Gold Coast couple “downsize” to a Sanctuary Cove mansion
A GOLD Coast couple has splashed almost $3 million on a riverfront mansion that is considered a “downsize” from their previous beachside home.
The sprawling Sanctuary Cove residence occupies an 822sq m block on Riverside Drive.
Marketing agent Stephen Cone, of LJ Hooker Broadwater, said the buyers snapped it up for $2.75 million soon after selling their previous home.
“The buyers … sold their property in Main Beach and wanted to buy in Sanctuary Cove,” he said.
“It’s a downsize for them, they had a pretty big place in Main Beach.”
The two-storey residence has four bedrooms and three bathrooms as well as multiple living areas, balconies and a study.
Its outdoor entertainment area with pool and spa overlooks the picturesque Coomera River and Coomera Island.
Mr Cone said the home’s position was ultimately what attracted the buyers.
“There are not a lot of blocks of land available like that, it would have been the position and the aspect,” he said.
“It’s the first time they have ever moved onto the water.
“They’re going to do some renovations to the place just to make it slightly more in-line with today’s standards.”
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Property records show the house had been on the market for more than two years before it officially changed hands last week.
Mr Cone said the sellers were relieved by the time it sold.
“They used it as a holiday home but due to health reasons … they needed to sell it,” he said.
Mr Cone said the sellers planned to buy an apartment on the Gold Coast instead.
The Sanctuary Cove residence hit the market in February 2017 with a $3.85 million price tag, according to CoreLogic data.
It wasn’t until the price was significantly reduced in December last year that Mr Cone started to see solid interest in the property.
“Once we marketed it under $3 million, it got snapped up pretty quick,” Mr Cone said.
“I had an offer of $3 million on it about a year ago but the sellers weren’t prepared to take that then.”
It sold for the sellers’ final asking price.
Mr Cone said despite the Coast property market slowing slightly in recent months, Sanctuary Cove and Hope Island were performing well.
“It appears to be still fairly buoyant,” he said.
According to latest CoreLogic market trends data, Hope Island’s median house and unit prices are continuing to climb.
Data to December shows the median house price has jumped 12.8 per cent to $970,000 over the past year while the median unit price has increased 2.4 per cent to $542,500.