A Gold Coast property dubbed “the worst house in the suburb” and deemed too unsafe for buyers to inspect is going under the hammer in a bizarre blind auction.
Off-limits: 2 Beeka St, Labrador
Up to 15 bidders are expected to battle it out for 2 Beeka Street, Labrador — an area long stigmatised for higher crime rates and a low socio-economic profile, traditionally serving as one of the cheapest entry points to the city’s real estate.
Buyers at the Saturday auction will be forced to rely on virtual reality goggles in place of physical walk-throughs, after local council locked down the site, declaring the 1970-built home a safety hazard due to a “dodgy” retaining wall, deck, and suspicious roofing, selling agent Mark Saveall said.
The sale is the culmination of a messy 14-month saga
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The sale of the four-bedroom, two-bathroom house on a 506sqm block is the culmination of a messy 14-month saga that began when its original auction was dramatically cancelled at 3.30pm the day before it was scheduled.
Mr Saveall, of McGrath Southport, said the Public Trustee put the sale on hold and took over the estate to ensure fair market value following an intervention from a caseworker connected to the owner’s family.
The Public Trustee then put work orders in place.
An auction last year was called off the day before it was scheduled to go ahead
Marketed as a non-habitable fixer-upper, listing photos reveal a dilapidated interior stripped of its former glory — though buyers are currently blocked from seeing the decay in person.
But Mr Saveall dismissed the severe safety concerns.
“No, I didn’t feel like it was unsafe in any way, shape or form,” he said.
“I must admit I walked in a month ago and it looked exactly the same [as last year].”
Despite buyers bidding sight-unseen, unable even to conduct building and pest inspections, the strict conditions have only fuelled demand for the property.
“Now everyone wants a piece of the pie — it’s gone absolutely mad,” Mr Saveall said.
“It’s the longest contract I’ve ever seen, and we are spreading that to everyone who has inquired.”
Inside the 1970s-built home
The current owner has held the home since 2001, when it last changed hands for just $50,000.
Before the original auction was axed 14 months ago, the home had 11 offers on the table, including seven from renovators and four from buyers looking to demolish.
With six bidders already registered, the agency expects a crowd of up to 15 to fight for the keys.
“I’ve never been involved in something this before,” Mr Saveall said. “I don’t know what it’s going to sell for. The market will decide on the day.”
PropTrack data shows house prices in Labrador were up 14.2 per cent over the past 12 months to median $1.256m.
Builders and renovators are expected to battle for the keys
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