No walls, floors or doors, can’t be pulled down … Brisbane house frame sells for millions

A Brisbane “house” – a frame with no walls, floorboards or doors, and that can’t even be demolished – has sold under the hammer for $2.3 million.

Proving a shabby shell can fetch a couple of million in a booming market, the property – at 28 Parry Street, Bulimba – drew laughs when it popped up on the auction screen at Ray White Collective’s in-room event on Saturday.

But two out of the three registered bidders battled for it, drawn in by the 810-square-metre parcel, its blue-chip location, and an existing development approval for three luxury townhouses that utilised the existing structure.

Opening at $1.8 million, bidding jumped in $100,000 leaps before a developer nabbed the keys, figurative, of course, given the lack of doors.

“The crowd was fun and a lot of people who were in the room and were there for other auctions weren’t immediately privy to this particular property. So when it hit the screen there were chuckles,” said selling agent Brandon Wortley, of Ray White Bulimba.

“I mean, there were apartment buyers there forking out $600,000 and then when they saw a house with no walls and floorboards sell for $2.3 million, it was like, ‘come on Brisbane’.

“We had a lot of people who were looking to do a single luxury build but then – because there was approval in place for these luxe townhouses – we also got a lot of developers.”

Wortley said despite being scarcely a house, heritage restrictions meant the facade and roof line had to remain intact.

The home, which last sold for $2.18 million in 2022, had approval for the townhouse development lodged and approved before construction stalled and it was listed as a mortgagee-in-possession sale.

The result comes amid rapid price growth across Brisbane’s inner east, with Bulimba house prices climbing 10.4 per cent over the past year to a median of $2.125 million.

It was among 166 auctions scheduled auctions across South East Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 39 per cent from 119 reported results, with 17 homes withdrawn.

On the other side of the city in Grange, a sprawling family home sold for $4.51 million following a rarely seen “count-back” auction strategy.

Rather than starting low and climbing, bidding began at $4.8 million and worked backwards to draw out serious buyers.

“We counted back in $100,000 increments until we had a bidder engage at $4.3 million,” said selling agent Alistair Macmillan, of Ray White Wilston.

“And then we went back up with a bid at $4.4 million and then to $4.45 million where it paused.

“There were only three bids from two of the five registered bidders … and the ultimate buyers then elected to increase it to $4.51 and it was placed on the market and sold.”

A family with young children walked away with the keys.

The five-bedroom home, at 57 Evelyn Street, sits on an 810-square-metre block and includes a pool, recreation room and wet bar.

“We decided to opt for this tactic because this property was a bit of an unknown and we thought we’d trial something different and eliminate the buyers that weren’t wanting to pay more than $4.4 million,” Macmillan said.

“And it worked. For a home that was not brand new to achieve one of the highest prices in Grange underpins the strength of good-quality homes.”

In Clayfield, an unrenovated home sold for $3.15 million to a family who were so desperate for a house they’d previously resorted to a letter drop in the hopes of finding an off-market opportunity.

The four-bedroom home at 31 Norman Parade sits on a 1042-square-metre block near Eagle Junction State School and last sold in 2009 for $1.225 million.

Selling agent Alex Rutherford, of Place New Farm, said the auction opened at $2.9 million with just two $50,000 increments clocked before the underbidder – a phone bidder – bowed out.

“The result was above expectations. Prior to the auction we had interest in the high $2 millions,” Rutherford said.

She said the home needed significant preparation to get auction ready.

“When we were passed the keys we had to carry out a lot of work including in the gardens, paint work, plumbing – you name it.

“While the vendors didn’t pay a lot of money [to spruce it up], it paid off.”

AMP chief economist Shane Oliver said the weekend’s clearance rate reflected growing caution among buyers.

“There’s a reasonable chance we’ll get another rate rise on Tuesday … and when you combine that with the uncertainty from the war in Iran and the disruption to oil supply, it’s understandable that buyers are holding back,” he said.

Despite that, Oliver said Brisbane’s market remained more resilient than Sydney and Melbourne’s.

“Prices are still going up in Brisbane and that mentality that ‘I better get in now or I’ll miss out’ is such a strong force, so it may be a bit more protected,” he said.

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