'Unlivable' mid-century architectural icon sells for millions

An abandoned home, which was described as unlivable but also had great architectural heritage, has sold for a whopping $2.4 million.

The five-bedroom home in the Brisbane suburb of Indooroopilly, sold through private treaty after attracting interest around the globe.

However, in the end it was a young couple, who presented the best of 13 offers on the property which was sold by Drew Davies and Josh Shanley of Place Ascot.

The storied home, is now entering its new era.

"They've already started to renovate it," said Mr Shanley.

"They are going to bring it into today's standards while still paying respect to the architecture of the era."

More than 100 people attended the first open for inspection.

They were keen to get a look at the home that had sat empty for the past 10 years when the previous owners located overseas.

The building had also been gutted, after a planned renovation was abandoned, and there was no kitchen or bathroom and floors had been stripped back to their concrete foundations.

The three-level house sits amongst lush overgrown gardens and in a raised position.

"This was never about a home someone could move straight into - it was about owning a piece of architectural history in one of Brisbane's most tightly held suburbs," Mr Davies said.

"The irony is the condition actually made it more desirable. Buyers understood exactly what it was and how rare opportunities like this have become."

Buyers were acutely aware of the value of a home by Robin Gibson according to the listing agents and no one who inquired on the home was looking at demolishing it.

Homes by the architect, who died in 2014, that can be restored or reimagined are becoming increasingly scarce, especially in blue-chip inner-city suburbs where stock is tightly held.

Along with serious buyers the open for inspections also attracted major Brisbane architects and fans of Robin Gibson's work.

"This result shows buyers are chasing opportunity, story and something truly irreplaceable," said Mr Davies.

However the well-positioned five-bedroom, three-bathroom home also attracted plenty of interest from families looking to get into the desirable suburb, along with developers.

Mr Shanley said interest surged within days of the listing going live.

"We had families who didn't want to miss out on the suburb because of the local schools, alongside developers keen to capitalise on the block," Mr Shanley said.

"For many buyers, this was about securing land, location and legacy - not polish."

The sale is being seen as a clear signal that demand across Brisbane's inner west remains strong, even for properties requiring complete redevelopment.

The median house price for Indooroopilly stands at $1.6 million according to Cotality.

The riverside suburb has seen moderate house price growth in the pat 12 months with values rising by 3.4 per cent.

However, over the past five years, prices in the highly-prized Brisbane suburb have more than doubled, with a 60 per cent rise in the median house value over that time.