There is nothing cool about this green pool but that didn’t stop one buyer from paying over $800,000 for this bland brick house in a sought-after suburb.
But in the crazy world of real estate on the Gold Coast, where buyers don’t blink an eye about buying an absolute hovel on a beach block for millions, a green pool is an easy fix in a mad market.
“Don’t judge a book by its cover”, the listing said, with the house sold at auction by the Public Trustee on the weekend.
Built around 1980, there is little doubt the four-bedroom house is in need of some TLC, and that swamp out the back, okay pool, needs some serious work.
And the poolside patio could do with a hit of weedkiller.
But the Benowa property, which sits on a 743sqm block, is located between the Royal Pines Resort Golf Course and the Southport Golf Course, and is about 5km from the Southport CBD.
And with the suburb having a median house sales price north of $1 million, this property could be the ultimate fixer-upper or flipper.
Median house prices in Benowa have soared by 18 per cent over the past 12 months, and 2.4 per cent over the past three months.
Over the past five years, house values have jumped 33.1 per cent, according to the latest REA Market Trends report.
There were 20 registered bidders and 50 people looking over the property when it went to auction.
But it wasn’t the only fixer-upp, or knocker-downer, that was bagged by buyers at Public Trustee auctions on the weekend.
At Currumbin Watres, a tired, three-bedroom house on a 708sqm block sold under the hammer for $748,000.
It attracted 13 registered bidders and a crowd of 65.
But when you consider the fact that the current median house price in the sought-after suburb is $845,000, with some houses going for well north of $1 million in recent months.
Meanwhile, a two-bedroom unit at Coolangatta also sold under the hammer for $540,000, and a two-bedroom unit at Broadbeach Waters changed hands for an undisclosed price.
Both units required renovations.
The median sales price for a unit in Coolangatta is $645,000, while in Broadbeach Waters it is $545,000.
Both suburbs have seen significant price growth in the past year, with some Cooly units changing hands for close to $1 million – or more – in recent months.
A Public Trustee spokeswoman said “the Queensland property market is booming right now”. “The Gold Coast offers great value for money properties, often with larger land sizes and closer proximity to the CBD and local beach access in comparison to other Australian cities,” she said.
“The final sale prices for the Gold Coast properties sold over the weekend came as no surprise and reflect the potential of each property”