Rare Gold Coast waterfront and retro mansions sell for combined $4.5 million – realestate.com.au

Two retro Gold Coast properties kept off the market for a total of 121 years have sold under the hammer after heated auctions, attracting almost 30 registered bidders in both campaigns.

A defunct Biggera Waters waterfront owned by the same family for 55 years sold for $2.41 million, contested by 20 registered bidders, while a 1960s mansion complex on Chevron Island fetched $2.13 million, with its auction brought forward due to high interest.

The Biggera Waters property at 34 Margaroola Ave was offered for the first time since 1970, with buyers lured by its northeast-facing exposure and rare 39-metre-wide water frontage.

A crowd of 120 people showed up to see the home game go under the hammer

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It was marketed by Ray White Bell Group agents Andrew Bell and Ryan Milligan.

The original two-storey house, situated on an 825m² block in a cul-de-sac, had three bedrooms, a bathroom and a double garage. But it was the land that provided competition, with the property about 300 meters from the open Broadwater.

Mr Milligan said about 120 people attended the auction, which had an opening bid of $1 million and buyer interest was evenly split between developers and renovators.

“A trophy home or duplexes would be a hot commodity in the future, but it was a developer who won,” Mr Milligan said.

Original interior from the 1970s

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The retro-fantastic kitchen

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The buyer is said to be a Chinese-Australian local developer who already owned several waterfront sites on the northern Gold Coast, with plans to convert the business into a villa site within a year.

The campaign also attracted a wave of nostalgic interest, with nearly a hundred inspections over four weeks, including people who had helped build the house and relatives who had visited it decades earlier.

The property was owned by Dorothy Jackson, who never married or had children, and left the house to three nieces.

The original interior included shagpile carpets, wood paneling, chandeliers, floral armchairs and an orange kitchen accented with sunflower-patterned tiles.

14 Stanhill Drive, Chevron Island sold for $2.13 million.

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There was also strong demand on Chevron Island, where a dilapidated 1960s mansion sold for $80,000 above reserve after just a week on the market. It was sold by Highland director Hanan Cawley.

The 507 square meter property, consisting of four two-bedroom townhouses, stood on the plot for the first time since it was built in 1960, with buyers attracted by its scarcity and potential in a rapidly evolving lifestyle area.

As if you’re taking a step back in time, the dated homes feature bright red kitchens, black and white tiles, floral wallpaper and blue baths.

The auction was brought forward, with the seller having already submitted four bids in one week

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Mr Cawley said the pre-auction campaign had attracted four formal offers.

“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,” said Mr Cawley.

Seven bidders registered for the on-site auction, with the winning buyer planning to renovate and restore the four townhouses.

At Biggera Waters, Mr Bell said the result was testament to a fundamental principle of real estate: position over product.

“You can buy something in a bad position, you can build a new house, you can renovate… but you’re always going to have a house in a bad position and that’s not where you’re going to get the biggest growth. It’s in a great position,” Mr Bell said.

Striking red cabinets and tiles in the townhouses

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PropTrack data shows that home prices in Biggera Waters have increased by 34.7 percent in the past year to an average of $1.35 million.

Surfers Paradise’s average house price was $1.7125 million, up 5.1 per cent in 12 months, while two-bedroom house prices rose 8.8 per cent to $850,000.

Although the two sales were for very different properties, they both pointed to the same trend of buyers moving quickly when tight stocks finally hit the market, even if it comes with renovation risks and a hefty price tag.