Surfers Paradise Chevron Renaissance apartment sale reflects a 14% yield

The cheapest property sold at weekend auction was a $315,000 Surfers Paradise apartment, grossing $46,000 in holiday rental revenue

Surfers Paradise Chevron Renaissance apartment sale reflects a 14% yield
Surfers Paradise Chevron Renaissance apartment sale reflects a 14% yield

The cheapest property sold at weekend auction was a $315,000 Surfers Paradise apartment.

Having been grossing $46,000 in holiday rental, the two bedroom, one bathroom apartment price reflects a 14 percent yield before costs.

The body corporate fee was advised as $159 per week, the water bill as  $420 per quarter and council rates at $3500 per annum.

The Chevron Renaissance apartment (pictured above), at 2167/23 Ferny Avenue, had previously sold to Hoxton Park investors in 2002 at $330,000, according to CoreLogic.

Prospective buyers were told "the exceptionally motivated interstate sellers must urgently liquidate" due to other commitments.

The fully furnished two bedroom apartment came with ocean, river and hinterland views from its mid-floor of the Skyline North Tower.

"Chevron Renaissance is highly regarded as a premier holiday high rise, centrally located in the heart of Surfers Paradise," the Ray White lisiting agent Harry Ranchhod advised in the marketing.

His last sale in the much traded complex was in December when 1274/23 Ferny Avenue, a two bedroom, two bathroom unit, fetched $455,000 having sold in 2003 off the plan at $658,000.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Surfers Paradise Rental Yields

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