This house originally cost $13,500 and sold for $1.15 million

A humble brick home in one of Australia’s hottest property markets has soared in price, from less than the cost of an entry-level hatchback car to a seven-figure sum.

The tired old house in its original format, with peeling water and stained carpets at 12 Bowline Road, Mermaid Waters, Queensland, sold under the hammer on February 18.

“Ever wanted to buy the worst house in the best street?” the listing asks, detailing the deceased estate’s location near schools, shopping parks and waterways.

12 Bowline Road, Mermaid Waters, Queensland

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The three-bedroom, two bathroom house could be demolished or renovation, in a suburb with hot demand for fixer-uppers. (Domain)

Domain Pricefinder records reveal the hammer fell at $1.15 million – the first time the house had been for sale in 45 years. Domain’s archival data for the property shows it last traded in 1978 for $13,500.

The north-east facing home on a 600-square-metre block has three bedrooms, two bathrooms and an in-ground swimming pool but is damaged and in need of refreshing or a wrecking ball.

The Bowline Road address was on the books on Ray White Burleigh Group, who were behind another in-demand, old-school listing in the popular Gold Coast suburb that flew under the hammer in January.

Queensland’s most vulnerable dogs and cats were the beneficiaries of the $2.7 million renovation-ready sale at 28 Arthur Street.

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“Ever wanted to buy the worst house in the best street?” the listing asked? Most properties in Mermaid Waters are renovated to an elite standard, hinting what is to come for this tired but beautifully-positioned, waterwsie address. (Domain)

The late owner stipulated the proceeds of the deceased estate would be bequeathed to Queensland’s RSPCA.

Most listings in Mermaid Beach, for private sale, are renovated to an elite standard and carry price guides in the many millions. Properties with scope to knock down or update are rare.

The home at 28 Arthur Street, on the books of Ray White Burleigh Group, is 200 metres from the sand and one of only four Domain listings in the suburb at the time of the auction which had the potential for improvement.

28 Arthur Street, Mermaid Waters, Queensland

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28 Arthur Street, Mermaid Beach, which sold in January at auction for $2.7 million. (Domain)

The Arthur Street listing agent, Ray White Burleigh Group’s Conner Malan, said during the campaign that full beachside beachsideblocks in the suburb are in limited supply and some of the strongest buyer interest for Arthur Street was coming from other Mermaid Beach residents, some living only a street away.

“We gave a good mixed bag of interest, including from Sydney and Melbourne, but nobody sees value quite like the locals,” Conner said.

Migration to Queensland, from Sydneysiders and Melburnians chasing lifestyle in the COVID era, has helped to put a floor under softening prices.

Article source: Queensland Property Investor