100-plus bids: ‘diamond in the rough’ holiday unit sparks frenzy

Points North apartments, Coolangatta
A COOLANGATTA apartment which had stood vacant for more than five years drew more than 100 bids when it went under the hammer, selling to a Brisbane family for $2.365 million.
It was the weekend’s highest auction result on the Gold Coast, with 15 buyers registering to bid for the three-bedroom sub-penthouse in the beachfront Points North holiday complex on Marine Pde.
Marketing agent Jason Monk, of McGrath, said the 22nd floor unit was a deceased estate which came to market for the first time in 30 years, presenting a rare “blank canvas” opportunity within the tightly held building.
Spectacular beach views from the 22nd floor unit
looking north towards Surfers Paradise
“The apartment was a diamond in the rough, having remained unoccupied for over five years,” Mr Monk said.
“Our bidders were a blend of investors and people looking for a holiday home as well as owner-occupiers, and we also had a good selection of current owners in the building wanting to upgrade from two-bedders, with this being one of only eight three-bedroom apartments in Points North.”
A Brisbane family secured the unit for their holiday home.
The original owner had purchased the north-facing unit with spectacular views from Rainbow Bay to Surfers Paradise when the tower was built in the early 1990s.
It is one of the strip’s largest holiday buildings
Ready to renovate
Auctioneer Billy Jaz said the atmosphere among bidders at the public trustee sale was lively, despite the Reserve Bank of Australia (RBA) delivering its tenth consecutive interest rate rise earlier the same week.
“Bidding started at $1m and out of the 15 bidders registered, about six were active and then it came to four of them battling it out with some really interesting bids,” Mr Jaz said.
“We knew that it was going to achieve the reserve price, so I just let them have a bit of fun with it and took all the bids in the thousands or even $500s, and as a result of that we ended up getting a lot of bids and the auction ran for about 25 minutes.”
Auction clearance rates aross the Gold Coast dipped to 37 per cent, down 10 per cent from last month.
In Brisbane, about a quarter of homes scheduled to go under the hammer on Saturday were either withdrawn from auction or sold prior, resulting in the quietest auction weekend in the Qld capital since January.
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But Mr Jaz said the current market held good opportunity for buyers with pre-approved finances in place looking to move forward with purchase.
“I’ve noticed every single month since rates began going up, buyers tend to pull the handbrake the week of the RBA’s meeting, but I didn’t see that this weekend.
“The consensus seems to be that we may have one more rate rise ahead of us, and people are starting to see the light at the end of the tunnel,” he said.

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