Australia’s crazy property market rolls on as waterside tennis court sells for more than three times the median house price in Brisbane
In a sign that Australia’s property market is getting even crazier, a tennis court in Queensland has sold for a crushing price of $2.9 million.
The tennis court is located on a 1,000 square meter block on Virginia Drive in the Gold Coast suburb of Hope Island.
Priced at $2.9 million, the tennis court sold for three-and-a-half times Brisbane’s average house price of $818,000.
The tennis court was advertised by Professionals Vertullo Real Estate as ‘a great opportunity to secure a fantastic waterfront block situated on the Grand Canal with a beautiful northerly aspect.’
In 2010, the original owners purchased two adjacent 1,000-square-foot blocks for $1 million each.
They built a house on one block and the tennis court on the other.
Priced at $2.9 million, the tennis court sold for three and a half times more than Brisbane’s average house price of $818,000.
In 2010, the original owners purchased two adjacent 1,000-square-foot blocks for $1 million each.
Broker Cassie Jiang of Professionals Vertullo Real Estate shared real estate.com.au this was the first time she had ever sold a tennis court.
“Buyers are willing to pay a premium for land in Sanctuary Cove and Hope Island Resort,” Ms Jiang said.
Ms Jiang said there are not many vacant blocks left in such a prestigious area.
“Buyers will see the blocks on offer and will buy them and buy a land bank,” she said.
Ms Jiang said there are not many vacant blocks left in such a prestigious area
Hope Island Resort, which makes up a large part of Hope Island, is a gated community with 24-hour manned security
Located at the northern end of the Gold Coast, Hope Island is known for its canals, golf courses and luxury waterfront homes.
The suburb is billed as a mecca for boating and golf enthusiasts.
Hope Island Resort, which makes up a large portion of Hope Island, is a gated community with 24-hour manned security.
The resort features facilities such as a marina, semi-Olympic swimming pool, golf course, tennis and 24-hour security.
Ms Jiang said the buyers of the tennis court were Gold Coast residents and planned to build a house on the property.