3 days ago
£300 shack held for 70 years snatches stunning beachfront sale
A woman aged in her 80s has collected $11.3m from the sale of a beach shack built by her grandfather 70 years ago and held in the family ever since.
The staggering sale price equated to $27,228 per square metre – setting a new benchmark for a block of its size in Palm Beach on the southern Gold Coast.
Amir Prestige agents Amir Mian and Ross Tomain marketed the cottage on a 415 sqm parcel with about 12m of absolute beach frontage along one of Queensland's most coveted coastal stretches.
Mr Mian said the original owner had paid just £300 for the property at 31 Jefferson Lane, building the two-bedroom home in 1955 using hardwood from the Toowoomba mill.
It had been passed down through three generations, serving variously as a holiday home and principal residence for several members of the family.
Mr Mian described the listing as 'a classic home rich in charm and coastal history', adding it held 'outstanding value for those looking to renovate or redevelop', given its medium-density zoning.
The listing had drawn wide interest both locally and interstate but ultimately sold to a Queensland-based family.
'This property was located in a very tightly held and sought-after beachfront precinct of only 27 dwellings on the two-way section of Jefferson Lane,' Mr Mian said.
'These blocks are generously sized with a longer beach frontage and are quite protected with beautiful views towards Currumbin. The A-lines are also more favourable, as there is less setback required for a new build.
'Because it is so tightly held, you still find many of the original beach shacks along this stretch and so it has really retained that old beach town feel,' Mr Mian said.
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The home has timber floors and large windows, with a balcony and downstairs deck just steps from the sand.
Mr Tomain said the owner's decision to sell after so many years followed a 'colossal mindset shift'.
'It is a huge sum of money – really life-changing for the owner and her family,' he said.
The house had remained 'completely untouched' through the years, Mr Tomain said, with only cosmetic upgrades and maintenance undertaken while the original kitchen served as a timeless heart of the home.
Median house prices in Palm Beach were up 3.8 per cent over the past 12 months to $1.765m, according to PropTrack.
The suburb's highest recorded transaction for a residential property was $25.3m for an 870 sqm parcel which changed hands last year as part of an amalgamated sale of three lots totalling more than $40m.
Other notable recent sales included $20.2m for a pair of original shacks on 817 sqm over two lots at 187-189 Jefferson Lane in October 2024.
