Palm Beach shack sold in one day
A rusted-out shack which had stood untouched for 77 years was snapped up for $1.2 million within one day of hitting the market for the first time.
The Brisbane-based purchaser pegged the 405sq m Palm Beach site for a boutique development, with the deal negotiated through a buyer’s agent which equated to just under $3,000 per square metre.
McGrath agents Josh Willatt and Andy Hogarth had listed the neglected dwelling at 14 Twenty Seventh Ave for sale earlier the same day.
The property was located just a couple of blocks back from the beach
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Mr Willatt said the two-bedroom holiday shack was built in 1946 by a couple whose son lived there until he recently moved to a residential care facility.
He said he was not aware of an older property in Palm Beach which remained in completely original condition.
“It was probably in the worst condition of any property I’ve seen,” Mr Willatt said.
“It even still had an outhouse.
“Nothing had been done to it since 1946.”
It’s rare to find a house on the market with a backyard dunny
Gold Coast holiday-makers in the 1940s
The listing described the property as “the perfect blank canvas to rebuild and create your ultimate family haven”, located 5 minutes’ walk from the beach and Tallebudgera Creek.
PropTrack data shows the median price for a two-bedroom house in Palm Beach is $1.378m, up 0.5 per cent over the past 12 months.
Mr Willatt said demand from interstate buyers had picked up, with 8 out of every 10 recent inquiries from buyers outside Queensland.
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