A “rare opportunity” in the form of a pint-sized inner-city driveway has been snapped up by a mystery investor in Brisbane.
Dozens of eager bidders and local residents turned up to the auction at 38 Regent Street in Petrie Terrace on Saturday.
Registered bidders competed for the 185sqm plot, which currently features a rear carport shed and a small patch of unprotected vegetation, making it a blank canvas for development.
Hopeful investor Brett Shepherd, owner of AusHomes, attended with his partner Julie in the hopes of turning the vacant block into an investment property.
“We are looking to build an investment home. Whether it’s Sydney, Melbourne, or Brisbane, you can’t really go wrong when you’re this close to the city,” he said.
On why he chose to invest in Brisbane, Mr Shepherd noted the long-term potential following the 2032 Olympic Games.
“If you look at most Olympic cities, a lot of the price growth actually occurs after the Games rather than before,” he said.
Ray White auctioneer Philip Parker told the crowd that Petrie Terrace is one of Brisbane’s oldest suburbs and opportunities like this rarely present themselves.
“I don’t think there would be any other vacant block available like this,” he said.
Bidding opened at $595,000 and quickly skyrocketed before stalling as bidders made frantic phone calls.
“They aren’t making any more vacant blocks in Petrie Terrace,” Mr Parker reminded the crowd.
The driveway and the adjacent residential house were being sold in separate auctions as part of a deceased estate.
Bidding eventually resumed at $800,000, before a final bid of $855,000 was placed by a mystery telephone buyer.
Ray White Paddington agent Nicholas Hall said the price set a record for a block of that size.
“He is a builder-investor from Brisbane and he will be developing the site. We’re very happy with the result,” Mr Hall said.
He attributed the strong turnout to the parcel’s proximity to the CBD and nearby Olympic venues.
The neighbouring home—sitting on an even smaller 177sq m block, but featuring a liveable three-bedroom, one-bathroom house—was snapped up by buyer Jordan Dudley for $1.05m.
Lynette Wood, whose late mother owned the property, said her mother originally bought it for around $137,000 roughly 30 years ago.
“When my grandfather passed away, my mother invested that money into this house. It’s two years to the day since Mum passed away, so this brings a bit of closure,” she said.
“Our whole family has been really invested in it, but it’s time to let it go and allow another two families to build their futures here.”