Waterfront apartments for only $50k, but there’s a catch

Waterfront apartments at a Queensland island resort are selling for a staggering $50,000 in what could be Australia’s biggest real estate bargain.

Waterfront apartments at a Queensland island resort are selling for a staggering $50,000 in what could be Australia’s biggest real estate bargain.

But there’s a catch: buyers will have to make do without power, water or sewerage, for now at least.

The studio apartments are in the strife-torn Couran Cove Island Resort on South Stradbroke Island which is at the centre of a bitter body corporate dispute.

Couran Cove. Picture: Nigel Hallett

The row has led to services to homes on the island being cut off and the luxury former eco-resort has been shuttered.

Real estate agent Critton Astras, who has been selling property at Couran Cove for about 10 years, said he believed prices had now bottomed and he was selling waterfront studio apartments for as little as $50,000 as buyers take a punt on services being restored.

“I’ve sold more than 20 studio apartments on the lagoon for between $50,000 and $90,000 over the last two months,” said Mr Astras, of Astras and Bond Estate Agents.

“It’s the cheapest real estate in Australia, if not the world, especially given it’s on the water. You’d be hard-pressed to buy a mobile home for $50,000.

A generator powers an eco-lodge at Couran Cove. Photo: Greg Stolz.

Residents now without power, water, sewerage at Couran Cove. A wallaby enjoying the beach in front of the complex. Picture Glenn Hampson

“A lot of new people including young families are snapping up the studios because they see an opportunity. They believe everything at Couran Cove will come good soon.”

Mr Astras said there were rumours the infrastructure could be switched back on before Christmas “but it’s just whispers at this stage”.

“Nothing is confirmed and while there’s uncertainty, it’s still a risk – but quite a few people are prepared to take that risk,” he said.

Couran Cove. Picture: Nigel Hallett

Many residents and holiday-makers fled Couran Cove after their power, gas and water

were cut in February amid the bitter body corporate dispute. The sewerage system was

shut off in June.

Dozens of residents who remain at the resort have vowed to stay put and live off-the-grid using water tanks, generators, solar panels and gas bottles.

The complex body corporate dispute has been the subject of multiple court cases.

The marina has been closed for several months.

Originally published as Waterfront apartments for only $50k, but there’s a catch