An empty patch of land in East Brisbane can now earn you more than $1.8m on the property market. <\/p>\n
The corner block at 23 Kennedy Tce, East Brisbane, was last bought in 2025 for $1.58m, when the existing home was completely torn down.<\/p>\n
The home once there<\/a> was built in 1979 as a one-bedroom, one-bathroom house, bought that same year for $25,700. Adjusted for inflation, this would amount to around $153,295 today.<\/p>\n The median house price for East Brisbane currently sits at $1.69m \u2013 more than $100,000 cheaper than the sale price for 23 Kennedy Tce.<\/p>\n After 45 years with the same owner, the property traded hands, and its new owners bulldozed the site<\/a> to make way for a new boutique home.<\/p>\n The owners secured designs and development approval for a luxury house designed by OH Architecture before a change in circumstances required them to move.<\/p>\n The land went up for sale in April with Ray White Bulimba, described by sellers as \u201ca rare 506 sqm blank canvas\u201d.<\/p>\n Thanks to the site\u2019s potential and existing approvals, the land ended up selling to a private buyer for $1.825m \u2013 more than $200,000 above what it sold for just a year prior.<\/p>\n Ray White Bulimba principal Brandon Wortley said the buyer was moving to the Sunshine State from Melbourne, looking for the best spot to build their dream home.<\/p>\n \u201cThe area is undergoing a significant transformation,\u201d he said. \u201cWith the city preparing for the 2032 Olympic Games, unprecedented levels of infrastructure investment, connectivity upgrades, and global attention are already driving increased demand across inner Brisbane.<\/p>\n \u201cAs supply remains critically limited and opportunities to secure vacant land continue to disappear, sites of this nature are incredibly rare.\u201d<\/p>\n Originally published as How an empty block of land near the city sells for a $1.8m price tag<\/a><\/p>\n