Why this century old home ‘with a distinctive red roof’ is about to sell for $11million – and it’s not even in Sydney
- Century-old home could sell for $11million at Burleigh Heads, on the Gold Coast
- The three-bedroom house was built in 1922 and sold for just $49,000 in 1977
- Plenty of interest has been drawn from developers as house overlooks the ocean
- Current owners bought property for $7million after three years of bargaining
A century-old home that is known for its distinctive red roof could be sold for $11million.
The house, which was built in 1922, sits on 546 square metres of land at 10 Goodwin Terrace in Burleigh Heads, on the Gold Coast.
Owners Brian and Lauren McMaster bought the three-bedroom home for $7million in 2020 and planned to build a standout family home in its place.
The location of the home, which overlooks the ocean, has drawn plenty of interest from buyers who see it as a prime opportunity for residential development.
The house, which was built in 1922, sits on 546 square metres of land at 10 Goodwin Terrace in Burleigh Heads, on the Gold Coast
The location of the home, which overlooks the ocean, has drawn plenty of interest from buyers who see it as a prime opportunity for residential development
The McMasters are currently in talks with property investment company Spyre Group and have placed the home under contract for $11million, Gold Coast Bulletin reported.
Real estate Amir Prestige is overlooking the deal though has remained tight-lipped on any further details.
The $11million price tag breaks down to $20,146 a square metre for the property, smashing the residential site record that sat at $18,541.
The price of the house has grown astronomically since it was built in 1922.
The original owners sold it for just $49,000 in 1977 and changed homeowners several times, each time raising the market price.
Engineer John Howe bought the then-two bedroom home for $3.9million in 2005.
He added a third bedroom under the house before selling it for $4.75million in 2016.
Distribution service owner Jay Mcphee bought the house and resisted offers from the new home owners for three years before finally caving to pressure.
Distribution service owner Jay Mcphee bought the house and resisted offers from the new home owners for three years before finally caving to pressure
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