House Sold (Heathwood, Qld) at Incredible Low Price ($500k). Why?

Hi all, I was browsing house sold in my suburb and found a surprise where a quite new House was sold at incredible low price (at least 20% cheaper). This is the house.

The suburb is under Brisbane city council and is about 35 minutes drive to CBD. In general a house like that would cost at least 550k+.

I have no clue why it was sold so low. What do you think?

Comments

  • +11 votes

    Quick sale due to financial circumstances.

  •  

    Could be a number of things. Quick sale as said above. Or structural issues. Previous owners smoked inside. Right next to transmission power lines.

    Things you may not understand just by looking at the website.

  •  

    Look at the comparable prices in the area, seem to be pretty consistent

  • +6 votes

    I think there is a dead body on the front lawn next door.

  • +1 vote

    You bought at peak

    EDIT: Nothing incredible. Heathwood is around Forest Lake & Doolandella … 500k seems expensive.

    It was sold for $269k back in Oct.2014
    https://www.realestate.com.au/property/4-berkshire-pl-heathw...

    •  

      i see. the land was sold for 269k then plus construction cost of the house it should sit around 500k.

      • +6 votes

        Why would an unappealing house on a small block far from town sell for more?
        If it is because other houses sold for more a couple of years ago, you might not have your finger on the real estate pulse.

    • +2 votes

      just another day at doolandellla where a man is shot dead by police after home siege

    •  

      Land is $269k. Construction cost probably around $300k.
      The previous Owners would have paid other costs to bring the house to the present state.
      Hence I always say, new builds is always a loss-case.
      Unless you buy the land dirt cheap, or sell after many years….

  • +1 vote

    Could be a deceased estate. Our neighbor's house sold well below market value for this reason - not much interest in prettying up the place before sale.

  •  

    Intra-family sale.

  • -2 votes

    This price is not LOW or CHEAP. It is fair price.

    Here are some BETTER houses sold for LOWER near this house and in the same suburb.

    https://www.realestate.com.au/sold/property-house-qld-heathw...
    https://www.realestate.com.au/sold/property-house-qld-heathw...

  • +3 votes

    Cash buyer who went unconditional in a falling market.

  • +2 votes

    Maybe it's like that house in the movie The Money Pit

  • +2 votes

    Death or divorce

  • +1 vote

    Incredible Low Price

    It's lowish, but not incredibly low. There are no floor plans so we can't determine the size of house and rooms.

    It was sold at auction. That was the most the market was prepared to pay and the vendor(s) accepted the price. The vendor(s) might have paid a fair bit for the marketing campaign and could have been conditioned by the agent to lower their reserve price - e.g. this is what the market is prepared to pay; if you pass it in, you might not get a better price and you've wasted the marketing costs, etc.

    There have been sales around that area that have been pulled, presumably because the offer price was too low. This house was empty so a quick sale lets the vendor(s) reinvest the proceeds from the sale vs leaving it empty for 3-6 months and getting nothing.

  • +1 vote

    Call the agent and ask? Could be the market, could be an issue with the place. Impossible to tell

    Report back and let us know

  • +1 vote

    i know my own home in Townsville in North shore lady paid $460,000 for house and land in 2012 i got last year for $325,000 she want out place not tenant sent 6 months before . Market only willing pay what willing pay at the time.

  •  

    Could also be the pending inland rail, people trying to get out before it happens. Will take lower to get out.

  •  

    OP, you are a Local, you would be able to find out more than us.
    How long has it been on the market, what's the reputation of the Agent, who are the new Owners, is it now an IP or PPOR?
    One thing that stands out is the number: Chinese dont like number 4 :-)
    Google Maps has not been updated so I cant determine the exact location. Is it a corner block?

    If there is nothing suspicious, I can only say: Lucky Buyer!

    We know someone who sold their house a couple of months ago. Sold at a song, like a fire sale.
    We are all shocked as to why they would accept that low price within such a short price.
    The fact is that they have bought a land elsewhere and looking to build a new house on that land, but still it seems too desperate. Friends think they are just impatience and had no idea of the value of their property.

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