Record Sale of Overgrown Property
A severely cluttered home in Brisbane’s upscale Brookfield suburb fetched $1.28 million at auction, despite buyers being barred from internal inspections due to safety concerns and massive hoarding.
The one-hectare property on Nioka Street, hidden by overgrowth and inaccessible by vehicle, sold ‘as is’ on February 10. Around 130 attendees watched as 40 registered bidders vied for the site, with Nic Vukovic emerging victorious after a 30-minute battle.
Property Condition and Features
Queensland Public Trustee auctioneer Paul Gaffney described the solid brick residence as featuring four bedrooms, a dining room, living room, study, kitchen, basement, double carport, and a non-certified swimming pool beyond repair, likely requiring infill.
Hundreds of kilograms of hoarded items fill the interior and scatter across the block, demanding extensive cleanup. Gaffney noted the long-term value lies in the expansive land within one of Brisbane’s most exclusive areas, lined with luxury mansions, pools, and tennis courts.
Buyer’s Reaction
New owner Nic Vukovic nearly overlooked the listing upon first glance online. “I thought wow, that looks terrible,” he said. “But my mum said wow that’s exciting. She loves doing renovations. It’s going to be an interesting project, that’s for sure.”
Vukovic faces a monumental renovation to restore the ‘diamond in the rough’ into a family home.
Housing Market Pressures
Brookfield’s median four-bedroom home price stands at $1.7 million, with comparable sales reaching $3.8 million recently. The sale highlights fierce competition for limited land amid rising values.
KPMG forecasts Brisbane house prices climbing 10.9 percent this year and 8.9 percent in 2027. Nationally, values should rise 7.7 percent in 2026 and 6 percent in 2027, easing later due to affordability limits and stabilizing population growth.
KPMG chief economist Brendan Rynne attributes accelerated demand to recent policy shifts, like the late-2025 expansion of the 5 percent deposit scheme, especially at entry levels. Yet, new housing completions lag targets by about 30 percent, averaging 150,000–170,000 dwellings annually over the next two years.
Affordability worsens, with median house values now 8.9 times average income—up from 6.6 five years ago—and repayment-to-income ratios at 50.6 percent.
