A vacant corner block minutes from the Kangaroo Point Bridge has changed hands for $1.825 million, in what agents are calling one of the rarest land offerings in the inner-city market.
The 506 square metre lot at 23 Kennedy Terrace, East Brisbane, has no house on it. No slab, no frame, no garden. Just land. And yet it fetched well above the suburb’s current median house price of $1.69 million when it was purchased by a private buyer in late May 2026, according to Ray White Bulimba.
The property’s history adds context to the price. The block last traded in 2025 for $1.58 million, at which point the existing home on the site, a one-bedroom, one-bathroom house built back in 1979, was demolished by the incoming owners. That original home was purchased the year it was built for $25,700, roughly $153,295 in today’s money when adjusted for inflation.
The new owners had secured development approval and architectural designs from OH Architecture for a bespoke luxury residence before a change in personal circumstances meant they needed to move on. The block went to market in April through Ray White Bulimba, positioned as a rare opportunity in one of Brisbane’s most tightly constrained inner-city markets.
It eventually changed hands for $1.825 million, more than $245,000 above its 2025 purchase price, and over $100,000 above the suburb median.
Ray White Bulimba principal Brandon Wortley said the buyer was relocating from Melbourne, with their sights set on building a dream home in Brisbane. He pointed to the area’s ongoing transformation as a major drawcard, noting that the lead-up to the 2032 Olympic Games was already attracting significant infrastructure investment and global attention to inner Brisbane. He added that opportunities to secure vacant land in the area are becoming increasingly rare.
Kennedy Terrace sits within easy reach of the Gabba precinct, which is earmarked for a major Olympic overhaul, and the block itself offers ground-floor city views thanks to a generous 34.5-metre frontage on its corner position, according to the Ray White Bulimba listing.
The sale comes as the broader precinct continues to attract attention, with the Kangaroo Point Bridge now linking the peninsula to the CBD via active transport.
Read: Brisbane River Icons Project Brings World-First Wheelchair-Accessible Flying Fox to Kangaroo Point
The approved plans from OH Architecture remain with the block, though the listing also flagged potential for subdivision or multi-residential development, subject to council approval.
For a patch of land with no structure on it, $1.825 million is a number that speaks for itself.
Published 12-June-2026
