Unit block in tightly held Gold Coast street fetches $2.04 million at heated auction

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The unit block at 7 Awoonga Ave, Burleigh Heads sold under the hammer for more than $2 million.

A WATERFRONT apartment block in one of Burleigh Heads’ most tightly held streets has new owners for the first time in almost 30 years after being snapped up at a highly anticipated auction.

About 100 people gathered at the Awoonga Ave property to watch it go under the hammer on Saturday, with many spilling onto the street and into the park across the road alongside Tallebudgera Creek.

The bidding kicked off at $1.5 million then climbed in mostly $25,000 and $10,000 increments.

Almost 100 people attended the auction.

Prior to the auction, the block had been owned by the same family for almost 30 years.

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It came down to two bidders before the hammer fell at $2.04 million, which marks a record price for the street.

A local couple scored the keys and were congratulated by onlookers before being whisked away to finalise the deal.

They told the Bulletin they had fallen in love with the area after moving from Perth about six months ago.

“You’ve got to have the right position, anything in front of water is great,” said the couple, who wished not to be named.

“We don’t have any immediate plans for it so we’ll just sit and hold it and see what the future brings.”

It was always going to be a fierce competition, with 17 buyers vying for the three-unit block.

Ray White Broadbeach agent Troy Fitzgerald, who marketed the property with Jared Malan, knew there were several interested buyers but was surprised at the number of those who registered to bid.

“I didn’t expect 17 registered bidders, I was sort of thinking it would be between 10 and 15,” he said.

“There was one guy on the phone who was on holidays bidding from Bali, the rest were all there.

Its sale price marks a record for its street.

“There were a few people that got registered who didn’t even come through the property.”

He said its tightly held position in popular Koala Park overlooking Tallebudgera Creek and within walking distance of the beach, Burleigh Heads National Park, cafes and Burleigh’s bustling James St was what made it so attractive.

Property records show the brick block last sold in December 1991 for $360,000.

Mr Fitzgerald told the Bulletin last week the seller was initially from Melbourne and used the property as a holiday house before later moving to the Coast.

It has two two-bedroom units on the ground floor and another three-bedroom unit upstairs, with two covered carparking spaces and a communal laundry between them.

The property is one of two on the street that has sold in the past six years.

The house at No. 33 was the last to sell, fetching $1.196 million in 2016.

The previous street record was set by the house at no. 13 when it sold for $1.265 million in 2007.

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