An unrenovated 1920s bungalow in Graceville has shown the pull of large inner-west blocks, selling for $2.525 million after four bidders competed for the chance to reshape a character home on 810sqm.
A Graceville Auction Built Around Land And Potential
The two-bedroom home at 27 Verney Road West drew interest from both local and interstate buyers, with its value tied closely to its land size, position and future possibilities.
Bidding opened at $1.7 million before moving quickly to $2 million, setting up a contest that continued through a mix of $100,000 rises and smaller increases of $5000 and $1000.
The final stage narrowed to a local family and a Sydney couple after bidding paused at $2.5 million. Negotiations followed before the interstate buyers secured the property.
The buyers have ties to the suburb and plan to transform the bungalow into a retirement home.
Character Home On A Double Lot
The house was marketed as a 1920s bungalow with two bedrooms, one bathroom, a central living and dining area, a kitchen and single car accommodation.
Set on an elevated, flood-free 810sqm double lot with a 20-metre frontage, the property retains original character details including VJ walls, high ceilings and traditional decorative features.
Its current condition left clear scope for work, with the listing identifying potential to renovate, raise, extend or subdivide, subject to approval.
The block also has a wide, level front lawn, leafy outlooks and river glimpses to the rear, adding to the appeal of a site positioned among established homes.
A Strong Return Since 2021
The property last sold in 2021 for $1.8 million after being bought as a renovation project. Its owners later kept it as a rental before choosing to sell.
The $2.525 million auction result delivered a 40 per cent gain and was recorded as the highest auction sale across south-east Queensland for the week.
The campaign was handled by Ray White Sherwood, with Cameron Crouch and Shay Watene listed on the sale.
Why The Graceville Address Stood Out
The Graceville address placed the home close to local amenities, including cafes, restaurants and Regent Cinemas. Indooroopilly Shopping Centre is 2.5km away, while the Brisbane CBD is 9.5km from the property.
Graceville train station is about 600m away. The home is also near parks and playgrounds, 900m from Christ the King Primary School, and within the Sherwood State School and Indooroopilly State High School catchments.
For buyers weighing up older homes with renovation demands, the Graceville sale showed how strongly land, location and future use can shape value. In this case, the home’s unrenovated state did not stop four bidders from competing for a large block in a tightly held inner-west street.
Published 7-May-2026
