The elderly owner of this original Broadwater property thought she was sitting on a goldmine.
After approaches by developers last year, Sheila Single expected her 1971-built house on a 933sq m block to fetch $3 million.
But now the humble Biggera Waters home has been listed for 118 days, and its asking price knocked back to $2.55 million as the property market starts to cool from Queensland’s pandemic boom.
Marketing agent Jess Hamilton, of Coast to Country Real Estate, said the decision to drop the price was made as the construction crisis caused developers to pull back, amid soaring material costs and labour shortages.
The three-bedroom property at 8 Brighton St is zoned for medium density residential development up to 15m in height, and is one of the last remaining original homes on the block.
Its location just 300m from the picturesque Broadwater had prompted inquiries during the pandemic, with the area’s landscape now dominated by multi-level apartment towers.
“They’re not making any more land on the Gold Coast so a development site of nearly a quarter of an acre, only a stone’s throw from the water, is a rare find indeed.”
Ms Hamilton said the property had been held by Ms Single’s family for 55 years.
“The owner is an elderly lady who is looked after by her daughter,” Ms Hamilton said.
“They know they are not going to be able to live in the house much longer. It is quite an old property so they are not looking for someone who is just going to buy it to move in — they know it has to go to a developer.”
The location offers easy access to Southport and Surfers Paradise with public transport connections including light rail.
“You would be hard-pressed to find a better small-scale development location on the Gold Coast,” Ms Hamilton said.
REA PropTrack data shows the median house price in Biggera Waters was up 34 per cent since last year, to $1.1 million.
Ms Single planned to move to acreage on the Sunshine Coast.
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