The eyesore between mansions that has persistently climbed in price

Like the meat in a sandwich, a Queensland eyesore between mansions is a classic case of the worst house in the best street.

The Southport fixer-upper is flanked by the “multi-million dollar masterpieces” that line the riverside street and appears to have materials missing at the rear. Proving land value, it has persistently climbed in price, trading owners twice in 2021 for a $346,000 profit after seven months, Domain records show.

The interior of 24 Yacht Street is bright and neat and the 673-square-metre block is a highly-sought pocket with the Nerang River beach at the end of the street, surrounded by design inspiration.

24 Yacht Street, Southport, Queensland

The tired old property at 24 Yacht Street, Southport, is in an area with multi-million dollar homes. Photo: Domain

“Whether you landbank and wait for the right opportunity or roll up your sleeves and get to work on designing and building your dream home or development you simply can’t go wrong with a location like this,” the listing, on the books of Amir Prestige agency, says.

Pricefinder records show the property’s last two transactions were for $880,000 in February 2021 and $1,226,600 in September that year.

The 332-square-metre house faces north east and has five bedrooms over two levels, with the upstairs dedicated to welcome bonuses – a rumpus room and patio, plus a second living space and a wine cellar.

A large study is also on this second floor.

The backyard has a lush lawn and a pool but the rear of the property needs TLC. Photo: Domain

The ground floor contains three of the bedrooms, a lounge, dining room and kitchen, a bathroom with a corner spa, and a mixture of timber flooring and cool tiles to combat the Surfers Paradise heat.

The ceiling is timber lined, speaking to a provincial or Hamptons style, and the palette is crisp and neutral.

The front of the property – including the nature strip and driveway paving – will need a tidy.

A backyard pool is surrounded by concrete but does not have a fence.

The address is near to the buzzing Southport CBD. The highly-regarded boys’ college, The Southport School, is 1km away (or a 13 minute walk from Yacht Street).

Southport’s median house price is $840,000, according to Domain’s latest House Price Report (December 2022), representing a 12.1 per cent increase over 12 months and 48.7 per cent over five years.

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