Can you guess how much this Gold Coast beach shack sold for?
When it comes to the Australian property market, it’s safe to say Sydney and Melbourne are our two most unattainably expensive cities. But if you thought skyrocketing house prices were exclusive to the country’s south-east, prepare to be surprised.
A run-down 1950s beach shack on the Gold Coast’s Marine Parade has just sold for a whopping $3 million. The waterfront property, complete with a peeling paint job, rotary clothesline in the backyard and no parking, had been in the same family for over 50 years and never been put onto the market previously.
“It was an emotional sale for the family but they have decided they were ready to let it go,” Ron London Estate agent Nikki Murray told Realestate.com.au. “[Owner Laurence Kathage’s] sons were at the auction on behalf of him as the family doesn’t live in the house.”
Bidding began at $2.5 million, with three bidders driving the price up by another half a million within less than 20 minutes, to the shock of over a hundred onlookers. The winning bid came from a young local couple who plan on knocking down the rustic property and building their dream home. “The bidders were purely after the land,” realtor Ron London said.