Rare inner-city renovator sparks flood of calls off overnight listing

first_imgThis Spring Hill house was built in 1880. Picture: Realestate.com.au The house is on 266sq m of prime land. Picture: Realestate.com.auMore from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours ago The house is crying out for an upgrade but can be rented out as is for land bankers. Picture: Realestate.com.au“We’ve been inundated with enquiries,” he said. “We put the listing on last night and we’ve woken up to whole lot of messages to follow up on.”Spring Hill’s limited stock of houses so close to the city centre always saw strong demand, he said, with only about 10 on the market right now.“It’s just the old law of supply and demand. Because these are quite rare, buyers are prepared to pay a premium for them. We’ve got some interstate investors looking at buying them as well as interstate people looking at relocating here.”Mr Turnbull said there was strong rental demand for houses in the area post renovation – ”something like this one would rent out straight away” – but also demand for unrenovated rentals. There is more than enough rooms to park several cars. Picture: Realestate.com.aucenter_img This historic Spring Hill renovator, built in 1880, hit the market last night priced at offers over $797,000. Picture: Realestate.com.auA HISTORIC renovator cottage on the edge of Brisbane’s CBD is so rare that it sparked a flood of calls within hours of listing overnight.The three bedroom Spring Hill house, which was built in 1880, was listed at offers over $797,000.It’s about a kilometre from Queen Street Mall in the heart of the CBD, and an even closer walk to the bustling restaurants of Eagle Street Pier and Fortitude Valley nightclub scene.Agent Michael Turnbull of Lowest Commission told The Courier-Mail that the location was superb, with callers seeing major potential to add value to the site. The Brisbane CBD is literally right there. Picture: Realestate.com.au“What a lot of our clients do is buy the property and land bank, putting in a tenant for 12 months for cashflow while they decide what to do. Even if you don’t get top rent, in five to 10 years’ time it will be worth $1m.”Mr Turnbull said there was also interest from DIY couples as well as families wanting to be in the vicinity of great schools in the area which include Brisbane Grammar, Brisbane Girls Grammar, St Joseph’s College Gregory Terrace, Kelvin Grove State College and St James College, while the Queensland University of Technology also has its main campus in the CBD zone.“It’s a lovely quiet street and we’re doing all inspections by appointment.”*Follow Sophie Foster on Twitter or Facebooklast_img read more