The worst homeowner on the best street pocketed $ 346,600 in just seven months. Abandoned real estate in the prestigious Southport outskirts soared at staggering prices prior to the auction.
The abandoned five-bedroom home on 24 Yacht St rotted and the pool resembled a swamp surrounded by weeds and debris, but with a quick cash deal to stop going home for $ 1,226,600. Did not discourage enthusiastic buyers. Under the hammer.
Previously sold in February to a local developer planning a rebuild for $ 880,000, it used a fast-moving market without the risk of a home tipping over in the current construction boom.
Ray White’s agent, Connor Malang, who pitched the house with his colleague Travis Miller, said the property was uninhabitable and sold for land prices only.
“It just shows that you don’t have to do anything, just sell your property right and do the right campaigns and you’ll make your money,” Malang said.
“The garden was very overgrown and the house was unmaintained, so I think there was a structural problem there.
“No one tried to keep the house, so the owner literally did nothing but cut down all the trees to show the size of the block,” he said.
The house was sold as “a typical worst house on the best streets” surrounded by “million-dollar masterpieces” in Southport’s popular TSS district.
It faces northeast with a 673-square-meter block and had a sandy beach at the end of a street on the outskirts of the fast-growing Gold Coast.
Vendors were “excited” by one of the seven “Monster Offers” they received during the two-week pre-auction campaign, and buyers deposited large cash deposits within three hours to secure a home. rice field.
“The owners were open to win $ 1.15 million at the auction. I thought it was ambitious because they only settled in the property a few months ago, but on the other hand it’s huge. We weren’t surprised at the price, which is commonplace, “Maran said.
“Buyers love the streets and they have a pretty grand plan to refurbish it into their dream home, but they feel they’ll probably only be able to keep the slab.”
Maran said investors are opting for real estate staging and savvy marketing campaigns over home flipping in the current market.
Adam Plovke, Regional Manager for Master Builders QLD Gold Coast, said homeowners planning a new project are considering a February start date, and builders have already reached capacity and have to give up new jobs. He said he wouldn’t get it.
Building material costs have risen by at least 10% this year, and in some cases up to 40 or 50%, with further increases expected by Christmas, Plovke said.