Real Estate

Sydneysider snaps up Coolangatta unit in multimillion-dollar deal

Written by The ReReport
As seen in the Source link, written by on 2019-03-18 04:49:36

1404/120 Marine Pde, Coolangatta, has sold after being on the market for almost three years.

After spending more than 1000 days on the market, a Coolangatta unit with impressive beach views has finally sold in a multimillion-dollar deal.

On the 14th floor of the Reflections on the Sea tower, the unit first hit the market in May 2016, according to CoreLogic data.

It took a whopping 1027 days and a couple of agencies for a $2.3 million deal to be penned.

The three-bedroom, three-bathroom unit sold for $2.3 million.

The three-bedroom, three-bathroom unit at 1404/120 Marine Pde was originally the home of Gold Coast family the Nikiforides who developed the tower in 2006.

It features a range of nifty and luxurious inclusions such as a television that pops up out of a marble kitchen benchtop, windows that frost at the flick of a button and a spa which fills with water that flows from the roof.

It was once home to the Nikiforides family.

Ray White Coolangatta agent Wayne Bisgrove, who marketed the property, said a buyer from Sydney secured the keys.

“At the moment it’s going to be a lock up or weekender with the intention to maybe move to the area down the track and use it themselves,” Mr Bisgrove said.

In a renewed push to sell the unit, the property went to auction as part of Ray White’s summer auction event which aims to capitalise on the tourism market.

“We took it over, refreshed it and took it to auction,” Mr Bisgrove said.

“We had over 50 groups through it during the auction campaign and six offers come in.

“It went under offer about a week and a half after the auction.”

Lots of room to entertain and enjoy the impressive views.

The windows frost at the click of a button.

Mr Bisgrove said the unit’s size of 359sq m, its views of the Gold Coast and Tweed Coast and 140sq m out outdoor entertaining space were the biggest drawcards.

“The size of the unit and particularly the balcony space was the determining factor (for the buyers),” he said.

“It has a large balcony space for a unit, without going the next step and buying a penthouse.”

Coolangatta has a median house price of $798,500 and median unit price of $622,500, CoreLogic data shows.

The suburb’s units are defying the odds of the country’s cooling market conditions notching 28.4 per cent growth to its median unit price in the 12 months to December.

More than 230 units sold last year.

This compares to the Gold Coast’s median unit price of $408,250 which has jumped just 1.4 per cent in the same time frame.

A buyer from Sydney secured the keys.

“The beachfront market is still quite strong,” Mr Bisgrove said.

“We are seeing more owner occupiers and retirees from Sydney, Melbourne and Brisbane.

“Investors looking beachfront are being a bit shaper on the pencil because of external market conditions.”