Home-hungry Queenslanders are embracing the opportunity to secure themselves a tiny slither of real estate paradise in Palm Beach.
Despite real estate agents saying a smaller block has never been sold in the area, dozens of potential buyers have already expressed their interest.
The “unprecedented sub-division” has gone up for sale on Fourth Avenue in North Palm Beach, just 250m from the beach – but the land spans a meagre 125 sq m.
Ray White agent Jarrard Lemming who is looking after the sale suggests that a three-storey town house could fit on the block, which is “the first” of its size to enter the Palm Beach market.
He said it will set a precedent for what is possible and “will not last for long”.
“The opportunities that can be created on this unique block are more than meets the eye,” he said.
The grassy lot was originally the backyard of a 405 sq m block, for which the homeowners paid $360,000 in 2003.
They plan to build their dream home on their remaining land, and a development application has been approved for the recently sub-divided plot now up for sale.
Palm Beach is one of the most sought-after suburbs on the Gold Coast, close to Burleigh Hill, Tallebudgera Creek, cafes and restaurants.
Lemming said: “The opportunities that can be created on this unique block are more than meets the eye.”
Locals have divided opinions, with one person telling 7NEWS: “It’s so tiny, it’s ridiculous. I don’t know why the owners didn’t just hang onto it.”
“I think that people are willing to live with a little bit less, and maybe a little bit less backyard is what you have to sacrifice for location,” another person said.
According to Gold Coast City Council residential density maps, 125 sq m is the minimum lot size for residential areas.
Article source: 7news.com.au