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69 Jefferson Lane, Palm Seashore
AN absolute beachfront block in Palm Seashore bought for $8.9 million, with consumers pushing bidding to greater than $1m above reserve to safe the coveted property at a hotly contested public sale.
Seventeen registered bidders vied for the 597sqm lot at 69 Jefferson Lne, positioned proper on the sand in Qld’s strongest performing housing market of the final decade.
Blue skies and rolling waves shaped the backdrop for Friday’s sale by Troy Dowker, of Kollosche, with auctioneer Justin Nickerson, of Apollo Auctions, fielding bids at a tempo one onlooker described as “frenzied”.
The public sale opened at $4.5m, notching up a complete of 26 bids from seven consumers.
Mr Dowker introduced the property was in the marketplace at $7.6m, and a tussle ensued between the eventual purchaser and two underbidders.
The Tuscan-style weekender
The boardshort-wearing successful bidder proved unflappable, fanning himself with the no.2 paddle because the solar beat down overhead and the bids flew in quick, largely up by $100,000 every time till the worth hit $8.8m.
Then, from the aspect, an underbidder made his closing provide at $8.825m.
No. 2 didn’t skip a beat: “oh, 8.9 then,” he mentioned, smiling.
The block was as soon as owned by Mark McIvor, bankrupted director of the failed Gold Coast service provider financial institution Equititrust.
The Brisbane-based distributors bought in 1995 for $975,000 and constructed a three-bedroom, three-bathroom Tuscan-style weekender.
Mr Dowker mentioned the consequence confirmed continued energy within the native status market, with rising rates of interest failing to discourage cashed-up native consumers in addition to interstate curiosity and returning expats.
No have to battle for a carpark on the seashore when that is your entrance yard
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“Beachfront is in very excessive demand,” Mr Dowker mentioned.
“Consumers are nonetheless in festive season spending mode, and whereas the market could go up or down, the consumers who have been there know time is foreign money, they’re residing their finest life right now and that could be a nice perspective to have.
“The Gold Coast is now globally recognised as among the best subtropical way of life locations and that is what’s retaining our market resilient, particularly on the high finish.”
The three-storey dwelling’s mediterranean options embrace terracotta tiles, arched doorways, curved balconies, and uncovered wooden beams.
The home has three bedrooms and three bogs
Mediterranean options and views from the bed room
It has wrought iron railings and textured glass home windows, whereas upstairs French doorways from the master bedroom open onto a non-public balcony capturing unbelievable seashore views.
“The home has actually good structural bones and oozes attraction, so there’s definitely worth in restoring it to its former glory,” Mr Dowker mentioned.
“That form of Tuscan or Spanish rustic fashion undoubtedly appeals to an excellent a part of the market.
“You might construct one thing new, however the purchaser loves the fashion and attraction of the place and he desires to retain it.”
PropTrack information exhibits home costs within the growth hotspot of Palm Seashore have greater than tripled over the past ten years, to a median of $1.5m.
Jefferson Lne recorded a string of eye-watering gross sales final yr, with an authentic seashore shack on a double block at nos. 105-107 bought to an interstate household for $16.5m in October.
