Stradbroke Island, Queensland: The idyllic beach town where you can buy an apartment for just $50,000
Waterfront apartments in one of Queensland’s most popular holiday destinations are available for just $50,000.
The apartments are located in the idyllic Couran Cove Resort on South Stradbroke Island.
However, there is a catch. A dispute with the resort corporation led to the resort being closed in June, meaning the apartments have no electricity, water, gas or sewage.
There is also no guarantee when and if the utilities will be activated again.
But if you’re willing to put up with it, at least in the short term, the location could be one of the best real estate bargains around.
The sudden closure of the beach resort community has left many frustrated owners looking to sell their vacation homes.
Waterfront apartments at Couran Cove Resort (above) are available for as little as $50,000
The resort was closed in June, meaning there is no electricity, water, gas or sewage (pictured is the living room/bedroom and one of the apartments).
Critton Astras, of Astras and Bond Estate Agents, said it was rare to find fully furnished properties with water views at “such a low price”.
“From studios to one bedroom, two to three bedroom lodges, some great eco-cabins out in the forest to the villas,” he said 9News.
“Anything from, say, $50,000 all the way up to $300,000.”
While purchasing the apartments is a risky investment, several current owners said the island community makes up for the lack of amenities.
“My wife and I came here a few years ago when it was still open. We have always loved the place and of course now is a good time to buy,” said one owner.
Couran Cove was developed in the 1990s by billionaire American philanthropist Chuck Feeney and won several Queensland tourism awards in its heyday.
The resort closed after a bitter feud with the body corporate – the marina, pool and promenade closed in June (pictured, a block of flats in Couran Cove).
However, the bitter dispute with the corporation led to the resort being almost completely closed four months ago – except for about 40 residents.
The Courier mail reported that on June 9, a “Marina Closed” sign was posted at the resort’s gated harbor entrance.
Several other parts of the resort, including the pool area and overwater promenade, were also fenced off and padlocked.