$1M PROFIT IN PALMY IN THREE MONTHS
A VACANT block fronting Palm Beach’s prized Jefferson Lane has sold under the hammer for $2.4m — $1m more than veteran Gold Coast developer John Potter paid for the site just three months ago.
Throngs of residents lined up as the 549sq m lot with dual frontage at 1079 Gold Coast Highway went under the hammer on Saturday following a marketing campaign by Harcourts Coastal Commercial directors Jared Johnson and Lachlan Marshall.
The opening $1.4m bid was swiftly dwarfed as auctioneer Rob Forde fielded play by four registered bidders, with a Melbourne developer placing the closing bid by phone.
Mr Johnson said the “outstanding result” reflected heated demand for luxury apartment living in the area, with the prime development site one of few remaining along the southern beaches’ most exclusive strip.
“The appetite for development sites is extremely high. It just speaks about the demand for beachside highend residences in Palm Beach, and not just Palm Beach but right across the Gold Coast,” he said. “Our residential department has had so much inquiry from NSW and Victorian residents looking to relocate to the Gold Coast.”
Mr Johnson said around 100 spectators turned out for the auction to see the rare vacant block 140m from beach access go under the hammer.
“People rode down on their skateboards and on their push bikes and brought their dogs. It’s such a community vibe there by the beach; everyone knew it was happening.”