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Riverfront home sells for much less than you would expect

first_imgThe home was overdue for a reno.Although the $1.1 million price tag is hardly cheap, it is a bargain compared with other riverfront sales in suburbs like Fig Tree Pocket and Graceville, where riverfront properties can go for between $2.5 million and $6 million. According to the On the River report, Westlake had the most affordable riverfront sales in Brisbane across 2017. Brisbane riverfrontage that sold for just over a million.A four-bedroom riverfront home sold for just a fraction more than its land value.The house at 57 Carnegie St in Westlake, which has an undeveloped land value of $950,000, recently sold for $1.1 million.It went to an overseas investor after sitting on the market for close to a year.My Brisbane Home agent Sharon Dozzi said the home was on one of just three streets in Westlake that had north-facing riverfront properties.More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours agoThe home sat on the market for a while.“It was flooded in 2011 and no renovations have been done, so that is why it was so cheap,” she said. “You would expect a renovated property to sell for about $300,000 to $400,000 more.”The suburb is one of the most affordable areas in Brisbane for people to get a riverfront property.last_img

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