A BUYER has splashed a measly $455,000 on a termite-riddled house on the Gold Coast.
The property, on the western side of the M1 at Highland Park, was marketed as not just tired, but “exhausted” with extensive termite damage.
3 Lytham Court, Highland Park had extensive termite damage.
Inside the Highland Park property.
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“In desperate need of love and affection, this brick and tile home in an elevated position on a 724 sqm corner block in Highland Park has huge potential,” the listing stated.
“However a building and pest inspection has shown extensive termite damage throughout the property including roof trusses.
“It really could be a great family home.
“All you need is a vision.”
The veranda looking out to the street.
Marketing agent Jane Doogan, of LJ Hooker Nerang, said the property attracted a huge amount of interest when it first hit the market.
“We initially had a contract on it for $700,000 and it went through building and pest and it didn’t just fall over, it collapsed,” Ms Doogan said.
“The termite damage was extensive.
“The problem was until you start taking all the gyprock off the walls you really don’t know the extent of the damage. It needed at least $200,000 spent on it.”
The kitchen.
The property at 3 Lytham Court was then re-marketed as needing extensive work.
“It gives us no pleasure selling at this price but when you’ve got a big question mark as to how much damage there is our hands are really tied,” she said.
“We were really stuck between a rock and a hard place.”
Inside the house
A Gold Coast man ended up buying the property.
“We still had at least 20 groups through after we disclosed the termite damage but it was a local guy bought it and he has absolutely ripped it apart,” she said.
“Every piece of gyprock has been removed.
“Some of the studs had also been eaten out.”
The median house price in Highland Park is $888,888 according to PropTrack data.
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