Kirra gem auction

By LEONIE BRANN

UNIQUE is a description often used by real estate agents, but in the case of a block of units near Kirra Beach to be auctioned this Saturday it does seem apt.

With the property market on the southern Gold Coast flying high despite a slowdown further up the coast, a block of units on one title, not divided by strata, and just 200 metres from Kirra Beach, should be expected to fetch a handsome price.

But agent for the 569-square-metre property at 16 Haig Street Kirra Beach, DJ Stringer Property Services principal David Stringer, said he expects it to sell for between $1-$1.2 million.

This price might not be spare change for most buyers, but with an anticipated gross annual rental income of $65,000 when the units are refurbished, plus residential zoning that allows buildings up to seven storeys, the possibilities for the block of six, two-bedroom units, does seem endless.

Inquiry into the property has been running hot, with small to medium investors and family consortiums showing interest, Mr Stringer said.

"During the last five weeks of marketing we have had about 150 genuine enquiries," Mr Stringer said yesterday.

"I expect there should be about eight to 10 strong bidders (at the auction) who have said they are willing to spend more than $1 million.

"It just shows interest in property in this area is still quite high, because Kirra is the last place between Surfers and the border that has not really been developed yet."

Mr Stringer said in his five years selling real estate in the area, during the heights of the Gold Coast boom, this is the first time a single-hold property of this kind had been on the market.

"Other comparable properties in the street are strata titled, with the units selling for about $260,000 each," he said.

The auction will be held on site on March 4 from 2pm, with inspection open from 12.30pm.



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