Agents have hailed the $1.175m price obtained for cricketer Shane Watson's Gold Coast investment pad as a good result, despite it selling for less than what he paid for it in 2006.
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The luxury Lavarack Road villa at Mermaid Beach was bought by a Gold Coast family on Saturday, representing a loss of $165,000 to Watson, who bought the property off-the-plan for $1.34 million.
The property attracted plenty of attention during its five-week marketing campaign, with 86 viewings.
There were plenty of spectators at the auction and the pre-sale viewing and, though the marketing agent was expecting up to five buyers to compete for the property, only one registered on the day, starting the bidding at $1 million after several minutes of prompting by the auctioneer.
After a brief negotiation, during which the auction was paused, the the male buyer increased his offer to $1.175 million, securing the property, which he and his family will now call home.
The reserve was not disclosed by the marketing agent.
The luxury townhouse, located in the Malibu on Lavarack development, was bought by Mr Watson and his wife, journalist Lee Furlong, in 2006.
Despite the loss, marketing agent Chez Fraser of Luxury Property Selection Broadbeach said the result was excellent in the current market, signalling a post-GFC real estate reinvigoration.
"I think we have to bear in mind that in 2006-7 is when we hit a peak (in the market), so it sort of built up from 2005 to 2007 and was in a very high incline and that's certainly come back," Ms Fraser said.
"I think it was a very good result given rule of thumb percentages in what we're achieving in the market at the moment we've certainly come back to a greater level than we were two years ago.
"Without question the market on the Gold Coast is experiencing a resurgence. I think when you compare what you can get up here compared to what you can get down south there is more bang for your buck.
"We're getting northern, southern and international buyers. There's definitely a resurgence."
Auctioneer Dane Atherton said the sale "was a great result", with Mermaid Beach proving to be a real estate hot spot.
"If you extrapolate the percentage decline that some properties have had from when he (Mr Watson) purchased it he's actually done really well. It's a really good result from that point of view," Mr Atherton said.
"Mermaid Beach is hot at the moment, in terms of the market and new stock that's coming on is really limited.
"There's a real air in the market, a sense that we're building to something with the Commonwealth Games and a lot of key infrastructure projects.
"There's been huge amount of buyer inquiry so at the Gold Coast it really is a great time to be getting into the market."
The property is located around the corner from the beach, Hedges Avenue - aka "millionaire's row" - and the hip Nobbys Beach precinct, with its bars and designer stores.
With four bedrooms, three bathrooms, powder room, teenage retreat and four-car garage, the Daniel Veitch designed property is finished to a high standard.
Boasting 366sq m of internal space and 173 sq m of outdoor living space the villa was bought as an investment property by Sydney-based Mr Watson, attracting about $900 to $950 in rent a week.
Last month a home on nearby Ocean Street sold for $1.8 million, in May a Francis Street property sold for $1.325 million and in March another Ocean Street dwelling made $1.405 million.
