Record sales show resilience

Gold Coast house price median rises as other markets stumble

VACANT residential blocks on the Gold Coast continue to dwindle, but buyers can almost give up on finding a double block on a canal in Broadbeach Waters after the sale under the hammer of 21 Sheridan Park Ave.

The 1378sq m corner block in a point position in the sought-after Golden Triangle precinct is one of only 12 facing north or east with an enviable 25m sandy beach along more than 77m of canal frontage.

According to marketing agent Jay Helprin of Kollosche, who sold the block under auction conditions alongside colleagues Claire Dai, Michael Kollosche and Daniel Sharp, canalside blocks of this size in the suburb are scarce and the sale offered buyers a rare opportunity.

Mr Helprin said six people registered for the auction, with the opening bid set at $4.2m.

The hammer came down at $5.025m after some active bidding, making it the third-highest price achieved for a vacant block of canal-front land in Broadbeach Waters.

In other record sales, 3 Valetta Cst in Varsity Lakes set a new benchmark for the suburb when it sold for $1.826m through William Welch and Anita Armstrong of Ray White Robina.

And the striking black, new-build home Onyx, at 6 Denawen St in PalmBeach, which hit the market less than two weeks ago, has sold for a suburb dry block record of $3.6m through Katrina Walsh of Harcourts Coastal.

The sales indicate that while the general market has cooled, prices on the Gold Coast continue to move in an upward direction.

In fact, the median house price on the

Coast rose again last week, despite the recent interest rate rise. According to realesatete.com.au, the median house price is now $930,000, up $10,000 on last week’s figure. Units also registered a jump, lifting $5000 to a median of $545,000.

At a Ray White event held at the Star last week, addressing the future of the Gold Coast property market, its chief economist Nerida Conisbee said that the Coast was “somewhat of a unicorn”, with the market remaining strong and prices buoyant as markets nationally move towards a downturn.

A continued lack of stock and people still wanting a slice of the Gold Coast lifestyle, seem to be keeping prices up for now, which means no respite for buyers – at least, not yet.

This vacant double lot is one of the last of its kind in Broadbeach Waters.