Post war home bought for $47,500 sold for staggering price

A Brisbane developer has paid a staggering price under the hammer for a post war home that the owner had bought for $47,500 in 1977 — and the plan is to demolish and rebuild.

The property located at 23 Pringle Street in blue chip Ascot sold under the hammer for $1.3m after eight bids were made.

The home was across the road from Ascot State School — one of the most popular primary schools among high net worth families — and the owner had held it since November 12, 1977, according to CoreLogic records.

Winning bidder Emil Juresic of NGU Corp was right on the money, predicting it would go for around $1.2-1.3m. “If it goes for $1m, I’ll be very lucky,” he said beforehand.

Agent Dwight Ferguson of Ray White Ascot confirmed 12 parties registered to bid at the auction of the 554sq m property, which was open for inspection at 10:30am Saturday.

Ray White auctioneer Phil Parker got the process underway at 11am, with the first bid coming in at $900,000,
then jumping in $50,000 increments to $950,000 and then $1m., before the first bid by the eventual winner Emil Juresic of NGU Corp of $1.15m.

It then jumped by $50,000 twice to $1.2m and then $1.25m before a bid of $25,000 more to $1.275m.
After discussions, the property was then declared “on the market”, meaning the owner was willing to let the home go at that price level.

Bidding recommenced with Mr Juresic putting up $1.3m which was the final and winning bid of the morning.

Mr Ferguson said it was a good location. “We’ve sold a couple of properties like these over the last couple of months and both have had 12 registered bidders. Same circumstances, family held it for many years. This home here is one of those classics that you could renovate or remove.”

He said traditionally the streets in the area had pre-war homes but there were pockets like Pringle Street where there were four (post war) in a row.

“Structurally they were very well built but you can remove them and that’s what most people will do and that’s what Emil (Juresic) will do as well.”

He said the area could hold homes valued upwards of $3m.

Pringle Street is one of three that surround Ascot State School and is walking distance to parks, supermarkets, cafes, the racecourse, and Racecourse Road.

Author: Sophie Foster 02/06/21