Block worth $15 million is poised to set a Gold Coast suburb record

A front-row seat to one of Australia’s most beautiful stretches of water is on the market for $15 million – a sum that will topple a Gold Coast record.

There is no house on 12-16 Poinsettia Avenue, Runaway Bay, which has its own little crescent of golden sandy beach, but that is what makes this block of land so appealing. It is one of few vacant mainland plots – ready for a millionaire’s dream home – that face the Broadwater.

Many of the surrounding blocks have only one frontage to the glistening tide but this has two.

If it trades at or near $15 million, 12-16 Poinsettia Avenue it will set a record for the postcode, by more than double, proving how singular it is.

12-16 Poinsettia Avenue, Runaway Bay, Gold Coast

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The highest price for the suburb is $7.35 million – about half of this special block of land’s asking price. (Domain)

The highest sale in Runaway Bay is $7.35 million paid in 2021 for four-storey home facing the water.

The Poinsettia avenue block covers 2784 square metres, in a dress circle spot looking out to South Stradbroke Island. One side is 57 metres long and the other is 80 metres long. It has a mini foreshore and pontoons in place.

The buyer will have the option to buy adjoining blocks, according to the listing, on the books of Professionals Vertullo Real Estate Hope Island.

The median house price in Runaway Bay is $1.25 million, according to Domain’s latest House Price Report (March 2023). This represents an increase of 6.8 per cent over 12 months and 67.8 per cent over five years.

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The property has its own crescent of sand on the Broadwater. (Domain)

Prices have hiked due to the insatiable demand from Victorian and New South Wales buyers who have packed the sunscreen and pre-approval from a bank and headed north in search of bumper real estate.

Domain reported in February that the Gold Coast’s median house price in September 2019 was $642,000.

This year, the median price for a Gold Coast house pole-vaulted to $945,000, which is $143,500 more than the median price of a house in Brisbane.

Article source: Queensland Property Investor