Proceeds from $1.3M Paddington auction set to benefit those in housing need
Brisbane’s leading profit-for-purpose real estate agents, Elevate Residential, secured more than $1.3m over the weekend for its sale of 61 Herbert Street in Paddington, with the profits on commission going towards vulnerable people in housing need.
Eleven registered bidders vied at Saturday’s auction for the four-bedroom, two-bathroom 1980s home located in one of Paddington’s prized pockets, with the home selling under the hammer for $1,319,000.
It is the first time the much-loved property has changed hands in more than 20 years.
Elevate Residential’s Principal Licensee Chris Meadmore said 100 per cent of the profits from the sale commission will be passed on to the agency’s charitable partner – Brisbane Housing Company (BHC) – to create homes and services for vulnerable community members.
“In this market, there was always going to be strong interest in the property and its blue-chip location,” Mr Meadmore said.
“We were able to achieve above reserve for the seller, who is downsizing to a new property and is thrilled with the result,” he said.
“What’s most pleasing about the sale is that every single dollar of profit that Elevate makes from this sale will be used to provide safe and affordable housing for those in need.
“It’s real estate with heart. And as Brisbane consumers demand businesses to be more socially aware and responsible, we are seeing more and more people choosing us as a trusted partner to sell their homes.”
Property vendor, Julie Hamilton was very pleased with the result.
“For the first time in my many property transactions I can use the terms honesty, integrity and real estate agent in the same sentence. Throughout the sale of my property, Chris (Meadmore) acted with absolute honesty and integrity.
“He listened to my very specific property needs and tailored the property sales campaign to meet my requirements,” said Ms Hamilton.
The profit from Elevate Residential’s competitive agent commissions are channelled into charitable partner BHC’s Impact Fund – an annual financial commitment that allows BHC to identify and directly fund initiatives that create positive outcomes for its residents and their communities.
“Brisbane is in the middle of both a housing boom and a housing crisis, and those who are impacted the most are those who can least afford it,” said BHC Chief Executive Officer, Rebecca Oelkers.
“We need affordable housing – it ensures our cities remain inclusive for people on very low incomes and keeps our key workers where they need to be to keep our cities thriving.
“BHC currently manages a portfolio of 1,800 social and affordable homes and we have an ambitious strategy to double that over the course of the next five years.
“The BHC Impact Fund is our commitment to actively assisting our residents to reach towards their goals and to live their lives with dignity and hope,” she said.
