A block of land seconds from the beach on the Gold Coast has set a new price record.
The plot in Palm Beach went for $750,000, making it Queensland’s most expensive vacant land.
The 125sqm corner block has development approval, with the old house on the plot about to be demolished.
That makes the land worth $6000 per square metre, which is the most ever paid for a vacant residential ‘dry’ block – a block not on the water- in the state.
The original block on 24th Avenue was subdivided by the owners to the minimum possible size allowed.
The length of the plot is less than the size of three sedan cars.
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It means the new property will be built in the old garden of the original property.
The average two-bed unit price in the area is $728,000 while two bed houses go for an average $968,000.
The suburb is close to Gold Coast Airport.
