Property inflation: Palm Beach owner refuses $13.35m for cottage he listed for $10.5m last year

This renovated cottage is chasing a record sale price, while another Jefferson Lne site passed in at auction on Thursday.

A coveted beachfront development site at Palm Beach has been listed for sale for $15.5m after a hotly contested auction ended in a shock turnaround by the vendor.
The prime 1,110sq m site at 105-107 Jefferson Lane had drawn interest from around the country, with a top bid of $13.35m reached as it went under the hammer on Wednesday.
But despite lengthy negotiations, local owner Raymond Wilkie set his sale price at more than $2m above the highest offer from the six registered bidders.

Six bidders vied for the site at 105-107 Jefferson Lane.

Marketing agent Hanan Cawley, of Harcourts Coastal Prestige, said the crowd thinned as the auction was paused for two hours for discussions with the vendor.
“He said he’s happy to hold onto the property,” Mr Cawley said.
“It’s now listed for offers above $15.5m and he won’t settle for anything less.
“We’ve already got several really, really good offers but they have terms and conditions attached to them and ultimately the owner is looking for a cash offer,” he said.

Approval was granted for a nine-storey tower on the beach.

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Mr Wilkie had received approval for a nine-storey apartment tower at the site. An original four-bedroom house currently stands on one side of the block.
It comes as a renovated beachfront cottage at 227 Jefferson Lane hit the market this week for $6.3m, which if achieved would set a suburb record for a residential home on a single block.
The three-bedroom cottage on a 413sq m lot was listed for sale for $3.75m in 2020, but the owner then opted to hold onto the property despite receiving two cash offers at the asking price.

The cottage at 227 Jefferson Lane, Palm Beach had been fully renovated.

Marketing agent Alyce Kebblewhite of Elk said the owner was going to move overseas last year, but instead stayed on the Coast as Covid-19 interrupted travel plans.
Huge growth in the southern Gold Coast’s property market had prompted the new higher sale price, Ms Kebblewhite said.
“There’s obviously been a huge spike in the Coast’s property market overall, but in particular in demand for those tightly held beachfront land positions,” Ms Kebblewhite said.
Property records show the cottage at No.227 was purchased by the seller for $2.244m in 2016.

It has three spacious bedrooms.

It has since been completely remodelled and extended with open-plan living spaces connecting via stacker doors to an entertaining deck fronting the sand.
Median house prices in Palm Beach cracked the $1m for the first time this year, rising from $933,979 to $1.269m in the 12 months to May, REA Group data shows.
The suburb record lies with an original beach house on Jefferson Lane, snapped up for $6.1m in an off-market deal handled by Ray White Tugun principal John Parkes.

The beach at your doorstep.

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