West End post-war home sells under the hammer for $2.4m plus

The original four-bedroom, two-bathroom home at 43 Bristol Street, West End was sold under the hammer to a local developer currently working on a project across the road.

Ray White Collective sales agent Ben Osborne said the 25-day campaign concluded with a competitive auction on May 16.

“The event drew seven registered bidders, with four actively competing for the blue-chip asset,” Mr Osborne said.

“The buyer intends to renovate the original home and reside in it for the next couple of years while completing his nearby development.”

Mr Osborne said the sale highlights that despite headlines around a stabilising market and less competition now with investors ‘out’, the belly of the market remains very strong.

“With construction costs still through the roof and supply tightly held, owner occupiers are continuing to compete strongly and are willing to compromise and take on significant renovations before even moving in, just so they can get into the market,” Mr Osborne said.

The elevated north-south facing allotment features a 14.1-metre frontage and offers sweeping views across Mt Coot-tha and The University of Queensland, with potential for city views from a higher build level (STCA).

The post-war structure carries no character home restrictions, allowing for a complete knockdown and rebuild, Mr Osborne said.

“This property presented an incredibly rare opportunity to secure a blue-chip parcel in one of the area’s most tightly held pockets,” he said.

“The home itself is a post-war residence that has been held within the same family since 1969, which is something we very rarely see in today’s market.”

Representing four sons of the late owners, Mr Osborne said there was interest from a broad range of buyers throughout the campaign.

“The majority were local buyers who understood the rarity of the opportunity and were looking to renovate and add value over time,” he said.

“We also had interest from developers, builders, and even a family from the UK.

“It was a really diverse buyer pool, which ultimately created strong competition leading into auction day.”