Sales are a chip off the old block

Land values are proving ever more lucrative in the Coast’s most sought-after locations

TWO sales on Hedges Avenue, the Gold Coast’s most well-heeled residential strip, is proof (were it ever needed), that when it comes to property the value lies in land and location.

Despite being littered with gargantuan mansions ranging from elaborate Hamptons homes to modern-style monoliths, these Millionaire’s Row properties are mere decoration, icing on a cake.

What buyers really care about are the blocks on which these monoliths sit – and where they are located. These two factors are what has them reaching for their wallets ahead of any fancy mansion.

As was the case for Andrew Fahey, who happily forked out $17.5 million to get his hands on a 900sq m piece of land along the renowned Avenue.

It is the highest price paid for a vacant block along the strip and equates to a record-setting $19,444 a square metre.

The deal has made the previous owner, Nava Abedian, $6.5m in profit in as little as 15 months.

The other Hedges sale was for a similar size parcel, where two blocks had been joined together by the previous owner, with a house sitting on one of the lots.

The property was bought by construction industry veteran Mick Power and his wife Denise, who were looking for a home in low-density zoning area.

He stumped up $15.5m, the equivalent of $19,135sq m, for the double block.

Both of the sales were handled through Kollosche estate agency.

Further south on Palm Beach’s Jefferson Lane, $5.8m wasn’t enough to secure a weatherboard house on a 564sq m block, which passed in at auction.

Industry sources say the seller is holding out for a figure well above the $6 million mark which, if they achieve it, will make it one of the most expensive residential transactions along the Lane.

Lockdown did little to hamper buyers’ appetite for property on the Coast last week, particularly in the hotspot of Mermaid Waters where there was a flurry of sales, including that of 8 Driver Court, which went for $2.6 million, 67 Surf Street, which sold for $1.78 million, and $1.575 million was agreed for the handover of 6 Anchor Court.

All three sales were made by Richard Snowden of McGrath.

In nearby Rawlinna Drive, Mermaid Waters, No.53 was sold through Jared Malan of Ray White for $1.335 million, while Justin Hayes of Amir Prestige wrapped up a deal for No. 13 for $1.245 million.

IN DEMAND: 8 Driver Court, Mermaid Waters. The suburb had a slurry of sales during lockdown.