17 Hill Ave, Burleigh Heads
A 1950s fibro shack at Burleigh Heads has sold to local buyers for $1.785m after languishing on the market for more than one year.
The three-bedroom, two-bathroom cottage at 17 Hill Ave was billed as a “developer’s dream”, but failed to sell as buyers shied from taking on new projects while the construction industry reeled from soaring material costs and crippling labour shortages.
Marketing agent Ben Williams, of Re/max, listed the 405sq m property 323 days before the sale, following a failed three-month campaign with another agent.
“This is an incredible result in an extremely challenging market and shows that even with the market slowing and prices falling because of interest rates going up, buyers still have confidence in the Gold Coast market and especially for blue-chip blocks of land in Burleigh,” Mr Williams said.
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The elderly owners took the house to market for the first time in more than 35 years, with the property described as a “hidden gem” offering ocean views in a prime location close to the beach and cafe strip.
Mr Williams said the sale signalled returning confidence in buyers considering new builds or renovations.
“During Covid lockdowns, most buyers knew it was impossible to get builders or developers to start on a project like this, but now with supplies of materials becoming more available, buyers are feeling more confident they can get building now instead of 12 months away.”
New owners plan to build a luxury home
Burleigh Heads is one of the Gold Coast’s most popular locations
But while the record demand which tipped the construction industry into crisis last year has shown signs of easing, homeowners should still bank on a considerable timeline for completion of new projects.
Master Builders Qld CEO Paul Bidwell said interest rate hikes, soaring costs and regulatory change were all challenges facing the construction industry in 2023.
Australian Bureau of Statistics figures show dwelling approvals dropped 7.2 per cent over the last quarter, with loans for new houses down 5.2 per cent over the same period.
Latest PropTrack data shows house prices in Burleigh Heads were up 21.3 per cent over the last 12 months, with property listed typically spending 52 days on market.
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