Hot under the hammer: Palm Beach block goes for $1m above reserve

AN absolute beachfront block in Palm Beach sold for $8.9 million, with buyers pushing bidding to more than $1m above reserve to secure the coveted property at a hotly contested auction.

Seventeen registered bidders vied for the 597sqm lot at 69 Jefferson Lne, positioned right on the sand in Qld’s strongest performing housing market of the last decade.

Blue skies and rolling waves formed the backdrop for Friday’s sale by Troy Dowker, of Kollosche, with auctioneer Justin Nickerson, of Apollo Auctions, fielding bids at a pace one onlooker described as “frenzied”.

The auction opened at $4.5m, notching up a total of 26 bids from seven buyers.

Mr Dowker announced the property was on the market at $7.6m, and a tussle ensued between the eventual buyer and two underbidders.

The Tuscan-style weekender

The boardshort-wearing winning bidder proved unflappable, fanning himself with the no.2 paddle as the sun beat down overhead and the bids flew in fast, mostly up by $100,000 each time until the price hit $8.8m.

Then, from the side, an underbidder made his final offer at $8.825m.

No. 2 didn’t skip a beat: “oh, 8.9 then,” he said, smiling.

The block was once owned by Mark McIvor, bankrupted director of the failed Gold Coast merchant bank Equititrust.

The Brisbane-based vendors purchased in 1995 for $975,000 and built a three-bedroom, three-bathroom Tuscan-style weekender.

Mr Dowker said the result showed continued strength in the local prestige market, with rising interest rates failing to deter cashed-up local buyers as well as interstate interest and returning expats.

No need to battle for a car park at the beach when this is your front yard

“Buyers are still in festive season spending mode, and while the market may go up or down, the buyers who were there know time is currency, they are living their best life today and that is a great attitude to have.

“The Gold Coast is now globally recognised as one of the best subtropical lifestyle destinations and this is what is keeping our market resilient, especially at the top end.”

The three-storey home’s mediterranean features include terracotta tiles, arched doorways, curved balconies, and exposed wood beams.

The house has three bedrooms and three bathrooms

It has wrought iron railings and textured glass windows, while upstairs French doors from the master suite open onto a private balcony capturing incredible beach views.

“The house has really good structural bones and oozes charm, so there’s certainly value in restoring it to its former glory,” Mr Dowker said.

“That sort of Tuscan or Spanish rustic style definitely appeals to a good part of the market.

“You could build something new, but the buyer loves the style and charm of the place and he wants to retain it.”

PropTrack data shows house prices in the development hotspot of Palm Beach have more than tripled over the last ten years, to a median of $1.5m.

Jefferson Lne recorded a string of eye-watering sales last year, with an original beach shack on a double block at nos. 105-107 sold to an interstate family for $16.5m in October.

Article source: www.realestate.com.au

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