Surfers Paradise mortgagee unit sold for $50,000 below asking price

A one bedroom Surfers Paradise, Queensland apartment has been sold for $440,000.

The one bedroom one bathroom property was listed most recently with an asking price of $485,000.

Andrew Turner of PRD Nationwide held the listing.

Situated at 16/1 The Esplanade, the unit is positioned right on the beach with sweeping views.

Set on 79 sqm, the abode is located on the 6th floor and comes with a parking space.

The North facing apartment was last traded for $127,000 in 1998.

Built in 1973, this unit has been listed three times since its 1998 purchase.

All three times it was listed with an asking price of $575,000. 

It was first listed in 2011, then for just under a year from late 2011 to late 2012. The last time it was listed was for two months starting December 2013.

The median price for a home in Surfers Paradise is $1.15 million, according to CoreLogic, which calculate its annual change in median price over the past 10 years as -0.4%.