Old house on double block sells for $21.5m at Sunshine Beach
A rundown house and pool on a beachfront double block on the has sold for 20 times what the owner paid for it 26 years ago.
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A rundown house and pool on a beachfront double block on the Sunshine Coast has sold for 20 times what the owner paid for it 26 years ago.
Located on sought-after Arakoon Crescent in Sunshine Beach, the property sold for an eye-watering $21.5 million on March 11.
Property records show the owner bought the block for just $1.25 million in 1996.
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“There’s only one thing in Sunshine Beach rarer than a vacant beachfront block, and that’s two,” the listing by Eric Seetoo of Tom Offermann Real Estate said.
“Once sold, the chances of repeating a double block are virtually nil, and forever is a long time to regret missing this one.”
The double block, which spans 1174sq m, has views of Noosa National Park to Mooloolaba and the ocean.
On it sits an “old run-down house & pool”, according to the listing.
Sunshine Beach is Queensland’s most expensive suburb, with a median house price of $3.345 million – $745,000 more than the second most expensive market, Teneriffe in Brisbane.
It is home to some of the state’s biggest sales during the Covid-19 pandemic property boom, including the $34 million off-market sale of a beach house on Webb Rd.
Two other Arakoon Crescent properties also yielded some huge sales last year, one selling for $14.25 million and the other for $13 million.
Mr Seetoo said the property had been on the market for 18 months, but finally sold at auction with the contract recently finalised.
“We had several offers over that 18 months but I guess the seller decided to let it go,” he said.
Mr Seeto was tight-lipped about the new owner of the property.
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