15 Jan 2018

Is this Brisbane’s biggest dump? This Teneriffe home is falling down but it’s still worth a fortune

The hazard tape barring anyone from walking up the front steps is the first clue this house isn’t in the best shape.

And it only gets worse at 6 Hastings Street, Teneriffe. The second set of steps is made of up rows of broken brick, and is almost completely obscured by the overgrown front garden.

Inside, rising damp, wood rot, and termite damage all feature heavily throughout.

Abandoned years ago and left vacant since then, this house may be on the verge of being condemned but it’s no basement bargain.

In fact, it will be too expensive for the majority of most Brisbane buyers — last week Domain reported Teneriffe as being on the cusp of becoming Brisbane’s first $3 million suburb.

I’ve never seen a house worse than this.

Given its elevated position, city views and 455 square metre land size, Australian Property Monitors puts the property’s estimate range from $1.51 million to $2.01 million.

Listing agent Ivo Kornel, of Belle Property New Farm, said he couldn’t give a price guide by law because the house will be auctioned on September 30 but said it’s likely the property, once renovated, would be worth $4 million-plus.

“The biggest question right now is what will it sell for? Who knows? I’ve never seen a worse house than this — it has serious issues — but the fact is, it’s a huge opportunity in a great street in Teneriffe,” he said.

Already firmly cemented as Brisbane’s most expensive suburb after becoming the first to break the $2 million median, data from PriceFinder shows Teneriffe’s median price has skyrocketed by 41 per cent up to $2,685,000, based on 10 sales so far this year. House prices have grown a staggering 71.8 per cent over the past two years.

The property at Hastings Street is in pretty dire condition, with several shattered windows, previous occupants’ possessions strewn throughout the house, and a sagging facade and deck.

In fact, prospective buyers won’t be able to step onto the edge of the deck, because of fears it would collapse.

Mr Kornel says while its pre-war era, its condition meant potential buyers could explore the possibility of demolition.

“Either way, this is an opportunity,” he says. “A Shaun Lockyer (architect-designed) house is being built next door and the owners are spending $2 million on the build alone. It’s definitely a case of being the worst house in the best street.”

6 Hastings Street, Teneriffe, will hit the market next week. See domain.com.au for more details.

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