• Sun. Oct 1st, 2023

    A Dilapidated House Becomes a Million-Dollar Gem: A Success Story of Property Restoration

    ByEmma Wolukau-Wanambwa

    Sep 20, 2023
    A Dilapidated House Becomes a Million-Dollar Gem: A Success Story of Property Restoration

    Laura Hattin, with the help of her parents, transformed a dilapidated 1920s property in Dutton Park, Brisbane, from what was dubbed the city’s worst house into a million-dollar gem. Purchased at auction for $665,000 in March 2019, the property required extensive renovations costing approximately $400,000.

    Hattin, whose father is a builder, felt equipped to take on the project despite never having seen the property. She stated that the investment has paid off, with the property now valued at more than double its initial purchase price. Hattin expressed gratitude to her parents for their financial support and labor, as well as her father’s expertise.

    The renovation process involved weeks of cleanup, including addressing structural issues and restoring damaged areas. Hattin emphasized the importance of preserving the original character of the house while replacing what was necessary. She shared her passion for old houses that have unique stories and charm, rather than opting for generic, cookie-cutter designs.

    This success story is not an isolated incident. Other properties in the area have undergone similar transformations, with crumbling homes becoming valuable assets after being rebuilt or replaced. The desirability of these locations, particularly those near the river, attracts landbankers and developers.

    Although taking on a “mystery box” project can be daunting, the potential for significant returns makes it a worthwhile venture for many. Despite the challenges and risks associated with restoring dilapidated properties, success stories like Hattin’s serve as inspiration for those willing to take on the task.

    – The Courier Mail, Lyndon Mechielsen
    – The Courier Mail, Mark Cranitch