A hilltop property with “views” to the ocean has sold for $380,000 in what the agent says is proof there are still “opportunities” in the Sunshine Coast’s scorching property market.
The derelict house on Wilson Road is perched so high on Tanawha that it has vistas stretching all the way to Buderim and the Caloundra coastline.
But it was the other view of the Bruce Highway and its four lanes of busy traffic that was the main detractor preventing this huge 1944sqm size block reaching new price heights.
There were also the problematic issues of the sloped land being too difficult to build on and the huge amount of work needed to make the run-down house habitable.
Agent Grant Smith, from Century 21, stopped short of calling the low-end sale a “bargain”.
But he said it was proof that astute buyers with some vision could still make the most of a hot market.
“I think people have realised there is no such thing as a bargain in this market but there are opportunities,” said Mr Smith.
“It’s still cheaper than a 120sqm block in Aura but like everything there are things that affect value, like being over the Bruce Highway.
“It boils down to the word ‘opportunity’. People saw it at that price point — whether it was to renovate to rent, sell or hold — it was a chance to get in and get equity and grab an opportunity.”
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REIQ Sunshine Coast zone chairman Matt Diesel there were “not really any bargains” in the current climate because property was still a seller’s market.
However, he said buyers who held onto their assets for 10 years or more would eventually look back on today’s prices and consider them a deal.
“If you look with a long-term view, the Sunshine Coast is still a great place to be and it’s good to get in,” said Mr Diesel.
“When you look back on these prices in 10 years, you’ll be thinking they’re fantastic and you’ll be glad you got in.
“As long as you’re not looking for the quick flip. The Sunshine Coast is going to come of age and you will see a lot of growth in the next 10 to 15 years.”
However, Mr Diesel said the age-old advice that you should buy the worst house in the best street still rang true when it came to making smart purchases.
“It’s all about position, position, position, location, location, location so you still want to make sure you’re getting the worst house in the best area, not the worst house in the worst area — that’s never a good strategy,” he said.
“But if it’s the best you can afford and the only way you can get it…try and do the best you can do,” he said.
541 Wilson Road was advertised as a “two-bedroom derelict house” suited to builders, tradespeople and serious renovators because “make no mistake, we can’t be any clearer, there is a lot of work to do here”.
The ageing two-storey Besser block and weatherboard frame had a general configuration of living and master upstairs with space for a kitchen, bathroom and bedroom downstairs.
Mr Smith said there were 11 registered bidders on auction day — from tradies to first-home buyers and families — which kicked off with an opening bid of just $50,000.
“There was quite rapid bidding to about $300,000 and then it went up in $10k and $5k bids,” he said.
Mr Smith said the successful new owner from north Queensland had extensive experience in renovating and planned to use the place as a holiday home or weekender.
Another “renovator’s delight” in Beerwah (pictured above) that buyers were warned would need “a lot of work” sold for $514,000 by Better Homes and Gardens Real Estate.
The three-bedroom shell on at 76 Roberts Road was advertised as the “best buy of 2022”.
The condition of the home was so bad that the large 881sqm lot was best viewed as a block of land as the house was virtually a knockdown.
However it was well located close to schools and not far from the Beerwah town centre which helped raise its price.
Other better quality listings at the more affordable end of the spectrum on the market or sold include:
- Offers over $249,000: 18a Washington Street, Nambour — 320sqm block of land near Nambour General Hospital
- $369,000: 25 Chancellor Village Boulevard, Sippy Downs — two-bedroom, two bathroom modern unit near shops walking distance to university
- $275,000 (sold): 17/24 Wirraway Street, Alexandra Headland — one bedroom, one bathroom, 200m to the beach
- Offers from $360,000: 82 Coes Creek Road, Burnside — large 1659sqm block to ‘build your dream home’
