A young local couple has secured a historic Graceville home, paying $3.62 million for the century-old landmark known as ‘The Gables’.
The property at 15 Molonga Terrace, built in 1915 by architect Walter Taylor, was auctioned on Saturday. The sale drew significant local interest, with three active bidders competing for the historic estate.
A Home Steeped in History
The five-bedroom estate, situated on a 2,011-square-metre block, has been home to just three owners throughout its 109-year history. The auction began at $1.5 million, with bidding proceeding in $50,000 increments until reaching $3.5 million, when the property was called on the market.
The final bidding narrowed to two local families, who continued with $1,000 and $3,000 increments until the final sale price of $3.62 million was reached.
Restoration Challenges
The home requires substantial restoration, with the selling agent noting that some potential buyers anticipated spending several million dollars on repairs. The property needs extensive work, including crack repairs and significant underpinning on half the home.
Architectural Significance
The Gables features distinctive architectural elements, including:
- An extensive entrance hall
- A grand silky oak staircase
- Multiple fireplaces
- Seven bedrooms
- Three bathrooms
- Expansive grounds with city views
Location and Community
Located in Graceville, the property is near local schools, cafés, and just 18 minutes from Brisbane’s CBD. It sits within the Sherwood State School catchment and is close to several educational institutions.
The sale marks a new chapter for a home that has been in the same family for 55 years, promising continued preservation of its historic significance.
Published 9-December-2024
