Hope Island, Qld apartment sold by mortgagee for $250,000 loss

A Hope island apartment has been recently sold for $260,000 at mortgagee auction.

The two bedroom three bathroom unit features one underground parking space. 

It was listed by Mark Worthington of LJ Hooker.

Situated at 1106/2 Activa Way it is part of the Azzura Greens development and the building was completed in 2007.

With 155 sqm of floorspace, the property is inside the Hope Island Resort community.

Located adjacent to the Tennis Academy & links to the Hope Island Golf Club it features a verandah.

Last sold in 2008 the apartment traded for $506,450, a reduction of $245,950 dollars.

It was listed as recently as 2017 initially asking for offers from $362,000 before reducing the price guide to $350,000 and being taken off market after 54 days.

Highlighting the loss of value at 2 Activa Way is apartment number 2317, which sold in December of 2017 for $380,000. 

The two bedroom two bathroom apartment was originally purchased off the plan in 2006 for $564,240.

Every subsequent sale has been $150,000 or more less than this price.

The median price for a home in Hope Island is $972,500 according to CoreLogic, which calculate its annual change in median price over the past 10 years as -2.5%.