From dated house to luxury mansion
AN old-fashioned Mermaid Waters house is set to face the wrecking ball to make way for a luxury mansion after selling at auction.
The four-bedroom house on a 869sq m block was in original condition with a pool (that wouldn’t meet regulation today), dated interiors and a crumbling fence.
But that didn’t stop it attracting a lot of attention from house hunters looking for a renovation project or new home site.
A crowd of more than 60 watched on as five bidders competed for the keys of the Pilot Court property at auction on the weekend.
Four other registered bidders didn’t place a bid.
Bidding opened at $850,000 and bids placed by four bidders in $25,000 and $5000 increments pushed the price to the million-dollar mark.
A fifth bidder, the eventual buyer, jumped in after the bidding reached seven figures.
The property was called on the market at $1.1 million.
Two more bids were placed and the hammer fell at $1.11 million.
Auctioneer and Harcourts Broadbeach director Dane Atherton said the buyers, a local couple, would demolish the property to make way for a mansion.
“The buyers already own property in the area and plan to build a substantial residence,” he said.
“It was a great result but at the same time it was a great property that attracted the great interest we expected.”
Mr Atherton said house hunters were looking at Mermaid Waters as it offered value and opportunity.
“They recognise value in waterfront property in Mermaid Waters and you get an awesome lifestyle,” he said.
“Plus, there’s still opportunity for people to buy an original home and renovate.
“A north-facing renovator is what a lot of buyers are after.”
Mermaid Waters has a median house price of $870,000 which has increased by 39 per cent in the past five years, according to CoreLogic data.
The suburb’s median unit price has jumped 32.9 per build or cent in the same time period to $388,000.
Harcourts Broadbeach agent Christine Tucker, who marketed the Pilot Court house, said properties like it were bucking the trend of the country’s cooling conditions.
“During the past three weeks I have had 68 groups of people come through the property – we had a lot of interest,” she said. WITH JESSICA BROWN & MIKAELA DAY
“The north-facing aspect is a huge attraction for waterfront properties.
“It’s also in a good postcode, so central to everything.”
Ms Tucker said the seller had moved into an aged care facility after losing her husband a few years ago.
Property records show the house last changed hands for $280,000 in 1988.