Bidders hone in on $85k cyclone-damaged Allenstown home
THERE were 15 people standing on the lawn when 14 John St went under the hammer - and all of them knew that the house stood on land worth $87,000.
Yet when the hammer dropped and the home residence was sold, it cost the new owner only $85,000.
Sold by Kas Woch Real Estate, the Allenstown house was storm damaged and old, but in a great position and with plenty of potential.
Mr Woch said when the house sold at auction, it had a great response.
"It was storm damaged, missing part of the roof and things like that," he said.
"We had a good response with probably 15 or 16 people there. We had five registered bidders and the property sold under the hammer."
With the latest Herron Todd White report listing Rockhampton in the very bottom of the market alongside Mount Gambier and Bundaberg, Mr Woch said while cheap, damaged houses like the John St address could affect median house values, he did not believe there were enough of them to make a large impact.
"There are not thousands of them (very cheap properties), we have probably sold in our time three properties that are storm damaged - from about $100,000 down to the $85,000," he said.
"I don't think it has got a big influence on the median price because the volume of them is not great.
"You sell a couple in that lower bracket and all of a sudden the average drops."