$5.4m for fibro shack

THIS fibro beach cottage has sold for $5.4m, almost half a million more than another on the same street four months ago, as Queensland enters its final days of a record-breaking year.

Six bidders registered for a chance at landing the property, which had been held in the same family for over 60 years, according to agent Troy Dowker of Kollosche Broadbeach.

“It sold under the hammer. We had six registered bidders. It was in the same family since 1958. The buyer’s intent is to build a new house in the short term,” he said.

The three bedroom, one bathroom, two car space home (pictured) sits on 413sq m of some of the best real estate in Queensland – beachfront in Palm Beach where demand has rocketed this past year.

The six-bidder mix was a combination of one overseas and one interstate on the phone, as well as interstate buyers and locals attending in person, after 209 enquiries were made for the property.

A local edged out the competition to secure the beach shack at 233 Jefferson Lane, paying $443,000 more for it than a similar one at 259 Jefferson Land – which sold for $4.975m in August.

“That was a cute little cottage as well,” Mr Dowker said.

“The other one was a private treaty campaign. This one was auction. That’s the benefit of sellers going to auction with low stock levels and strong demand.”

He said locals were very competitive at present on the Gold Coast.

“The locals are back in force,” he said. “They’ve always been there, sometimes they’ve been trumped by southerners and expats but they’re still quite active.”

Old shacks have been some of the hottest properties on the market along the entire Queensland coastline, with those on the Gold Coast fetching the biggest prices.

“That’s blue chip,” Mr Dowker said. “The beachfront market is always a great barometer for what’s happening. The one thing that really resonates with us is we’re making plenty more people but we’re not making more beachfront.”