent Tom Lyne, of Ray White New Farm, said the home garnered four offers of $7.5 million and higher from buyers on their database before the property was even listed.
The six-bedroom home sold to a local family, smashing the previous
suburb record – set by the $5.45 million sale of a five-bedroom home in 2017 – by more than $2 million. The estate on Fernberg Road is spread across 10 lots and is across the street from Government House.
The home at 197 Fernberg Road is across the street from Government House, home to Governor of Queensland Paul de Jersey.
Mr Lyne said the new family, who beat developers to snag their slice of Paddington paradise, plan to renovate the sprawling three-level house to create their dream home.
“The owners are rapt. It had been in their family for a couple of generations, and they were at the point where it was a lot to look after, so they’ve relocated,” Mr Lyne said.
“We didn’t even get a chance to advertise the home on Domain or other portals [before the home was snapped up]. In my career, to have four official offers [for a home in this price range] before it’s even listed is unheard of.”
The home had been held by one family for more than 100 years
While Brisbane’s red-hot
prestige property market had fuelled the outstanding result, Mr Lyne said, the sheer scarcity of such homes led to the record-smashing sale.
“To find a block that big in that location with an opportunity like that, well, they just don’t come by. And the next-door neighbour is the governor, so it’s a truly rarefied property,” Mr Lyne said.
“It appealed to home owners and developers because there were 10 existing lots (on that parcel). But this local family bought it with plans to be there for 20 or 30 years.”
He said the house itself was pre-war but had been upgraded post-war and was an absolute
renovator’s delight, with the property featuring a tennis court and a pool on a prime lot with sweeping city views. The buyers plan to renovate the Fernberg Road house to turn it into their dream home.
Mr Lyne said what made the sale even more special was that all four offers came from Brisbane residents, with the vendors thrilled to pass their home onto locals.
“So, as much as we are experiencing [increased interest from] interstate and
overseas buyers, don’t underestimate the local market,” he said.
“And the market is improving week by week … I’ve never seen the prestige sector better. It’s very, very hot.
“Brisbane is such a great news story right now with all the infrastructure projects … it’s Brisbane’s time to shine.”