Homebuyers splash waterfront prices on knockdowns

Katie Soineva and her husband Tristen Soineva are seeing an increasing number of young families buying 1970s huts on Palm Beach to build their dream home.Photo: Gerado Williams

KATIE Soineva grew up on Palm Beach when pristine beachside excursions were considered an exclusion zone for young families on the Gold Coast.

Fifteen years later, her new mother and husband, Tristen, are part of a wave of homebuyers screaming to build a dream home in the once malicious southern suburbs.

The 29-person Parunki Parade auction was attended by 90 spectators, and the sale set a new price record for the army hut in its original condition.

These ambitious buyers are driving Palmy’s ongoing reinvention, knocking down 1970s huts to build architecturally designed homes and trendy duplexes.

The seafront suburbs between Tallebudgera and Currumbin Creek are one of the most popular markets on the coast, with median prices of 42.3% over five years, after December 2020, according to REIQ statistics. It is up 9.1%.

Palm beach knockdown

Young families familiar with the area are ready to pay a fortune to build a family home in a rising market.Photo: Gerado Williams

According to local agents, demand is higher than ever, with auction clearance rates of 95%, and in some cases buyers surpassing bookings by more than $ 200,000, causing sales records to plummet every week.

Home prices in the area rose 5-10% last month alone, with three-bedroom homes rising to $ 650 a week, according to Andy Hogarth of McGrath Palm Beach.

“The market is booming right now,” Hogarth said.

“The market is moving every day, so there is a lot of interest in making real estate valuation impossible, and perhaps the most interesting thing is how well people are adapting to the auction culture.”

Cafe Culture and Natural Beauty: What You Shouldn’t Love?Photo: Supply / First National

Hoggers said palm beach gentrification over the last decade has accelerated with generational changes, attracting young demographics to the region’s relaxed lifestyle, cafe culture, and good schools.

“Oldies are moving and a lot of young families are coming in. It’s a beautiful suburb and people are now beginning to recognize it with the money invested in the area by developers,” he said.

These three beds on 15 First Avenue went to a local family who bid $ 1.22 million.

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Soinevas has invested $ 1.36 million to secure the 29 Parnki Parade on Palm Beach, setting a new sales record for the army hut in its original condition.

Eleven bidders pushed the sale above the lowest price of a four-bedroom deceased property by $ 240,000. This was the most viewed property in QLD when it was auctioned.

Soineva said he is confident that he will benefit from investing in rising markets.

Soineva, interior designer and founding director of SMUB, said: studio.

Spa center

As the founding director of SMUB Design Studio, homebuyer Katie Soineva leverages her professional skills in designing her new home on Palm Beach.

“We give it a lick and a promise and put it back in the rental pool while we work on the design.”

The couple left the beach to pursue a career in Sydney, but returned to build a family home when their daughter was born a year ago.

Another record price under the hammer on 115 Townson Avenue. The knockdown was $ 1.375m.

There was a charming Lero kitchen that was beautifully preserved in the high style of the 1970s.

Buyer Matt Srama said the region’s flexible zoning and flat, usable land attracted both developers and mom and dad investors.

He advised homebuyers to carefully survey the area before paying a premium price, as road-specific restrictions vary due to floodplains and existing developments.

“At the time, Palm Beach was touted as a slightly rough suburb, but for those looking to develop it, zoning is good, and buyers and investors trying to knock down and build a nice home. I’m really fascinated by people who want to build duplexes and small unit blocks, “Slama said.

“Current real estate is in short supply, but the demand for 4221 zip codes is quite high.”

Who would believe this place is something other than paradise?Photo: Supply / First National

A retro three-bedroom 1970s cottage on 115 Townson Avenue sold for a record $ 1.375 million under a hammer and priced after a swift marketing campaign with McGrath through enthusiastic bids. Has exceeded $ 175,000.

On 15 First Avenue, a crowd of about 70 people gathered when a 405-square-meter three-bedroom hut went to a local family planning a reconstruction for $ 1202 million. This is another auction sold by Mr. Hogarth.

And a nearby three-bedroom original home in a 508-square-meter block zoned for duplex development on 53 Leyte Avenue was sold for $ 1.15 million in just three days on the market with First National Burleigh. It was.

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