This tightly-held 1960s townhouse complex on Chevron Island on the Gold Coast sold for $2.13m.
Strong buyer demand has driven a rundown townhouse complex to sell $80,000 above reserve, with the auction moved forward due to unprecedented interest.
The tightly‑held 1960s townhouse complex on Chevron Island on the Gold Coast sold on Monday for $2.13m, ahead of its originally scheduled auction.
The 507sq m property, including four two‑bedroom townhouses, attracted strong interest from buyers looking for value‑add opportunities in one of the Gold Coast’s most rapidly evolving lifestyle precincts.
14 Stanhill Drive, Chevron Island sold for $2.13m.
The townhouse complex.
It was the first time it was offered to the market since being built in 1960.
Like stepping back in time, the rundown townhouses featured bright red kitchens, black and white tiles, flower wallpaper and blue baths.
Highland managing director Hanan Cawley said during the lead‑up to the auction, the campaign generated four formal offers, reflecting the nature of the holding and its development potential.
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The front of the complex.
One of the bathrooms.
With such strong interest, Mr Cawley said he had no choice but to bring the auction date forward for the buyers to battle it out fairly.
“The property had only been on the market a week but the buyers were so keen we thought it best to run an early auction,” he said.
“It was the best way to decide the outcome.”
The red kitchen.
Seven bidders registered for the auction that was held onsite.
“Opportunities like this are incredibly scarce,” Mr Cawley said.
“Buyers responded to the blue-chip location, combined with the potential to renovate, redevelop or hold as a long-term investment.
“The turnout showed just how fiercely buyers are competing for well‑located property on the island.
“The winning bidder has plans to renovate and restore the four townhouses.”
Chevron Island is a locale in Surfers Paradise that has seen an influx of lifestyle‑driven buyers and developers.
PropTrack data reveals the median house price of a house in Surfers Paradise is $1.7125m, up 5.1 per cent over 12 months while the median two-bedroom unit price is $850,000, up 8.8 per cent.
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