$1m paid at auction for Palm Beach pad
HOUSE hunters keen to snap up a piece of beachside real estate descended on a Palm Beach home in droves when it went to auction at the weekend.
It was the location of the three-bedroom house on Marlin Crt that was particularly appealing to bidders, and they proved they were willing to pay a premium price for it.
It sold under the hammer for just over $1 million.
Ray White Palm Beach sales agent Anthony Broomhall, who marketed the property with Matt Arnold, said it attracted a lot of interest in the lead-up to auction on Saturday.
He said there were about 50 spectators who attended to watch the bidding unfold among 10 registered bidders. ANTHONY BROOMHALL
“It sold to a family who are going to make it their home,” Mr Broomhall said.
“I think eventually they’ll renovate.
“They are from the Coast but we had at least four buyers on the day who were from interstate.”
Property records show the solid brick and tile house was owned by the same family for 24 years.
Mr Broomhall said the house was a deceased estate so it was an emotional sale for the Sydney-based relatives.
However, he said they were pleased with the outcome of the auction.
He said the property’s position on the canal and proximity to the beach and Tallebudgera Creek was ultimately what attracted prospective buyers, including developers and investors.
“The location is perhaps one of the best in Palm Beach,” Mr Broomhall said.
“It’s close to schools, close to cafes and close to restaurants.”
He said it also had a “fantastic community vibe” with friendly neighbours, which made it an ideal location for families.
Homes in a highly soughtafter location were the ones Mr Broomhall believed would hold their value most when the market started to slow.
He said the Palm Beach market had started to flatten but reiterated it wasn’t all bad news.
“Good properties in great locations are always going to have interested buyers,” Mr Broomhall said.
“Even if the market has dropped a bit, that (Marlin WITH ALEISHA DAWSON & JESSICA BROWN
GOOD PROPERTIES IN GREAT LOCATIONS ARE ALWAYS GOING TO HAVE INTERESTED BUYERS.
Crt) property and that location is always going to hold its value.”
He said there were a number of factors that were affecting the market, including the banking royal commission, stricter lending criteria and the declining Sydney market.
“Whether you like to admit it or not, it affects the rest of the country,” Mr Broomhall said.