| 23 January 2013

Property investor opportunities amid Gold Coast mortgagee auction listings

Property investor opportunities amid Gold Coast mortgagee auction listings

It's not just luxury homes for mortgagee auction on the Gold Coast this weekend. Property investors have the opportunity to snap up 14 Gold Coast units up for mortgagee auction this Sunday.

The one- and two-bedroom Southport apartments, held by the same owner, are listed under mortgagee instruction through Jackson Paradise at Ray White Prestige real estate.

The 14 Kensington On The Park apartments were last sold in 2006 in one line for $3.46 million.

Recent sales in the block of 75 include a ground-floor one-bedroom unit in the same complex that sold for $160,000 last year – and at $244,000 in 207 and at $230,000 in 2003. There was also the sale of a two-bedroom that sold for $305,000, having last sold $290,000 in 2003.

A one-bedroom unit was recently listed with $199,000 hopes, though it appeared not to sell before being withdrawn from sale. It had traded at $265,000 in 2007 and been rented at $295 a week in 2010.

A two-bedroom apartment, which rents at about $340 a week, has been listed at $275,000.

The average Southport apartment is on the market for more than four months before finding a buyer, according to RP Data.

The median sale price of units in Southport has dropped 10.3% in the last year and is now $305,000.

The properties are two blocks from the ocean with communal pool and outdoor entertaining areas.

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