Granddaughter snaps up historic fishing shack for $1.82 million

An old fishing shack on one of Wynnum’s best streets has sold for $1.82 million, snapped up in a pre-auction deal by the deceased owner’s granddaughter.

The rugged two-bedroom cottage features a cold room for the daily catch and a 923-square-metre block just metres from the waterfront at 11 Alkoomie Street.

While it was built in the ’70s, the land has remained in the hands of pioneer fishing family the Castners for four generations.

After her pre-auction offer was accepted last week, that legacy is set to live on for a fifth.

The Wynnum shack was one of 128 scheduled auctions across South East Queensland over the past week. By Saturday evening, Domain recorded a preliminary clearance rate of 17 per cent from 90 reported results, with five homes withdrawn.

The “weak” auction figures follow fresh reports Brisbane dwelling values dipped in August.

AMP chief economist Dr Shane Oliver said the Queensland capital had been “whacked” by poor affordability, predicting prices to fall as much as 15 per cent in the coming year.

“Brisbane is getting hit hard because it’s coming off the top of a massive boom where prices surged dramatically and that has left the market vulnerable,” he said.

“And it’s gotten a bit worse because of the likelihood of more rate rises and the ongoing tax issues with investors.”

Cotality figures for August revealed Brisbane dwelling prices fell 1 per cent to $1,080,142.

Given Brisbane property prices doubled in the space of a few years during the pandemic-era boom, Oliver said the fall was far from disastrous and called the price correction inevitable.

Gaby McEwan of McGrath Wynnum, who put away the historic Alkoomie Street deal, said about 28 groups inspected the home throughout the auction campaign.

“We didn’t get a huge amount of interest but that’s the market right now,” she said.

“I think the bottom end of the market has taken a big smack because all the investors are dumping their properties and first-home buyers are stretched at a million dollars.

“I’m seeing a 10 per cent drop in property prices now.”

For the Castner family, however, the pre-auction sale delivered a fairytale ending.

“This parcel has been in the family for well over 100 years – they’re a legendary fishing family in the area,” she said.

“Bert Castner built the home in the ’70s but he actually grew up in the house next door – at 15 Alkoomie – which also remains in the family.

“It’s a small but wonderfully tangible piece of Wynnum’s old fishing history … and now it’s beginning another chapter in Castner hands.”

McEwan said the young family would restore the home.

“That whole area is being gentrified and until a few weeks ago that street had the highest-recorded sale price in the suburb at $4,005,000,” she said.

In Indooroopilly, a 1920s Queenslander on a 1017-square-metre block at 11 Essex Road sold for $2.525 million to a young upsizing family bidding over the phone from Stradbroke Island.

They were the sole bidders on the property, which features five bedrooms, a pool and character finishings.

While it sold above reserve, auctioneer Sam Kelso, of Place, said just six months ago it would have fetched between $2.7 million and 2.8 million.

“There were a lot of people interested in it because it’s a massive block and a beautiful Queenslander but at the end of the day it came down to people’s desire to renovate,” he said.

“Some buyers brought builders through to get an idea of the cost and they got scared away. I think if the house wasn’t there it would have been worth more.

“But it’s character listed so it can’t be knocked down.”

The property was a deceased estate that had remained in the same family for decades.

“The other interesting trend I’ve noticed is with investors. I haven’t seen any for months, but this is the first weekend I saw some come back.

“Rent prices are up and property prices are a bit down so I think there’s actually a huge opportunity in the residential sector.”

In Carindale, a five-bedroom home with a pool at 145 Cribb Road sold for $80,000 below reserve after a local couple outbid two others – paying $2.02 million.

Perched on an 807-square-metre block in the Mansfield State High School catchment, the solid brick home has remained in the same family for almost three decades.

Selling agent Will Torres, of Torres Property, said the buyers attempted to secure the home for $1.8 million ahead of the auction.

“We definitely sold it for more than we would have if we’d tried to counter that pre-auction offer,” said Torres.

“I think they needed to see the competition.”

Torres said 81 groups inspected the home with local buyers dominating the pool.

“The reserve was set at $2.1 million, so we were $80,000 shy of that but if you look at the market there’s been a price change of up to 10 and 15 per cent,” he said.

“I do think we’ll see our market drop a bit more.”

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Sarah Webb is a freelance journalist.AdvertisementAdvertisement