A decades-old home that cost $50,000 on the Gold Coast has banked a $9.5 million profit.
Queensland became the epicenter of an Aussie migration during COVID and has the property prices to prove it.
The waterfront house – a deceased estate – at 746 Pacific Parade, Currumbin, sold at auction on January 27 for $10.125 million, Domain’s Pricefinder shows. It was bought for $50,000 in 1982.
Pricefinder data also reveals it is the highest price paid for a residence in Currumbin. The deal was done through agency Kollosche.
746 Pacific Parade, Currumbin, Queensland
The five-bedroom, three-bathroom house is on the largest beachfront parcel in Currumbin, covering a double block, in a paradise suburb that has experienced persistent price growth over the short and medium term, according to Domain.
The latest Domain House Price Report, for December 2022, shows the median price of units in Currumbin is $904,000, jumping up 9.6 per cent over 12 months and 75.5 per cent over five years.
There are not enough house sales in Currumbin to reap a reliable median but the closest match is Currumbin Waters, which had a median house price hike of 14.2 per cent over the year and 61.9 per cent over five years to land at $1,052,500.
The home at 746 Pacific Parade occupies 1138 square metres by the ocean, taking in a view of Surfers Paradise to Coolangatta.
Built in the brick and tile style that was popular decades ago, it spans two levels, with a balcony wrapping the living and dining room overlooking the golden sand and frothing waves.
The lower level has car garaging but is also a self-contained space if the buyer desires, with a family room, patios, a second kitchen, bedrooms and a bathroom.
The home is a deceased estate, which was sold through agency Kollosche. (Domain)
The Gold Coast airport is a seven minute drive away.
Listings in Currumbin are as rare as a pro surfer in these parts missing a wave.
Just a handful on Domain are on offer to start the 2023 market.
Properties for sale right now in Currumbin, Queensland
34 Currumbin Crest Drive
The elevated, three-bedroom home overlooks Currumbin Estuary and the Gold Coast Hinterland. (Domain)
780 Pacific Parade
An artist’s render shows one of the three new residences with have balconies facing the ocean and a penthouse pool. (Domain)
18 Fernleigh Court
The deep, east-facing deck takes in the natural beauty surrounding the four-bedroom house. (Domain)
Article source: www.nine.com.au