Waterfront properties for sale at Couran Cove Island Resort, South Stradbroke Island from $79K
A real estate agent says there is no better time to snap up the country’s cheapest waterfront properties, situated just a 20 minute boat ride from the Gold Coast, before prices skyrocket.
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A real estate agent says there is no better time for investors to snap up the country’s cheapest waterfront properties, situated just a 20 minute boat ride from the Gold Coast, before prices skyrocket.
But be warned, these South Stradbroke Island beach shacks come with a few drawbacks.
Highly publicised body corporate disputes have caused property prices to plummet in South Straddie’s Couran Cove Island Resort.
A waterfront studio apartment here has a discounted price tag of just $79,000.
A waterfront two bed beach lodge will cost you $190,000 and a four bed, two-storey villa will set you back $275,000.
Critton Astras, of Astras & Bond Estate Agents, said these properties were purchased “off the plan” more than 22 years ago for almost three times their current selling price.
He believed the body corporate disputes plaguing the island community – resulting in hundreds of properties having their water, power and gas services switched off – should be resolved soon.
“There has never been a better time to purchase a property on the island,” Mr Astras said.
“These properties are currently the best value waterfront properties in the country.
“When the current body corporate issues are resolved, we will see body corporate fees decrease and property values quickly rise to match their true value.
“I am confident that Couran Cove will return to its original glory days.”
Properties at the neighbouring Couran Point community, which do not have body corporate disputes, are selling from upwards of $1.5m.
Mr Astras said he had sold five Couran Cove properties in the past fortnight to buyers from Queensland, NSW and Victoria who intended to live or retire on the island in the future.
The agent said he had been “very clear” with all potential buyers in disclosing the reasons behind the bargain prices.
“The attraction for most buyers and owners is an incredible lifestyle opportunity in a pristine southeast Queensland island location, just off the coast from major metropolitan hubs,” he said.
“You can holiday or permanently live on the island.
“It is a lifestyle you just can’t compare to anywhere on the Gold Coast.
“Anywhere else in the world, you would have to travel many miles to see such tranquil beauty on such an isolated island.”
Mr Astras has been selling properties on the island for more than 10 years, resulting in more than 200 sales.
“Over the years, I took the time to build relationships on the island and have kept up to date with all the disputes that have been going on,” he said.
Essential services were cut off to hundreds of homes in Couran Cove on April 17 due to alleged unpaid body corporate fees.
In a letter to owners, Couran Cove service provider Simon Napoli alleged more than $25m was owed.
There are five bodies corporate involved on the island, with complex court proceedings playing out over the alleged millions of dollars in unpaid fees.
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Originally published as Waterfront properties for sale at Couran Cove Island Resort, South Stradbroke Island from $79K
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