Gold Coast home’s multimillion-dollar sale sets a new trend for its street

first_imgMore from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago MORE NEWS: The reno that needs to be seen to be believed The Broadbeach Waters house at 17 San Michele Court has sold for $2.25 million.THE multimillion-dollar sale of a Hamptons-inspired home heralds the beginning of a trend that will transform its waterfront street.The refurbished Broadbeach Waters residence at 17 San Michele Court was snapped up for $2.25 million this month.It marks a record for the street, bettering the $2.05 million sale of No. 14, also a newer home.Property records show both sales are a far cry from the modest $200,000 that was paid for the house at No. 13 in 1993.There are less than 20 houses on the short canal-front street, a few of which have been redeveloped into million-dollar modern mansions. A number of newer, more modern properties on the street have increasingly been selling for more than $1 million in recent years.John Reid Real Estate agent Kurt Reid said San Michele Court was leading the charge when it came to redevelopment in the pocket bordered by Monaco St and Rio Vista and Poinciana boulevards.“Of all those streets in there, that one is the most developed area,” he said.“Any time anyone spends money in the street, it does (surrounding homeowners) favours.”He said the house at No. 14 set a precedent when it changed hands in January last year and the most recent sale indicated it would become a trend. MORE NEWS: Imagine living in a modern work of art The house’s sale price marks a record for its street. Mr Reid and Nic Whitehead sold the five-bedroom house at No. 17, which was marketed by colleagues Rod and Cheryl Martin.He said Victorian buyers who were living rurally snapped up the impressive two-storey house. “They’ve always had a base here but not on the water,” he said. “We took them through and they loved it.“They’re going to use it for the family with the hope of making it a permanent home in a year or so.”center_img It is the second property on the street to sell for $2 million. Local agents say the big sales herald the start of a new trend in the area.CoreLogic data shows the house had been on the market for about seven months before the John Reid agents took over the marketing in May.Mr Reid said they fielded a lot of inquiries in the lead up to its sale.Vendors John and Judy Sullivan bought the property in 2015 with the intention of renovating.“As soon as we saw it we knew it was special and we bought it straight away,” Mr Sullivan said in June.“It was just an old house with a big apron around it and a flat roof, but we totally rebuilt the place. We brought it back to bare bones.”They redesigned it with towering windows to frame the picture perfect panorama of the Glitter Strip’s glistening skyline.“More or less, the property was inspired by where it was,” Mr Sullivan said.“We tried to frame everything into the glass.”Latest CoreLogic data shows the median house price in Broadbeach Waters has jumped 40.3 per cent in five years to $1.14 million. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenTop tips for sellers in Spring00:50last_img read more