‘Renovate or detonate’: The house selling for almost $700,000

To renovate or detonate is the question being asked of potential buyers for a home in Brisbane’s north-western suburbs listed for almost $700,000.
The derelict, two-bedroom house at 62 Blaker Road in Mitchelton sits in a sea of rubbish and broken down white-goods, barely visible through overgrown weeds.
Pictures inside the home reveal graffitied walls, mouldy ceilings and shattered windows covered with cardboard.
The kitchen has seen better days. (Supplied.)
The 412-square-metre property is being sold “as is, where is” and offers a “rare opportunity to put your creative vision to work”, according to its online listing.
The median price for a house in Mitchelton is $1,115,000 with growth up by 10.9 per cent in the past 12 months.
The house is being sold by real estate agent Haydn Denovan, who said the $699,00 price tag is considered “extremely entry-level” in today’s market.
The front of the property. (Supplied)
“It’s probably been a good 18 months to two years since we’ve had a house that’s been listed with a price with a six in front of it.
In fact, we’ve sold multiple apartments that have been more expensive than this particular house and land in Mitchelton.”
At last count the property had already received “four or five” offers and Mr Denovan said the home has had six times the interest they’d expect to see for a house in the area.
The bathroom. (Supplied)
“From a future growth perspective, I see it as a great opportunity for someone that’s keen to roll up their sleeves and do a bit of hard work and take advantage down the track.”
The property was last sold in May 1993 for $96,000.
One of the home’s two bedrooms. (Supplied)
Renovate or detonate
Ray White chief economist Nerida Conisbee said most interested buyers would probably be looking at the value of the land and not the house.
Ray White chief economist Nerida Conisbee says the property represents a ‘good option’ for some buyers. (Supplied)
“This is quite a good option because obviously it’s so run down that there won’t be many objections to knocking it down.”
The housing pressure in south-east Queensland from interstate movement and international migration remains high post-pandemic.
That’s been made worse by a building industry being pulled in different directions, Ms Conisbee said.
“You’ve got the Olympics, commercial building and fixing up flood-affected properties, and at the same time there’s not enough workers and the industry needs more workers.
“But to get more workers into the state you need more housing.”
The cost of building a house has skyrocketed in recent years. (ABC News: Nicholas Martyr)
That circular problem means a knockdown-rebuild is much more expensive than it once was.
“I think if it was me I’d be looking at the opportunity to build something beautiful, but that would be the biggest obstacle at this point.
“You’re probably going to be waiting quite some time to even find a builder that’s available,” she said.
The cost of building a home has skyrocketed in the last four years, with construction costs increasing up to 50 per cent.
“It might actually be cheaper to buy something that’s already been built rather than try and go down that route,” Ms Conisbee said.