Sunshine Coast property: Villas tipped to be knocked down in auction sale

Developers and investors are tipped to spark a feeding frenzy for an old unit block at Caloundra with its owners looking to ‘cash in’ on the region’s hot residential market.

An old, standard block of units sitting on a large land bank could be demolished with developers and investors tipped to spark a feeding frenzy at auction.

The property comes in the form of four villas on a 1800sq m block near Moffat Beach and is expected to sell under the hammer next month.

The “rare” piece of real estate at 3 Rufous Ct, Caloundra was this week listed for a February 12 auction through Yianni Mooney Property.

Principal agent Yianni Mooney said inquiries had been buzzing with interest from several demographics including developers wishing to knock it down and investors looking for capital growth.

It means an uncertain future for the four rentals.

The rare piece of real estate at 3 Rufous Ct, Caloundra was this week listed for auction through Yianni Mooney Property.

“It’s a pretty rare property and the phones and emails have been going off the hook about it,” Mr Mooney said.

Core Logic data showed the property is owned by companies Denkaijay Pty Ltd and CMC English Pty Ltd, both based out of Habana, near Mackay.

The data did not contain records of previous sales.

Australian Securities and Investment Commission searches revealed the companies are directed by Teniko English and Christopher English respectively.

Mr Mooney said the owners were “cashing out” due to several “circumstances”.

He said the four villas had a current rental income of $1490/week, however, he said it could be doubled if the properties were renovated or more added on.

The rare piece of real estate at 3 Rufous Ct, Caloundra was this week listed for auction through Yianni Mooney Property.

“The owners had planned to add two more villas and renovate, which could make for a much higher rental return,” he said.

“So far, the market is clearly stronger than last year. It’s absolutely moving. They haven’t picked a better time (to sell).

“There’s strong demand and still low stock levels, I can’t see it slowing down.”

Mr Mooney said the property was too unique to put a price guide on it.

The four lowset villas come with a total of 10 bedrooms and each have a bathroom and carport.

Mr Mooney said the property had a height limit of up to 15m.

Originally published as Sunshine Coast property: Villas tipped to be knocked down in auction sale