Artist render of the proposed residence on Monaco St, Broadbeach Waters
FORMER Olympic swimmer Justin Norris has broken even with the sale of the prime riverfront site where he planned to build a dream home for his internet-famous family, The Norris Nuts.
The prime 2166sq m allotment of vacant land at Broadbeach Waters sold under the hammer for $6.42m following a marketing campaign by Kollosche principal, Michael Kollosche, and agent, Jay Helprin.
Norris and his wife, Brooke, had paid $6.5m at auction for the double block on Monaco St in June, 2021.
They engaged leading architect, Jared Poole, to design a contemporary two-storey mansion for the family and their six children, who collectively draw estimated daily revenue of $10,000 from their social media brands.
The Norris Nuts family are worth an estimated $28m
The proposed two-level residence, described as ”a contemporary main river masterpiece” by the listing agents, spanned 1,312sq m of floor space, with seven bedrooms, seven bathrooms plus powder room, five-car basement garage, and a separate self-contained guest house.
Its more quirky features included a bright red winding interal slide, floating wine cellar display, and massive pool with sunken sun loungers and marked swim lanes.
But the family gave up on building new, as huge demand from buyers wanting to build their dream homes in Qld has led to rising construction costs, labour shortages, and lengthy delays.
They instead splurged about $15m on a luxurious six-bedroom home in Bondi Beach, Sydney, and listed the Broadbeach Waters land.
Auctioneer Justin Nickerson, of Apollo Auctions, took an opening bid of $6m to start the auction, announcing the property was on the market once the top offer of the day was called.
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The buyers secured one of the few remaining Monaco Ave riverfront plots that had never been built on.
“The buyers will design something special for the block, so they will now consider options,” Mr Helprin said.
The vendors were prepared to break even on the investment, even though house prices in the exclusive suburb have continued to rise every month since their purchase.
Mr Helprin said the auction was a “strong result”.
“We feel it is a strong result given the current state of the construction market with pricing, timelines for completion of new projects, and lack of supply, versus what all these factors were like when the vendor purchased it,” Mr Helprin said.
Jared Poole’s proposed design with resort-style alfresco facilities
As buyers’ borrowing power is cut with each interest rate rise, vendors have started to be more realistic in their expectations, and willing to negotiate.
Real Estate Institute of Queensland CEO Antonia Mercorella said the Qld property market was starting to stabilise after its performance post-Covid, which she described as, “nothing short of extraordinary”.
“While the market has started to show signs of stabilising, what we know about the Qld real estate market is that it’s incredibly resilient,” Ms Mercorella said.
“Our member agents tell us that demand for property is still high due to low levels of supply and strong local and interstate demand, and prices are still holding firm.
“There’s particular price points and property characteristics that buyers are pursuing,” she said.
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