REMEMBER WHEN

GOLD COAST BULLETIN Thursday, February 15, 2007

A BILINGA beach shack sold for $2.25 million, heralding Pacific Pde’s claim as the Coast’s next multimillion-dollar street address.

The post-war fibro, twobedroom cottage, with a slight lean and beachfront views, was the first to be sold from about 14 residential available properties in Pacific Pde.

There were already three highrise apartments being built.

In 1995, the same home would have sold for about $200,000, values rising more than 10-fold as similar beachfront properties increasingly became a rarity on the Coast. Interest in the Coast’s southern communities grew, stimulated by the Tugun bypass.

Selling agent Troy Dowker, of Ray White, said the sale signalled a new entry level price of $2m for Bilinga beachfront homes.

“I’d say that this sale certainly means Pacific Pde will be closing the gap on Jefferson Lane at Palm Beach, and Hedges Avenue at Mermaid Beach,” said Mr Dowker.

“With the three multiple apartment developments occurring as well, Kirra Surf with its commercial precinct downstairs, Kirra Wave and Elysee Residences, it means much of this street is getting a facelift.”

Colliers PRD Nationwide project marketing director Tony Holland said the rarity of beachfront properties would definitely see Pacific Pde rivalling Jefferson Lane prices.

The price of $2.25m for the 506sq m Pacific Pde block equated to $4940/sq m – a sum that remained at the tail end of the $7190/sq m paid for a $4m 556sq m block in Jefferson Lane, and a whopping $22,613/sq m record paid for a Hedges Avenue property in 2004.