Land prices have soared in Palm Beach
It’s too small to fit three sedans, but this tiny Gold Coast block has snagged the title of Queensland’s most expensive vacant land.
At just 125 sqm, it’s about a quarter of the size of a standard house lot, but it sold for a whopping $750,000.
That equates to $6000 per square metre — the most ever paid for a vacant residential dry block in Queensland, according to marketing agent Jared Malan, of Ray White Burleigh Group.
It was originally the backyard of the neighbouring property
The pint-sized property at 2/22 Twenty Fourth Ave, Palm Beach had been on the market for a year, following an unprecedented subdivision of half the minimum lot size.
It was advertised as an “affordable” entry to the popular beachside market for small-scale developers.
“At six grand per square metre, it’s the most valuable piece of unimproved dry land in the state,” Mr Malan said.
“It’s obviously a very small lot — about a quarter of the size of surrounding properties in the suburb — but buyers are still lining up to snatch their slice of paradise.”
The sub-division was the smallest ever approved by council
It was on the market for a year before selling for a huge price
The tiny block is just 12.12m in length — not even long enough to fit three average sized sedans.
It was the backyard of the neighbouring property before it was subdivided by owners Rebecca and Richard Hersel, who’ll now build their dream home on the remaining 280 sqm.
The Hersels paid $360,000 for the original 450 sqm block in 2003.
A City of Gold Coast spokeperson said the subdivision was a first for the area, and was the minimum possible size in accordance with the provisions of the medium density residential zone of the City Plan.
An artist’s render of a possible development on the site
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It’s been DA approved for an architecturally designed villa but could also be rebuilt as a coastal home.
“The block is 250m from the beach, in one of the Gold Coast’s most sought after spots. The buyer recognised that immediately,” Mr Malan said.
“It just speaks to the demand of the coastal strip. Supply is limited, so even when a slither of land like this comes online, people are ready and poised to make an offer.
“People want a piece of Palm Beach, no matter the size.”
The beach is only 250m away
Who needs a backyard anyway?
PropTrack data shows house prices in Palm Beach were down 1.5 per cent over the past 12 months to a median of $1.54m.
“In real estate, market fluctuations are a given, but what’s truly remarkable is how, even
in the face of interest rate hikes, these types of record-breaking sales are still coming
through,” Mr Malan said.
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