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WE’VE found it! This is the cheapest house on the market in Greater Brisbane right now, priced at just $295,000 on a 711sq m block.
The three bedroom house is half an hour from the Brisbane CBD in a suburb where recent sales have straddled $290,000 for a three bedder on 728sq m to just over a million dollars for a six bedder on a 1.1ha block, Realestate.com.au reports.
The house at 277 Waterford Road, Ellen Grove, went on the market last week and was sure to draw out bargain hunters, according to agent Wade Beaumont of Splash Real Estate.
The median sale price for houses in Ellen Grove in the past year has been $288,000, which is a whopping 45 per cent less than Brisbane’s median sale price of $520,000.
Mr Beaumont said there were still strong entry level prices available in Brisbane.
“You can still definitely buy a home under $300,000 that close to Brisbane CBD. There are still properties out there that will be great entry points for first home buyers or if you’re looking to invest in property.”
So far all inquiries have been from potential investors, but Mr Beaumont expects to see a few first home buyers take a look as well.
“People see it as an area that has potential in the next five to 10 years. You don’t have to go out miles away from CBD. You’re still able to buy something close to infrastructure, facilities, schools.”
“If you’re looking for a good return on investment, (houses here) tend to yield quite attractive numbers based on what would rent for. This one rents at $290 a week, there’s a school across the road, and it’s quick and easy to get onto Ipswich Motorway,” he said.
The home has two separate living areas, hardwood timber floors, a single bathroom, double car space and is tenanted until October.