A \u201crare opportunity\u201d in the form of a pint-sized inner-city driveway has been snapped up by a mystery investor in Brisbane.<\/p>\n
Dozens of eager bidders and local residents turned up to the auction at 38 Regent Street in Petrie Terrace on Saturday.<\/p>\n
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.<\/p>\n
Hopeful investor Brett Shepherd, owner of AusHomes, attended with his partner Julie in the hopes of turning the vacant block into an investment property.<\/p>\n
\u201cWe are looking to build an investment home. Whether it\u2019s Sydney, Melbourne, or Brisbane, you can\u2019t really go wrong when you\u2019re this close to the city,\u201d he said.<\/p>\n
On why he chose to invest in Brisbane, Mr Shepherd noted the long-term potential following the 2032 Olympic Games.<\/p>\n
\u201cIf you look at most Olympic cities, a lot of the price growth actually occurs after the Games rather than before,\u201d he said.<\/p>\n
Ray White auctioneer Philip Parker told the crowd that Petrie Terrace is one of Brisbane\u2019s oldest suburbs and opportunities like this rarely present themselves.<\/p>\n
\u201cI don\u2019t think there would be any other vacant block available like this,\u201d he said.<\/p>\n
Bidding opened at $595,000 and quickly skyrocketed before stalling as bidders made frantic phone calls.<\/p>\n
\u201cThey aren\u2019t making any more vacant blocks in Petrie Terrace,\u201d Mr Parker reminded the crowd.<\/p>\n
The driveway and the adjacent residential house were being sold in separate auctions as part of a deceased estate.<\/p>\n
Bidding eventually resumed at $800,000, before a final bid of $855,000 was placed by a mystery telephone buyer.<\/p>\n
Ray White Paddington agent Nicholas Hall said the price set a record for a block of that size.<\/p>\n
\u201cHe is a builder-investor from Brisbane and he will be developing the site. We\u2019re very happy with the result,\u201d Mr Hall said.<\/p>\n
He attributed the strong turnout to the parcel\u2019s proximity to the CBD and nearby Olympic venues.<\/p>\n
The neighbouring home\u2014sitting on an even smaller 177sq m block, but featuring a liveable three-bedroom, one-bathroom house\u2014was snapped up by buyer Jordan Dudley for $1.05m.<\/p>\n
Lynette Wood, whose late mother owned the property, said her mother originally bought it for around $137,000 roughly 30 years ago.<\/p>\n
\u201cWhen my grandfather passed away, my mother invested that money into this house. It\u2019s two years to the day since Mum passed away, so this brings a bit of closure,\u201d she said.<\/p>\n
\u201cOur whole family has been really invested in it, but it\u2019s time to let it go and allow another two families to build their futures here.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"A \u201crare opportunity\u201d in the form of a pint-sized inner-city driveway has been snapped up by a mystery…\n","protected":false},"author":2,"featured_media":77947,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[117993,118022,117998,118024,118016,117999,5859,118001,52889,118012,117984,36519,117989,50424,118015,118002,118007,117975,118025,38151,117977,118019,118006,117970,117966,44623,117983,117978,117969,46680,117994,118023,117980,118021,118020,75035,99,117974,15099,118018,38020,117991,117985,117996,40538,117981,82633,260,118010,117987,117979,92545,22672,117986,53354,117968,118011,118003,66308,3121,117972,1570,118008,117982,117976,247,68771,94105,117988,117990,117973,118005,46872,36676,55391,118000,36756,38427,38842,84100,117992,118013,38403,118017,37445,40795,37551,118004,117967,100217,70840,81761,36894,117997,38329,118009,117971,118014,117995],"class_list":["post-77946","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brisbane","tag-s-oldest-suburbs-and-opportunities","tag-s-proximity","tag-1-05m-lynette-wood","tag-118024","tag-118016","tag-855k","tag-5859","tag-38-regent-street","tag-52889","tag-a-rare-opportunity","tag-a-bare-inner-city-driveway-block","tag-a-bit","tag-a-blank-canvas","tag-a-block","tag-a-builder-investor","tag-a-deceased-estate-bidding","tag-a-final-bid","tag-a-hotly-contested-auction","tag-a-liveable-three-bedroom","tag-a-lot","tag-a-mystery-brisbane-builder-investor","tag-a-mystery-investor","tag-a-mystery-telephone-buyer-ray-white-paddington-agent-nicholas-hall","tag-a-pint-sized-inner-city-driveway","tag-a-rear-carport","tag-a-record","tag-a-small-patch","tag-an-even-smaller-177sq-m-block","tag-an-investment-home","tag-an-investment-property","tag-another-two-families","tag-any-more-vacant-blocks","tag-any-other-vacant-block","tag-around-137","tag-aushomes","tag-bidders","tag-brisbane","tag-buyer-jordan-dudley","tag-closure","tag-development-hopeful-investor-brett-shepherd","tag-dozens","tag-eager-bidders","tag-frantic-phone-calls","tag-heated-auction","tag-her-mother","tag-his-partner-julie","tag-local-residents","tag-melbourne","tag-most-olympic-cities","tag-mr-hall","tag-mr-parker","tag-mr-shepherd","tag-mum","tag-my-grandfather","tag-my-mother","tag-nearby-olympic-venues-the-neighbouring-home-sitting","tag-one-bathroom-house-was","tag-our-whole-family","tag-owner","tag-part","tag-petrie-terrace","tag-record","tag-roughly-30-years","tag-saturday-registered-bidders","tag-separate-auctions","tag-sydney","tag-that-money","tag-that-size","tag-the-185sqm-plot","tag-the-2032-olympic-games","tag-the-adjacent-residential-house","tag-the-auction","tag-the-cbd","tag-the-city","tag-the-crowd","tag-the-crowd-the-driveway","tag-the-day","tag-the-form","tag-the-games","tag-the-hopes","tag-the-long-term-potential","tag-the-parcel","tag-the-price","tag-the-price-growth","tag-the-property","tag-the-result","tag-the-site","tag-the-strong-turnout","tag-the-vacant-block","tag-their-futures","tag-this-close","tag-this-house","tag-time","tag-tiny-brisbane-driveway","tag-two-years","tag-unprotected-vegetation","tag-white-auctioneer-philip-parker","tag-whose-late-mother","tag-wild-bidding-war"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/77946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=77946"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/77946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/77947"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=77946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=77946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=77946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}