Buyers contend for Ipswich property as market toughens
AN inner Ipswich property has sold for $415,000 two years after first going on the market.
Boasting a character house converted into a commercial venue, the property at 8-10 Mortimer St is set on 1214 sqm, zoned for commercial use and is across two titles.
Real estate agent Warren Ramsey said the property market had strengthened since the address was last up for sale.
LOCAL NEWS: Police trying to track down dangerous driver
“This time the inquiry was really good – there were four people toward the end who tried to own it,” Mr Ramsey said.
“We did attempt it two years ago but didn’t get any traction at all.”
He said nearby development may have bolstered the property’s appeal.
“The market is a lot better but there’s also Marsden Pde behind it,” he said.
“The Ipswich City Council’s cleaned it up – new road, new parking behind and it’s a lot tidier looking.”
Listed without a price, buyers were encouraged to make offers until March 26.
A Brisbane-based investor nabbed the property, buying it from an Ipswich seller.
LOCAL NEWS: New Ripley homes, and why size isn’t everything
The house is leased to a law firm and returns $25,570 yearly to the owner in passive income.
“It has an income-producing commercial tenant in a little commercial precinct with an up scope for later,” Mr Ramsey said.
Of the four parties eager to claim the property, one envisioned transforming it into a medical centre.
“The market is really going well and interest is really good across the board – southern, local and Southeast Queensland,” Mr Ramsey said.
“There’s no set area they’re coming from and there are a lot of first home buyers, as well.”
Read more news by Ebony Graveur.