The last of the great bullish sales!
A decrepit beach shack in a Gold Coast beach suburb famous for its distinctive rows of run-down houses made in the nineteen-fifties, curtains drawn even in the middle of a bright winter day, fronts for the hydroponic and meth units deftly hidden inside, has sold for $A5.4 million.
The original three-bedder at 233 Jefferson Lane, made from the fibro cement sheeting popular in that post-war period, occupies four-thousand square feet of absolute beachfront land and sits amid various trophy homes and apartment towers, including Kelly Slater’s joint a few hundred yards down the road at Joy on Jefferson.
“Is it your time to make a statement on the beachfront landscape with a luxury masterpiece, where you can create everlasting memories for your loved ones? Would you like to feel the sand between your toes daily and rinse off with a therapeutic salt water cleanse after your morning beach walk?”
On a recent forum where readers were invited to detail what suburbs to avoid on the Gold Coast, Palm Beach was regularly noted.
Full of deadbeat bogans people who dont work and live on the dole and think its cool. Not all of them of course but alot of people around those areas are
All I can say is avoid Palm Beach. Full of druggies and bogans and has a very high crime rate. Last time I was down there, there was a chap on his balcony with guns to two people’s heads screaming and yelling. The SERT team came out and ushered us all into random people’s garages and stormed the unit complex. From what I heard afterwards the ended up shooting the dude from the road. It was like something off TV! Time before that the local video shop was broken into. It’s getting worse.
Really beautiful beach though 🙂
The sale was, likely, one of the last bullish hits of the great Australian real estate bubble (six months back a block of Palm Beach land, not beachfront that had sold for $1.4 mill in March, went for $2.4 mill in June) which is screeching to a halt under a combo of expected interest rate rises and an oversupply of vendors wanting to cash in their joints for outrageous sums.