When the nearby Richlands rail extension was completed in 2011, it started a process of evolution for Ellen Grove that the aptly named Matthew Groves believes is turning into a demographic change.
On the border of Ipswich City Council and Brisbane City Council, it had become a forgotten backwater; yet as Forest Lake has burgeoned into the largest suburb in Brisbane, so Ellen Grove is in the process of the next stage of gentrification. First home buyers are starting to discover its relative value, given the access to Brisbane, Ipswich, Logan and the Gold Coast.
That’s the context when 123 Bagnall Street, Ellen Grove goes to market through an auction at noon on Saturday March 7.
The house perched on 10,600 square metres is simply unliveable.
“This property has been uninhabited for over 10 years, It is in original condition with plenty of asbestos and termites”, says Matthew Groves.
Who knows where planners will go with future zoning, but there seems to be a wrestling match in Council between tearing up neighbourhood plans and refining them, as an agenda evolves to help build for first home buyers.
“This property is zoned ec –emerging community– and the street has plenty of potential with two neighbouring properties teaming up for a 33-lot subdivision with 20 on one block and 13 on the neighbouring”, says Groves.
Recently the neighbouring Woodvale Village project in Forest Lake got the go ahead, enabling 151 new homes to be greenlighted.
Not many houses get condemned these days. Most at worst become fixer-uppers but 123 Bagnall has been declared unliveable, so the property sells for land value, at a time when land prices are going through the roof.
It will be very intersting to see what evolves on March 7.
You can reach Matt Groves of ilookproperty on 0416 252 289.
