Iconic Australian beach shack bought for $7 million in 2020 sells for $11 million less than one year later!

A bullish market in once dirty-as-anything Burleigh Heads… 

A couple of months back, BeachGrit reported the sale of a one-hundred-year-old wooden shack on six-thousand square feet at 10 Goodwin Terrace, Burleigh Heads, for seven million bucks, almost two-and-a-half mill more than it sold for in 2016.

The couple who bought the joint, Brian and Lauren McMaster, had been trying to buy it for three years. After the last refusal by the owner to sell, the pair bought a six-mill penthouse a little further down the street.

The agent that sold ‘em the penthouse then  convinced the owner of 10 Goodwin to sell ‘em the house, too, for seven mill.

A nice little pair of boltholes, although the plan for the historic house was to flatten the thing to make way for a “standout family home.”

Now, the place is believed to be under contract to the developer, Spyre group, for eleven mill or twenty gees for every hundred square feet. 

A four-mill profit in eleven months.

It ain’t bad.

The land is zoned medium density and has a three-storey, fifty-feet feet height limit, which means the developer ain’t gonna toss a tower on the land, although developers have been known to work many behind-the-scenes miracles.

Once one of the grittier parts of the Gold Coast, third in shittiness behind Coolangatta and perennial winner Palm Beach, Burkeigh Heads has been transformed into a paradise for investors, including the Chinese man who bought the Old Burleigh Theatre Arcade, the former home of Surfing Life magazine, for eighteen-mill.