Hot competition at auction for dated Gold Coast house

first_img32 Pilot Court, Mermaid Waters, fetched $1.11 million under the hammer.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.This block will go from having a dated house on it to being the site of a luxury mansion.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.MORE NEWS: The Coast’s funniest street namesMORE NEWS: Modern mansion fits right in on millionaires’ rowThe pool would not meet regulation today.The kitchen was in original condition.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.More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“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 build or renovate.“A north-facing renovator is what a lot of buyers are after.”Five bidders vied for the keys.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 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.“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.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45last_img

Leave a Reply

Your email address will not be published. Required fields are marked *