The unit in Royal Palms Resort was hotly contested
A holiday unit sold for more than $1 million above the reserve price at a heated auction compared to an episode of the TV renovation series, The Block.
The two-bedroom beachfront apartment in the Royal Palms Resort was snapped up for $2.525m – a whopping $1.575m more than the owner paid when the property last changed hands.
Records show local investor Karen Lee purchased the unit at 16C/973 Gold Coast Highway, Palm Beach in 2021 for $950,000, undertaking a full renovation before taking it to market.
Two bidders vied for the unit in the popular southern Gold Coast location, with onlookers holding their breath as the bids far surpassed the vendor’s reserve of $1.42m.
16C/973 Gold Coast Hwy, Palm Beach
The contemporary kitchen
“It was just incredible to watch it play out,” marketing agent Jared Malan of Ray White Malan + Co said.
“I would’ve been thrilled for the vendor if it made it to $1.5m.
“We had two fierce bidders though, and it didn’t even stop at two million – it was almost like an episode of The Block where the bids just kept coming.”
Mr Malan said the long-awaited cut to interest rates earlier this month could be the catalyst to “turbocharge the Gold Coast market again”.
The Reserve Bank of Australia (RBA) announced on February 18 it was finally lowering Australia’s official cash rate from 4.35 per cent, where it had been since November 2023.
Beachfront views from the 16th floor
The unit has two bedrooms and two bathrooms
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The official cash rate is now at 4.10 per cent following a fall in the quarterly trimmed mean inflation rate.
“Whether or not last week’s interest rate cut had anything to do with it, I’m not sure, but I am expecting to see a lot more above-expectation sales in the coming months as buyers re-enter the market with a sense of confidence that their mortgages won’t blow out from here,” Mr Malan said.
The 16th-floor “turnkey unit” had a spacious, open-plan layout, with a modern coastal-inspired renovation including a contemporary kitchen with brushed gold and timber style finishes.
It’s been given a modern makeover
The living area and master bedroom open onto an oceanview balcony and there are two modern bathrooms.
Royal Palms features standout recreational facilities including a 33m lagoon-style pool with a waterslide and waterfall, tennis court and games room, with the Palm Beach parklands, creek, beach and cafes all just moments away.
PropTrack data shows the median unit price of $1,019,750 was up 4.6 per cent over the past 12 months.
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