Endless possibilities: 18 Ruth Street, Highgate Hill sold for $1,422,000. Photo: Supplied A once humble colonial cottage turned cash cow sold for a whopping $1,422,000 at auction on Saturday.
Highgate Hill’s 18 Ruth Street was bought as small cottage in 1981 for $54,500 by previous owners – but in recent years the lower part of the property was transformed into multi-purpose units.
The current sellers collect $1220 per week in combined rent. They had bought the property for $1,060,000 in 2009 and were too nervous to attend the auction.
Units underneath the property currently earn $1220 per week in combined rent. Photo: Supplied
Drakos Real Estate agent Chris Kazonis said the property’s possibilities were endless.
“It is a two lot property and technically you could shift the house to one side and create another lot,” Mr Kazonis said.
“It’s not for everybody, but for an investor, or someone looking to live upstairs and collect the rent, it doesn’t get much better,” he said.
Emily Seekamp outbid the rest to secure the property. Photo: Jason Quelch
“It’s always a good idea to buy a property with options – and this one has many options.”
And the winning family are weighing up those options.
New owner Emily Seekamp bid on behalf of her family and said, while plans were up in the air, renovations would be on the cards.
A crowd of up to 40 attended the auction. Photo: Jason Quelch
“The location and the proximity to the city is why we bought it and the land size – so whatever we choose to do it is always going to be a valuable property,” Mrs Seekamp said.
“We’re most likely going to live in it at some point, but not at this stage.”
The sellers are now looking to expand business opportunities in Brisbane.
In Bulimba 7 Banya Street sold for $811,500, close to $100,000 above reserve. While other properties 337 Marshall Road, Tarrangindi and 94 Gellibrand Street, Clayfield passed in.