The latest of the big bullish sales!
A decrepit beach hut in a Gold Coast seaside suburb famous for its distinctive rows of dilapidated 1950s-built homes, curtains drawn even in the middle of a bright winter day, facades for hydroponic units and skillfully meth hidden inside, sold for AU $ 5.4 million.
The original three-bed at 233 Jefferson Lane, made from the fiber cement sheet popular in this 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 to Joy over Jefferson.
“Is this your time to make a statement on the seaside scenery with a luxury masterpiece, where you can create everlasting memories for your loved ones?” How would you like to feel the sand between your toes every day and rinse yourself off with a therapeutic salt water cleanser after your morning walk on the beach? “
On a recent forum where readers were asked to itemize suburbs to avoid on the Gold Coast, Palm Beach was consistently rated.
Lots of deadbeat bogans who aren’t working and living on unemployment and think it’s cool. Not all of course, but a lot of people around these areas are
Palmy, drug addicts.
All I can say is avoid Palm Beach. Full of junkies and bogans and has a very high crime rate. The last time I was there, there was a guy on his balcony with guns pointed at the heads of two people screaming and screaming. The SERT team came out and led us all to the garages of random people and stormed the unit complex. From what I heard afterwards, they ended up shooting the guy from the road. It was like something off the TV! Time before that, the local video store was broken into. It gets worse.
Really nice beach though ??
The sale was likely one of the last bullish moves in Australia’s great real estate bubble (six months ago a block of Palm Beach land, not the waterfront which had sold for $ 1.4million. dollars in March, hit $ 2.4 million in June), which came to a screeching halt under a combination of expected interest rate hikes and an oversupply from sellers eager to cash in their joints for scandalous sums.