‘Unliveable’: Shock price paid for 100-year-old cottage

This house at 24 Gloucester Street, Spring Hill, sits on a 240 sqm block and has sold for $1.425m.

An “unliveable” cottage on a tiny block has sold for $1.4m after languishing on the market for 18 months — and it can’t be knocked down.

The crumbling, three-bedroom house on a 240 sqm site is one of the last of its kind in original condition in the Brisbane inner-city suburb of Spring Hill — only a stone’s throw from the CBD.

This rundown house at 24 Gloucester Street, Spring Hill, has sold for $1.425m.

The bathroom in the house at 24 Gloucester Street, Spring Hill, is ripe for renovation.

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Records show the house was built in 1925, which means it can only be renovated, not demolished, and last sold in 1983 for just $60,000.

Surrounded by multi-million dollar properties, the house at 24 Gloucester Street was marketed as “ready to renovate” by selling agents Sam Mayes and Zac Tully of SPACE Property Paddington.

Would you pay $1.425m for this?

It definitely has potential.

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Mr Tully said the sale price was “just silly” and set a new benchmark for the entry-level price of a house in Brisbane’s inner-city.

“An unliveable cottage on 240sqm of land and the house cannot be knocked down,” he said.

“The buyer had been looking in Spring Hill with us for two years. He had always wanted a bit of a renovator and had kept his eye on Gloucester.

“He needed to get into Spring Hill because his business had opened up in the city, so he wanted to be close to the city so he could walk.”

The house is in a prime location, just a stone’s throw from the CBD.

Inside the home at 24 Gloucester St, Spring Hill.

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Mr Tully said the property had been vacant for 17 years and there were bamboo shoots growing through the floors.

“It’s a tricky reno as well because there’s no car parking, the house is built into the footpath, and you have to keep that roofline and the front facade,” he said.

“You can raise it, but that’s all you can do.”

The home had been in the same family for over four decades, and the owners had initially listed the property with price hopes of $1.5m-plus.

There are city glimpses from the front porch.

Architectural historian Marianne Taylor posted the property on her House Detective social media account, saying she would “definitely buy it” if she had the money.

“This is likely a very old Brisbane home on a beautiful inner-city street…It would also come up a treat with a sympathetic reno!” she wrote.

“I’d love to do some metal detecting in the back yard, as I bet it hasn’t been disturbed much since the house was built!”

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