A dilapidated 1940s cottage in Annerley has been spectacularly transformed into a luxury five-bedroom home, highlighting both the owners’ dedication and the suburb’s dramatic rise in property values.
Photo Credit: Ray White
Lydia and Brendan Greste purchased the rundown property at 41 Cosker Street for $675,000 in February 2021, when they were just 26 years old. At that time, Annerley’s median house price was $782,500. Four years later, that median has skyrocketed to $1.29 million—an increase of over $500,000.
Photo Credit: Ray White
“We always knew we were going to turn this into something special because this is what Brendan does for a living,” said Lydia Greste. “He takes an old Queenslander and gives it new life, while keeping a bit of its original charm.”
Photo Credit: Facebook / Jaqueline Whyte Photographer
The renovation journey took twice as long as expected, with the couple initially planning to complete the project in two years. Instead, they spent the first 18 months lifting the house and making a small portion liveable before embarking on major extensions and improvements.
What was once a time capsule with retro colours, stucco render, and newspaper-lined bathroom walls from 1941 is now an elegant “Hamplander” style home featuring:
- Five bedrooms and two bathrooms
- A plunge pool
- Raked ceilings
- A fireplace
- A gourmet kitchen with stone benchtops
- An indoor bar with wine fridge
- A main bedroom with bay window
- A dedicated dog wash area
The couple faced numerous challenges during the renovation, including battles with council to remove post-1945 stucco rendering and navigating the 2022 floods, which filled their newly dug pool hole with water. They also welcomed their baby, Evie, during the final year of construction.
“We went from going out every weekend to working every weekend. But this was one brief moment in our lives when we could invest four years – and so we did,” Lydia explained.
The property is now headed to auction on March 15, marketed by Pat Ivey of Harcourts Prestige, who describes the transformation as a “one-in-a-million masterpiece” in what has become a blue-chip suburb.
“House medians in the suburb have risen a few hundred thousand dollars since they bought it. And then if you add in the construction costs, you are getting a lot of value and equity with this property,” Ivey said. “I think there’s lots of growth still to come through in that corridor too as it has become a blue-chip pocket.”
The Grestes plan to undertake a similar project on a smaller scale now that they have a young child, recognising that today’s market conditions would make acquiring a similar property much more difficult.
Published 11-March-2025
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