An otherwise pristine property on the Gold Coast has sold for almost half of the suburb’s median price thanks to one hidden detail.
LJ Hooker Nerang marketing agent Jane Doogan said there was a lot of interest in the Highland Park home earlier in the year, but a building inspection saw its price plummet by more than $200,000 from its initial $700,000 valuation.
The home has three bedrooms, including an ensuite in the master bedroom. It also features two weatherproof balconies, a two-car garage and a sunroom.
“The termite damage was extensive,” Ms Doogan said.
“The problem was until you start taking all the gyprock off the walls you really don’t know the extent of the damage. It needed at least $200,000 spent on it.”
The listing has clear there was extensive termite damage at the property, explaining how extensive the damage was throughout the property.
Some damage from the termite infestation even reached the roof.
“In desperate need of love and affection, this brick and tile home in an elevated position on a 724 m2 corner block in Highland Park has huge potential,” the listing said.
The real estate said any potential homebuyers would need to put a lot of work into the property but stressed it could be a “great family home” after some serious TLC.
One buyer was able to snatch up the property for $455,000, almost half of the Highland Park suburb’s median price of $888,888.
“It gives us no pleasure selling at this price but when you’ve got a big question mark as to how much damage there is, our hands are really tied,” Ms Doogan told the Gold Coast Bulletin.
Article source: www.news.com.au
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