Sold for $910,000 on 28 September 2020
ONE of the last few remaining home sites in beautiful Cotton Tree, it’s no wonder the auction for 86 Beach Parade attracted so much attention, with 16 registered bidders fighting it out to secure the unique property last weekend.
“It’s the type of property that is very tightly held. A lot of people in the area have lived there for decades and rightly so. Cotton Tree offers such a great laidback lifestyle yet it’s just a short walk to the new CBD, Sunshine Plaza, river, surf and cafes,” says agent Reuben Park.
Sold under the hammer on Saturday, 26 September for $910,000, it was a great result for both Reuben and the owner, who first met five years ago.
“We did try and auction the property before Christmas in 2016 and at that time the market didn’t have enough confidence and we felt there would be a better result if we waited. We kept in touch and when the timing was right, the owner decided to proceed with the sale and a quick auction campaign started three weeks before we sold it,” says Reuben.
Set on a corner block on iconic Beach Parade, and just metres to the water, the unique duplex attracted both local and interstate buyers as well as other local real estate agencies who recognised the forecasted growth in the blue-chip suburb.
“We had lots of local interest as well as interest from Brisbane and NSW, so the marketing had gone far and wide. We also had real estate agents from other agencies who knew the area well and knew it would grow in value, as well as local business owners, builders and small-scale developers.”
Reuben says going to auction was always the plan for this property due to its unique nature and level of interest it was certain to attract.
“We knew an auction would provide us with a good pool of potential bidders and secure a strong cash contract,” he says.
“We also knew that due to the unique nature of the property, it’s difficult to find comparable sales and nominate a price someone might pay. We felt removing the price and letting the market decide was the best option for the owner.”
There was an air of excitement on auction day, with lots of locals and friends of the owner coming along to offer moral support. The nail-biting bidding war resulted in a local couple securing the property, with plans to renovate and reap the rewards.
“It was an exciting bidding war that came down to our local buyer and a Sydney buyer. We started at $900,000, with bidding to follow in $1000 increments. It sold under the hammer for $910,000.
“It’s a long-term investment for them. They are going to renovate the block of flats and put tenants in and then wait and see what the next 10 years holds for them.”
Due to take possession of the property in early November, the couple are looking forward to spending Christmas in their new home.
“With the Christmas deadline looming if you are looking to buy, settle, move in and get things to your liking before then, now is the time to act,” says Reuben.
And with the market so red-hot right now, there’s never been a better time to sell!
Written by Ingrid Nelson