West Gladstone mortgagee home sold for $500,000 loss

A West Gladstone, Queensland mortgagee house has sold for $335,000, 40% of its previous sale price.

It saw a loss of $515,000 over 11 years since it transacted for $850,000 in 2008.

Luke Watts of Elders Real Estate held the listing.

Situated at 12 Piper Street, the four bedroom two bathroom house sold after 530 days on the market.

After one unsuccessful auction in May 2018 the home was listed with an asking price of $380,000, reduced to $370,000 in June 2018 and $349,000 in June 2019.

The four bedroom, two bathroom house was constructed in 1990.

Set on 810 sqm the home features sprawling views of Mt Larcom and the harbour.

The home has a two car garage.

The median price for a home in West Gladstone is $182,550 according to CoreLogic, which calculate its annual change in median price over the past 10 years as -5.8%.