Riverfront mansion sold under the hammer for $6.68m

A glamorous riverfront mansion has sold under the hammer for $6.68m after undergoing a stunning renovation.

The classically styled five-bedroom, five-bathroom property at 46 Garden Grove, Carrara was marketed by Mitch Palmer, of Ray White Broadbeach Waters.

The home recently underwent a multimillion-dollar upgrade by vendors, brothers Kristian and Owen Kelly, of Tasmania.

They bought the property for $2.9m in 2018 as a holiday house and restored the estate to its former glory before going to market.

“The renovation took 18 months and the house was stripped back to its core and rebuilt,” Mr Kelly said.

“Everything is new, from the electricals to the plumbing, right down to the door hinges.

“We now feel that the home looks and feels even better than when it was first built,” he said.

Five bidders were active on auction day, with a local family taking home the keys to the estate, which occupies a north-east point position on 2,714sq m with more than 98m of frontage to Main River.

Mr Palmer said the sale demonstrated high-end buyers’ continued lust for waterfront real estate as the traditional spring selling season nears.

“A few people had questioned whether you would auction such an expensive home, so a strong result like this indicates there is still good depth in the prestige market,” Mr Palmer said.

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This was underpinned by the scarce supply of luxury homes for sale, as well as demand for new or renovated homes as buyers shied away from taking on major projects amid the current construction crisis.

“The buyers were a local Gold Coast family who were originally looking at doing a new build, but then saw this house which really ticked all those boxes of what they would want in a home, and so they decided to go down the path of buying something that was ready to go,” Mr Palmer said.

He tipped auction volumes would remain consistent into spring, with Ray White statistics showing properties listed for auction spent fewer days on market than those listed for sale by private treaty.

“People often judge the auction by the result on the day, when really they should be judging it by days on market. Sometimes a property will pass in, but then sell a few days or a week later so the total days on market is still lower than it otherwise would have been.”

The home’s interiors blend European and Hamptons influences with a neutral grey and white palette warmed by timber parquetry flooring, while outdoor entertaining is covered with a seated fire pit and pool area, extending to a covered patio.

Self-contained guest accommodation was also added during renovations.

PropTrack’s Property Preview Report shows 312 auctions are scheduled in Queensland this week, up 31 per cent year on year.

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