AN old Main Beach cottage nestled between high-rises is the first house to sell in the suburb this year.
The two-bedrooom Hughes Ave property fetched $1.5 million at auction last month.
Property records and realestate.com.au sales results show it is the only freestanding house to sell in Main Beach over the past six months.
Marketing agent Glen Williams, of Ray White Prestige Gold Coast, said it attracted many prospective buyers throughout the 32 days it was on the market because it was such a rare offering and had future development potential.
“It’s one of the original Main Beach cottages,” he said.
“The position is great and it’s extremely rare.”
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Its location allows for it to be bulldozed and redeveloped into a multistorey building.
Mr Williams said if it was on the western side of Tedder Ave it could only be developed into a duplex or house.
However, the area is zoned differently on the eastern side of the street, allowing for high-rises.
“There are a number of high rises around this property … so you could go multistorey,” he said.
“You’d have to combine (it with) the one next door though.”
The house was one of almost a dozen that sold under the hammer at Ray White Surfers Paradise Group’s mid-year auction event.
Mr Williams said it generated plenty of interest in the lead up to auction, which was well attended.
“We had 11 registered bidders at the auction,” he said.
Local Main Beach buyers snapped up the property about $90,000 above reserve.
“They’re looking at the potential of developing,” Mr Williams said.
There are so few house sales in Main Beach that CoreLogic and the Real Estate Institute of Queensland have no recorded data, including a median house price, for the suburb.
Sales activity has picked up across the Gold Coast in the past few weeks — a sign the city is quickly bouncing back following months of uncertainty.
Ray White Surfers Paradise Group chief executive Andrew Bell said the market had experienced an unsteady start to the year but the positive shift and steady improvement were already noticeable.
“There were certainly some hindrances to the marketplace in the first half of the year due to the uncertainty of the federal election and possible changes to legislation that could have impacted on property,” Mr Bell said following the group’s mid-year auction event.
“Interest rates have dropped again and are predicted to drop again to even further record-lows and this only creates a more speculative environment for those with the capacity to take advantage of an amazing environment.”