Brisbane home doubles in value in a year with buyers ‘afraid to renovate’

A FULLY renovated home in Brisbane’s west has sold in three days for double what the owner paid for it less than a year ago in further evidence demand for ‘ready-to-move-into’ properties is at a premium.

As new figures reveal construction costs have hit a new high, the property at 20 Carnoustie Court, Indooroopilly, has fetched $4.91m in a cash unconditional offer.

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The property at 20 Carnoustie Court, Indooroopilly, sold to a local family in a cash unconditional deal.

NGU Corp founder and developer Emil Juresic bought the property for $2.5m in March 2022 and undertook a major renovation through his own company.

Mr Juresic said it attracted four offers after the first open home on Saturday, with three of the potential buyers families who had given up on the idea of renovating their existing homes because of rising building costs and delays.

The Cordell Construction Cost Index, released today, reveals building costs rose by 11.9 per cent in 2022 — the largest increase on record, with labour shortages and timber and metal prices remaining volatile.

“A-grade properties that don’t need any work are selling well all around Brisbane,” Mr Juresic said.

“People are afraid to renovate and to build.”

The property occupies a large block of land backing onto a golf course.
The property occupies a large block of land backing onto a golf course.

Mr Juresic said the buyer of 20 Carnoustie Court was a family upgrading from within the area who loved the home because they had ‘nothing to do’ to it, the size of the block, and their children were in nearby St Peter’s school.

“It’s the only high-end home for sale in Indooroopilly at the moment that’s fully done and on a large block of land,” he said.

The four-bedroom, three-bathroom house sits on a huge 1300 sqm block of land backing onto Indooroopilly Golf Course.

Other features include accommodation for up to nine cars, a below-ground wine cellar, a saltwater pool, backyard overlooking a lake, and direct golf course access — only 5km from Brisbane’s CBD.

The saltwater inground pool overlooks a lake.
The saltwater inground pool overlooks a lake.

“Indooroopilly in my mind is the best suburb in Brisbane for families,” Mr Juresic, who is in the process of building his own $20m home in the suburb, said.

“You’ve got three golf courses, great public and private schools, a shopping centre, and big blocks of land.”

Indooroopilly has a median house price of $1.44m, according to PropTrack.

Article source: Queensland Property Investor