AUCTION: Million dollar home fails to sell under the hammer

Potential buyers urged to act fast, with negotiations under way

AUCTION: 24-26 Cokas Ave, Meikleville Hill, went under the hammer on Saturday. Picture: realestate.com.au

WITH some of the best ocean views on the Capricorn Coast, this million-dollar mansion passed-in under the hammer over the weekend.

24-26 Cokas Ave, Meikleville Hill went up for auction Saturday to a crowd of 12, including two registered bidders.

Although the coastal home did not sell under the hammer, RMW Property Agents Yeppoon principal Rory Wex said negotiations were under way.

AUCTION: 24-26 Cokas Ave, Meikleville Hill, went under the hammer Saturday. Picture: realestate.com.au

"There was an opening bid of $750,000, and then a vendor bid of $900,000 and then the property was then passed in at $1.125 million," he said.

"We have had immediate interest from two parties after the auction.

"Due to the price range of the property a lot of people need to sell first. The seller understands that and is willing to work with buyers.

"There is interest there at the moment from buyers, but the seller is keen to work with anyone moving forward.

Rory Wex Principal / Property Agent RMW Property Agents

"I am confident we will have a result soon."

Mr Wex said there had been much interest in the property before it went to auction, with 30 groups taking in what the home had to offer.

"I was really impressed with the numbers we had through the home and on the day," he said.

"It is a sure sign the higher end of the market is moving."

AUCTION: 24-26 Cokas Ave, Meikleville Hill, went under the hammer Saturday. Picture: realestate.com.au

Spread out over two levels of luxury living, the 1244sqm property has five bedrooms, three bathrooms and north facing views towards Corio Bay and Byfield.

Mr Wex said now was the time for buyers to act.

"It's never been more affordable to loan money," he said.

"With the rental market constricting to record rates on the Coast, now is the time to act before you miss the boat."

Originally published as AUCTION: Million dollar home fails to sell under the hammer