Hidden detail knocks $250,000 off Gold Coast home's price: 'Gives us no pleasure'

·2-min read

A new homeowner on the Gold Coast managed to snap up a home for roughly half of the suburb's median price.

Back before the Highland Park home sold back in July this year, there was a lot of interest in it, LJ Hooker Nerang marketing agent Jane Doogan told the Gold Coast Bulletin.

She said there was an initial contract that had the home for $700,000, however following a building inspection, that price just wasn't viable.

A home on the Gold Coast was found to have extensive damage thanks to termites. Source: realestate.com.au
A home on the Gold Coast was found to have extensive damage thanks to termites. Source: realestate.com.au

“The termite damage was extensive," Ms Doogan said.

“The problem was until you start taking all the gyprock off the walls you really don’t know the extent of the damage. It needed at least $200,000 spent on it.”

Due to the damage, the price was drastically lowered. Source: realestate.com.au
Due to the damage, the price was drastically lowered. Source: realestate.com.au

Listing promises 'huge potential' for damaged home

The listing didn't hide the fact there was extensive termite damage, saying the damage was spread throughout the property including on the roof truss.

"In desperate need of love and affection, this brick and tile home in an elevated position on a 724m2 corner block in Highland Park has HUGE POTENTIAL," the listing said.

All the potential homebuyer would need is a vision, as it could be a "great family home".

The home has three bedrooms, with an ensuite in the master bedroom, along with two covered balconies, a sunroom and a two-car garage.

Despite the damage, the home has the potential to be a
Despite the damage, the home has the potential to be a "great family home". Source: realestate.com.au

Clearly, someone saw the potential as the home was snapped up for $455,000.

“It gives us no pleasure selling at this price but when you’ve got a big question mark as to how much damage there is, our hands are really tied,” Ms Doogan told the Gold Coast Bulletin.

The home was reportedly purchased by a man from the Gold Coast.

According to realestate.com.au, Highland Park's median house price is $888,888.

Do you have a story tip? Email: newsroomau@yahoonews.com.

You can also follow us on Facebook, Instagram, TikTok and Twitter and download the Yahoo News app from the App Store or Google Play.