DECEPTION Bay might not be the first suburb that springs to mind when you think of a boom market, but homeowners Paula Saunders and Barry Muller will tell you otherwise.
The couple just sold their home at 20 Seymour Street in the Moreton Bay suburb to a Melbourne couple for $175,000 more than they bought it for just eight months ago.
“We weren’t expecting quite that much,” Ms Saunders said. “I don’t think a local would have paid that much.
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“Two years ago, this house would have been more like $375,000, so a local would have been like; ‘get real!’. I think people from down south are used to paying $2.5 million for a house this close to the water.”
Having done many renovations previously, the couple saw the potential to flip the three-bedroom cottage on a 600 sqm block just 300m from the water.
They spent about $40,000, including installing a new kitchen and bathroom, before putting it back on the market.
The Mullers are now moving to acreage in Bundaberg where they have bought their dream home mortgage-free thanks to the profit they made on Seymour Street.
Moreton Bay South, which includes Deception Bay, was the top performing region in Queensland over the past 12 months, according to PropTrack’s new home price index, measuring monthly changes in home values across the country basedon sales results on realestate.com.au and valuer-general data.
“Nothing this close to the water is going to stay cheap,” Ms Saunders said. “It’s not going to happen.
“It’s such a tucked away little area that noone really realises it.”
Selling agent Clare Robins of Ray White Deception Bay said the suburb’s housing market had experienced outstanding growth in the past two years.
“It has been an exciting ride to watch the growth of our town as I’ve been a real estate agent here since 2005,” Ms Robins said.
“Deception Bay is a fantastic place to live. When people talk about its past, it’s usually those who have never lived here who are making the judgements.
“If you have lived in Deception Bay, you know the people are down-to-earth, loyal and community driven.
“The lifestyle here is brilliant for young families, with many great state and private school options. It’s the most picturesque kayaking and fishing spot, and the best kept secret on the north side of Brisbane.”
The post Mega profit in surprise suburb: ‘A local would have said get real!’ appeared first on realestate.com.au.