Real Estate

gold coast real estate good return on 50 years investmentae

Written by The ReReport

7 Chairlift Ave East, Mermaid Beach.

A PENSIONER has made a huge $1.885 million profit over 50 years on the sale of her Gold Coast beach house.
The property, which gives house hunters a glimpse into life on the Coast in the 1960s, sold under the hammer over the weekend for $1.9 million.

7 Chairlift Ave East, Mermaid Beach as it stands today.

7 Chairlift Ave, Mermaid Beach in the 1960s.

Vendor Leon Williamson, 92, and her late husband John paid $14,500 in 1968 for the five-bedroom Mermaid Beach property at 7 Chairlift Ave East.
Her daughter, Robin O’Neill, said the couple moved from Hervey Bay and decided Nobby Beach would be the best place to raise their four children.
“When we moved into the house there was only bitumen from Albatross Ave to Seagull Ave so on many occasions dad and his two sons would have to assist motorists who had bogged their cars in the sandy road near Lion’s Head (between Seagull and Petrel Ave),” Mrs O’Neill said.
“It was just a very carefree life with sand dunes everywhere and sand up around all of the fences. We spent our days going to the beach and to school.”

Leon Williamson and Lance from Parinity Financial Professionals on the day Leon’s house went to auction.

7 Chairlift Ave East, Mermaid Beach.

It was the first time the property has hit the market in 50 years — the auction attracted a crowd of more than 65 including 11 registered bidders.
Mrs O’Neill said while it was a sad day for her mother farewelling the house she lived in for five decades, the family was happy with the end sale result.
“The property sold well above the reserve so mum and the family were very happy with the outcome,” Mrs O’Neill said.
“The price achieved now provides certainty for mum with her aged care needs and security to enjoy the rest of her retirement. Quite a good return on her 50 year investment.”
Ms Williamson recently moved to Brisbane and reluctantly put her property on the market.

7 Chairlift Ave East, Mermaid Beach.

“The only changes to the house were the aluminium windows and a new kitchen upstairs. The old kitchen went downstairs,” Mrs O’Neill said. “Apart form that it’s very original.”
The residence has three bedrooms on the second floor as well as a kitchen, bathroom and living areas.
A self-contained living area and two more bedrooms are on the ground floor.
Ron London of London Estate Agents marketed the property and said it offered a range of possibilities for investment, renovation or redevelopment.
“The value of this property is underpinned by its prestige address and exclusive, irreplaceable position,” he said
The buyers are already residents of Nobby Beach.

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