This sleek 1960s mansion complex on Chevron Island on the Gold Coast sold for $2.13 million.
Strong demand from buyers has prompted a run-down mansion to sell for $80,000 above its reserve price, with the auction brought forward due to unprecedented interest.
The sleekly preserved 1960s mansion complex on Chevron Island on the Gold Coast sold for $2.13 million on Monday, ahead of its originally scheduled auction.
The 507sqm property, including four two-bedroom townhouses, attracted strong interest from buyers looking for value-add opportunities in one of the Gold Coast’s fastest-developing lifestyle precincts.
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14 Stanhill Drive, Chevron Island sold for $2.13 million.
It was the first time it had been offered on the market since it was built in 1960.
Like stepping back in time, the dilapidated mansions had bright red kitchens, black and white tiles, floral wallpaper and blue baths.
Highland managing director Hanan Cawley said the campaign generated four formal offers in the run-up to the auction, reflecting the nature of the business and its development potential.
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The front of the complex.
With such high interest, Mr Cawley said he had no choice but to move up the auction date so buyers could compete fairly.
“The property had only been on the market for a week, but the buyers were so enthusiastic that we thought it best to hold an early auction,” he said.
“It was the best way to determine the outcome.”
Seven bidders registered for the auction that was held on site.
“These types of opportunities are incredibly scarce,” Cawley says.
“Buyers responded to the prime location, combined with the potential to renovate, redevelop or hold as a long-term investment.
“The turnout showed how fiercely buyers are competing for well-located real estate on the island.
“The winning bidder has plans to renovate and restore the four townhouses.”
Chevron Island is a spot in Surfers Paradise that has seen an influx of lifestyle-driven buyers and developers.
PropTrack data shows the average house price of a home in Surfers Paradise is $1.7125 million, up 5.1 per cent over twelve months, while the average price per two-bedroom unit is $850,000, up 8.8 per cent.
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