Real Estate

From hovel to hot property: The Brisbane house that earned its owners a healthy profit

Written by The ReReport
As seen in the Source link, written by on 2019-05-23 08:56:00

Teagan and Cliff Bensted with their children Gus, 2, and Audrey, 4, at the home they renovated in Mount Gravatt East. Pic Annette Dew

A FAMILY that turned a hovel in to a home have now flipped it for almost three times the price they paid for it.

But when Teagen and Cliff Bensted bought 22 Pettigrew St at Mount Gravatt West, the “post-war mess” of a house was less than postcard-perfect.

Back in 2009 when the couple first bought the house at 22 Pettigrew St

In fact, it had half-eaten food strewn across the house, walls stained with nicotine, and an ugly brick facade.

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One of the bedrooms before the renovation.

A bedroom after the renovation

At the time, the couple described the house as “super grotty”, but they could see beyond its rough exterior, and its rough interior for that matter.

The back deck after the renovation.

Property records show they paid $347,000 for the house back in 2009, and spent a few more months renting while they brought the house up to a more liveable standard.

The kitchen now

And then over the next 18 months they spent about $400,000 on renovations, turning the drab brick house in to a replica Queenslander-style house that sold for $967,000 at auction on the weekend.

The living room after the renovation.

The median house price in Mount Gravatt East is $655,000, according to CoreLogic.

Place Coorparoo agent Ben Salm said the vendors had done a great job on the renovations, and the presentation of the property.

“They made my job easy,” he said.

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On the day of the auction, bidding started at $880,000, with two hopeful buyers battling it out until the eventual winner came in with the knockout blow of $967,000.

“The two of them just went hell for leather and then she just came in over the top,” he said.

“She is moving in closer to the city as her daughter is at university and her son is at the (Brisbane) Lions academy.”

Mr Salm said a lot of the interested parties during the campaign had been wowed by the properties transformation, which was revealed by The Courier Mail.

“Some people wanted to buy it and others wanted to get inspiration from it,” he said.

“It is not your typical contemporary home. It has character, right down to the red doors.”