Owners of worst house in best street make $346,000 profit in seven months

Southport’s worst house in the best street was snapped up by a buyer who wants to build a dream home.

The owners of the worst house in the best street pocketed $346,600 in just seven months, with the derelict property in a prestigious Southport enclave snapped up ahead of auction for a staggering price.
The neglected five-bedroom house at 24 Yacht St had been left to rot and the swimming pool resembled a swamp surrounded by weeds and debris, but that didn’t deter an eager buyer who splashed $1,226,600 in a swift cash transaction to stop the home going under the hammer.
It had previously changed hands in February when it sold for $880,000 to a local developer who had planned to re-build but instead capitalised on the fast-moving market without the risk of house flipping amid the current construction boom.

The five-bedroom home previously sold in February and was marketed for land value only

Ray White agent Conner Malan, who marketed the house with colleague Travis Miller, said the property was uninhabitable and sold as land value only.
“It just goes to show you don’t have to do anything just market the property correctly and do the right campaign and you’ll make your money,” Mr Malan said.
“The yards were so overgrown and the house had not been taken care of so I’d imagine there were structural issues there.
“The owners had literally done nothing to it other than cut back all the trees to show the size of the block because noone was going to be looking to keep the house,” he said.

The vendors made no improvement to the derelict property besides cutting back trees to show the size of the block

The house was marketed as “the quintessential worst house in the best street”, surrounded by “multi-million dollar masterpieces” in Southport’s sought-after TSS precinct.
It faced north-east on a 673sq m block, with a sandy beach at the end of the street in the fast-growing Gold Coast suburb.
The vendors were “thrilled” by the “monster offer” — one of seven received during the two-week pre-auction campaign — with the buyer putting down a hefty cash deposit within three hours to secure the home.

The house had five bedrooms and two bathrooms over a 333sq m footprint

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“The owners were open to get $1.15m at auction and we thought that was ambitious given they had only settled on the property a couple of months ago, but on the other hand we were not surprised because it’s getting to that point where huge prices are becoming the norm,” Mr Malan said.
“The buyer loved the street and they have some pretty grand plans to renovate it and make it their dream home but I get the feeling they will probably only be able to keep the slab.”

No fancy property staging needed for top dollar here

Mr Malan said investors were opting for property staging and savvy marketing campaigns over house flipping in the current market, where buyer demand remained strong but those planning to renovate or re-build faced long delays and rising material costs.
Master Builders QLD Gold Coast regional manager Adam Profke said homeowners planning a new project were looking at a February start date, with builders already at capacity and forced to turn away new work.
Costs for building materials had risen by at least 10 per cent this year and up to 40 or 50 per cent in some cases, with more price hikes expected by Christmas, Mr Profke said.

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