Gold Coast real estate: This is what half a million buys you now

1 Government Road, Labrador, sold for $560,000 with multiple offers, and phone calls still coming about the property.

Boarded up, falling apart, musty, with tarpaulins to keep out the weather, this is how much house half a million dollars buys you on the Gold Coast now, and for many it’s their last hope to get in.

Rundown “renovator” properties such as these are among the hottest listings on the market on the Gold Coast right now, according to real estate agent Mason Niari of L J Hooker Paradise Point.

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Double lockup garage: Tick!

He sold this home at 1 Government Road, Labrador, for $560,000 after being inundated with interest. Buyers, he said, had one shot to make their best offer and the best terms were taken.

“That is the market,” he said. “I actually had multiple offers on it.”

“It is an indication absolutely of the market here. I don’t think we’ve had this sort of boom before.”

Two kitchens in this property, one upstairs … tick!

And the second kitchen downstairs … tick!

He said on the coast you could still find duplexes under $500,000 but not many houses unless they needed serious work or were in tiny pockets.

“You might be able to buy really run down houses. You can’t get a house for that now unless it’s on a very small block of land.”

Mr Niari said it was no surprise that the market was hungry for the coast.

“It makes sense we’ve got everything here, people can work from home now. I’ve since had an investor from Sydney who was so desperate to have it but I told her it was already under contract.”

Extra undercover parking.

The young couple that were successful with the terms of their $560,000 offer were among buyers who were totally unfazed by how derelict the property was.

“It settled last week. Most of my listings sell pretty quick. I wish I had 10 or 15 of those houses and I would have sold them all.”

Potential plus in the backyard.

And heaps of room in the side yard too …

Anything close to the water, shopping centres and the like was in demand regardless of what state the house was in, he said.

“People do see potential with that. A lot of people who can do the work themselves cost effectively are keen.”

The rundown five bedder at 1 Government Road, Labrador, was a deceased estate sale that settled on Thursday for $560,000, which was $40,000 less than the median house price ($600,000) for the suburb, and $95,000 less than the median price for four bedders there.

According to realestate.com.au, Labrador has 46 properties available for rent and 178 properties for sale with medians over the last year ranging from $600,000 for houses to $382,000 for units.

Calls are still coming through for this property.

“If you are looking for an investment property, consider houses in Labrador rent out for $430 per week with an annual rental yield of 3.7 per cent and units rent for $400 per week with a rental yield of 5.4 per cent. Based on five years of sales, Labrador has seen a compound growth rate of 4.6 per cent for houses and 2.7 per cent for units,” it said.

The property was billed as the “perfect renovator” and on paper still reads as a five bedroom, two bathroom, four car space home – something the buyers were no doubt keen to get stuck into.

Look at how close that shopping centre is, a buyer’s dream come true.

“Being established so close to all the amenities and the stunning Broadwater, this property offers a huge potential for the buyer who’d like to either renovate to their standards and/or to add value to the property.”

The solid brick structure had three bedrooms upstairs and two downstairs, with one bathroom on each level, two kitchens and a large laundry plus double lockup garage and a solar panel system.

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