188 Nineteenth Ave, Elanora
A renovated home at Elanora sold for $3 million under the hammer, smashing the suburb record as buyers shift focus beyond the overheated beachside strip.
Developer couple Alex and Toby Donelan pulled off a stunning six-month flip after purchasing the 1,144 sqm waterfront property at 188 Nineteenth Ave for $1.85m in May 2023.
The four-bedroom, three-bathroom house with a pool and basketball court was marketed by Dan and Essie Moloney, of Harcourts Coastal, with two registered bidders pushing the sale price to the highest ever recorded for a residential property in Elanora.
The renovation was completed in six months
The southern Gold Coast suburb has been regarded as the “bridesmaid suburb” to neighbouring Palm Beach, but is attracting attention for its larger block sizes and private waterways.
Bridesmaid suburbs are those located around more expensive hotspots, and often where properties have been held for longer periods of time.
PropTrack data shows the median house price in Elanora is $1.2m, up 2.1 per cent over the past 12 months.
A typical house a few blocks over in Palm Beach costs $1.56m.
The suburb record in Elanora was previously set at $1.9m in February 2023 with the sale of a 2020-built luxury home on a 756 sqm lot along the same stretch, owned by local hospitality entrepreneurs, Jeremy and Chloe Davidson.
A gas-strut operated window extends the kitchen bench to form an outside bar
Mr Moloney said the latest sale was the culmination of a busy marketing campaign, with 157 groups inspecting the home, and several interested buyers ready to make a conditional purchase if the property was not sold at auction.
“We received strong interstate interest, although it was a local buyer who ended up coming in over the top and purchasing it on the day,” Mr Moloney said.
“If we picked that property up and put it in Palmy, there is no way you would get it for that price.
“Buyers are finding excellent value for money in this area, along with the large block size and the privacy of the parkland location fronting Tallebudgera Creek which you just don’t get anywhere else.”
Al fresco entertaining with creek views
Chill out in the airc-conditioned pool house with a bar and wall-mounted TV
There’s even an astroturf basketball court
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Named Element, the home was re-imagined as the ultimate family entertainer, with features including an expansive outdoor pavilion with a bar, air-conditioned pool house, magnesium pool, suntanning deck, jetty, firepit lounge, detached media room and astroturf basketball court.
With three local renovations under their belts, the Donelans said each project was meticulously planned with a team of investors to ensure completion on time and on budget.
“We took one look at this property in its original condition and thought we could do so much to create an outdoor lifestyle and really make the most of the block,” Ms Donelan said.
Toby and Alex Donelan with daughter London,at their previous project, a New York-inspired villa at Palm Beach. Picture Glenn Hampson
“Some buyers came through who were considering doing their own projects, and they had started to source what that would cost and quickly saw the amount of money that goes into a project like this.
“Construction costs are significant and these days the buyer wants everything that opens and shuts, but they don’t always understand the budget and the huge amount of planning that is involved.”
The Donelans work with a team of private investor partners, who contribute either cash or released equity, and share in the profits once each project is sold.
Each investor typically contributes between $50,000 and $300,000, with returns ranging from 15-20 per cent per annum.
The couple’s last project was a modern duplex rebuild at Palm Beach which sold for $2.22m in August 2023. Next up, they will convert a pair of duplexes into one house.
The house has four bedrooms
Twin walk-in robes off the master bedroom
And a luxurious tiled ensuite
The post 6-month flip lands stunning $3m sale in bridesmaid suburb appeared first on realestate.com.au.