This Palm Beach home was snapped up ahead of auction
A Gold Coast couple scored a multimillion dollar hat-trick on their third house flip, as demand for freshly renovated property kicked up a notch.
A Brisbane family dropped $1.825m to secure the on-trend coastal home at Palm Beach ahead of its scheduled auction on Sunday.
It was the highest price ever paid for a non-waterfront home in Tahiti Ave and indicated strong local demand for quality “turnkey properties”, said marketing agent Will West, of Lacey West.
Sellers Greg and Katie Carroll bought the property on a 516sq m block for $1.073m in March 2021, transforming the home from a dated brown brick-and-tile three-bedder into a stylish four-bedroom, two-bathroom beachside pad with a stunning outdoor entertaining area and magnesium pool.
Concrete benchtop and a curved butler’s pantry in the kitchen
It was the Carroll’s third home renovation project, with their two previous properties at Burleigh Waters also returning a tidy profit on re-sale in 2020 and 2019.
“The buyers are moving down from Brisbane and are about to open a business on the Coast. “They liked the fact that they could just move in and not have to worry about doing any renovation and instead just enjoy the Palm Beach lifestyle,” Mr West said.
It comes as the cost gap between brand new or fully refurbished homes and fixer-uppers widens, amid steep price hikes for construction materials and labour shortages.
Despite slowing price growth across the broader QLD market, many buyers would rather pay a premium than take on a project of their own, with rising interest rates expected to add further pressure to the national construction crisis.
The firepit and magnesium pool
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“People are definitely trending away from properties that need a full renovation and instead of the demand we had for knockdowns last year, people are looking for homes that are turnkey and in a good location,” Mr West said.
The Tahiti Ave home’s “cool coastal charm”, with concrete benchtops, curved butler’s pantry and designer finishes, drew hundreds of inquiries and inspections by 80 groups before the buyers made their cash unconditional offer on Friday.
It was a street record for a non-waterfront property
And in a separate weekend sale, a renovated Burleigh Waters home packed with wow factor smashed the street record by $585,000 when it sold under the hammer for $1.565m.
Five registered bidders vied for the four-bedroom, three-bathroom home, said marketing agent Travis Miller, of Ray White Burleigh group.
The buyers had relocated from Melbourne about 12 months ago and rented while they searched for the right property.
“They were looking for something that was ready to go. They had missed out on a few homes previously and when they came through this one they fell in love with it and wanted to make it theirs,” Mr Miller said.
101 Mattocks Rd, Burleigh Waters
The dual-living property sold under the hammer on the weekend
Mr Miller said the home’s lower level was fully self-contained, while points of difference including the renovated entertaining areas were also attractive to buyers.
“The dual living aspect was a massive drawcard for the interstate buyer’s family to be able to come and stay, along with the quality of the renovation and the fact there was nothing to do but literally walk straight in,” Mr Miller said.
Sellers Sharni Wright and Fabian Trueman have completed a number of home renovation projects and are undertaking their next one at Worongary.
Last week’s auction clearance rate on the Gold Coast was 56 per cent, according to realestate.com.au.
