Unique coastal property snapped up before auction
BIG PLANS are in the works for a unique coastal property, which has been snapped up three weeks before auction.
22 Adelaide St, Yeppoon, went under contract on Thursday for $840,000, after less than two weeks on the market.
It was scheduled for auction on October 12.
The 647sqm renovated home, situated in the heart of the Yeppoon CBD, featured two bedrooms, one bathroom and picturesque views of the ocean.
Anna McPherson, Yeppoon Real Estate sales specialist and assistant to lead selling agent for the home Adam Cook, said there was an overwhelming amount of interest in the home, with more than 25 groups inspecting the property while it was on the market.
Ms McPherson attributed this interest to the prime location and development potential the block offered.
She said the buyer had big plans for the property.
“The property itself, subject to council approval, has the potential to develop,” she said.
“The current purchaser is going to be using the property as an Airbnb and land banking it for the future.
“They purchased it for the development potential of the block.
“It’s such a blue-chip piece of real estate, and properties along Adelaide St with those sort of development potentials don’t come up often.”
Ms McPherson said the owners were over the moon with the result.
“It wasn’t the owner’s permanent residence,” she said.
“They have enjoyed it as a holiday home and are excited for it to go to someone else.
“It was in the realm of what they expected and what they wanted to achieve for the property.
“We had expected this level of interest. You just never know with these campaigns because some people like to take it to auction.
“But the buyer didn’t want to miss out on it due to the level of interest, he was keen to put it under contract and did what he had to.
“If he didn’t buy it, I am confident we would have been able to sell it to a lot of other people for the same price.”
Ms McPherson said this sale was another example of the rising positivity in the Yeppoon market.
She said there had been an increased level of activity in the last couple of weeks.
“Adam Cook and I have put six properties under contract in the last two weeks,” she said.
“However, we haven’t seen a sale of that calibre or price for a long time.”
With rental vacancy rates sitting at almost zero per cent, Ms McPherson said this was pushing people towards the sale sector.
“I think that people know property prices are only going to go up and are really keen to get into the market before that happens,” she said.
“There is a shortage of houses for sale now at Yeppoon and that is driving prices up.
“But Yeppoon has never looked so good and we are seeing a lot of families moving to town from out west and smaller communities because of the great facilities on offer.”