Real Estate

Shabby Gold Coast unit block and beach shack fetch almost $2 million at auction

Shabby Gold Coast unit block and beach shack fetch almost $2 million at auction
Written by The ReReport
As seen in the Source link, written by on 2019-07-09 02:00:00

This shabby beachfront shack and set of units fetched an eye-watering price at auction.

A SHABBY block of units and beachfront shack that are among the oldest in their area have fetched almost $2 million at a competitive auction.

The Bilinga site, which houses four dilapidated dwellings, went under the hammer in early July and had five bidders vie for the keys.

The 506sq m property was announced on the market at $1.82 million and the hammer fell at a staggering $1.936 million — more than $100,000 above expectations.

The beachfront site was called on the market at $1.82 million.

It sold for a whopping $1.936 million.

Ray White Mermaid Beach agent Troy Dowker, who marketed the property at 124 Pacific Pde, said bidding kicked off at $1.5 million with 51 bids placed in total.

Bidding started in $100,000 and $50,000 increments before dropping down to $5000 and $1000 bids as the almost 30 minute auction drew to an end.

“There is an original 1940s circa house at the front and three 1950s circa flats tacked onto the back of it,” Mr Dowker said.

“They are all fibro and would be one of the oldest in the area.

“The sale underpins the strength of the beachfront market in the southern end.”

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A local businessman plans to land bank the site.

A high-profile local businessman purchased the block, which was best suited as a new house site, according to Mr Dowker.

“The buyer purchased it as a long-term hold, it’s a land banking investment for his property portfolio,” he said.

“The interest in that area has really gained popularity in the last three or four years.

“It’s low density, a narrow corridor with easy access to amenities and the main attraction is that it’s a very relaxed vibe there.

“It’s not vibrant at all, just a very chilled, laid-back living environment.”

The four dwelling are rented out for $1160 each week.

The four two-bedroom pads reap $1160 rental income each week and are in original condition.

Bilinga has a $885,000 median house price, which has grown by 63.9 per cent in the last three years, according to the latest CoreLogic data.

Its median unit price has jumped 30 per cent in that time frame and sits at $637,000.