Patience paid off for the owner of a waterfront home who sold for $2 million above the original asking price after waiting seven years.
The two-storey property at 16 Elanora Dr, Burleigh Heads was finally snapped up for $3.8m.
Owner Kerrie Cox first listed the home for auction in 2018, but it failed to sell. The price guide was set between $1.8m and $2.35m before it was taken off the market in 2019.
A buyer for the six-bedroom, two-bathroom home in the popular enclave of Koala Park offering front-row seats to picturesque Tallebudgera Creek with direct ocean access was secured this week after a fresh sales tilt.
The double-storey home offered direct ocean access via Tallebudgera Creek
The property on a prime 506 sqm lot tucked beside Burleigh Heads National Park was marketed by Realty Blue agent Jye Brazenas.
Mr Brazenas said the vendor loved living in the area and had decided to wait until more favourable market conditions.
“We discussed the auction at the beginning of the campaign and the homeowners said they were relieved it didn’t sell back then,” he said.
“They really wanted to stay in the area and their motivation to come to market this time was another listing that had popped up. They felt the timing was right to sell.”
The vendors waited seven years to sell
The home was snapped up by another local family
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Features of the open-plan design included multiple living areas, a sunroom, two full bathrooms, a powder room, high ceilings, and a solar power system.
Outside, spacious entertaining decks are set amid landscaped, low-maintenance gardens, plus there’s a spa and double garage and steps leading directly to clear waters, perfect for paddleboarding or a swim to the beach.
The home is ideally located with easy access to James Street, Burleigh, and Tallebudgera beaches, plus nearby shops, schools, and transport options.
Homes in the neighbourhood are very tightly held
Mr Brazenas said Koala Park properties were “very tightly held and hard to secure”. The new owners were another local family upgrading from a dry block to waterfront, and planned to add a pool in the future.
Records show the vendors purchased the property for $412,000 in 2002 and completed a full renovation. The sale represents a massive 822.33 per cent gain over the 23 years it was held, equating to about $400 per day during that period.
“I can definitely say this has put them in a much better financial position to downsize,” Mr Brazenas said.
PropTrack data show house prices in Burleigh Heads were up 14 per cent to a median of $1.55m.
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