A SYDNEY investor has beaten competition from first-time buyers to secure what was the Gold Coast’s most affordable house.
A four-bedroom, two-bathroom freestanding house at Arundel listed for ‘offers over $399,000’ has created a frenzy of interest among first-time buyers and investors.
A freestanding house at 10 Melastoma Way, Arundel was listed for offers over $399,000.
The house at 10 Melastoma Way featured in the top 10 most-viewed residential properties in Queensland last week and is the only house on the Gold Coast in the sub-$400,000 bracket.
“We’ve had heaps of inquiry,” said McGrath agent Jake Albertson.
“The line up at (last) Saturday’s open home ran well out the door. We had 25 groups go through.”
Three written offers were made this week, with a Sydney investor beating two first time buyers to sign a contract on Thursday for an undisclosed figure over the asking price.
The property is rented to a secure tenant at $530 a week.
First time buyers were up against investors to secure the Arundel house.
With houses at Arundel fetching a median of $655,000, Mr Albertson said the price, location and a back yard were major selling points for the property.
But there was one catch – the house on 343 sqm is located within an estate with body corporate fees of $67 a week.
“The estate provides access to the resort pool, spa, a large barbecue area, kids playground, gym and function room which are all maintained for you,” Mr Albertson said.
The outdoor area was appealing for the price.
First-time buyers have been active during the pandemic period, with record low interest rates, government incentives and low competition from investors working in their favour.
June property data reveals houses at Pimpama are the most budget-friendly with a median sale price of $470,000.
Houses at Nerang sell for a median $477,250 while Upper Coomera also comes in under $500,000 with a median sale price of $495,000.
Those looking to snare a home for under $530,000 should consider Ormeau, Coomera, Ormeau Hills, Coombabah and Oxenford, while houses at Highland Park, Jacobs Well and Merrimac sell for around $555,000.
Top 10 entry level suburbs*
Pimpama $470,000
Nerang $477,250
Upper Coomera $495,000
Ormeau $507,500
Coomera $512,500
Ormeau Hills $515,000
Coombabah $525,000
Oxenford $530,000
Highland Park $555,000
Jacobs Well $556,000
* Based on median house sale prices in suburbs with more than 25 sales in 12 months.
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