Old homes make way for new in Gold Coast real estate trend

first_imgMr Cotterill said it cost around $20,000 to clear the existing house and estimates the new build alone to be worth more than $1 million. The open-plan kitchen and living spaces at 16A Huon St, Broadbeach Waters.Coral Homes QLD State Sales Manager Brad Richardson said the call for knockdown-rebuild projects was rising on the Gold Coast. “We do lots of knockdown rebuilds, our range of home designs which can fit on blocks as small as 10m wide are perfect for these kinds of projects,” he said. Family splashes out on quirky pink Bungalow See inside the luxury Gold Coast house that’s made for sandy feet Coral Homes replaced one house with two at 16A Huon St, Broadbeach Waters.GOLD Coast homeowners and investors are jumping on the knockdown-rebuild bandwagon, with a string of new projects underway in tightly-held suburbs.Canal estates within close range of the beach are being targeted where the high land values make it viable to replace an original house. One such new build is turning heads on a prominent corner block on TE Peters Drive and Rio Vista Boulevard in Broadbeach Waters.The original house has been demolished to make way for “The Corner House”, a stunning two-storey design by architect Paul Uhlmann and being built by Sanctuary 28.center_img A render of The Corner House which is taking shape in Broadbeach Waters.Sanctuary 28 Director Don Cotterill said the project was a prime example of how to maximise your location.“What we see in that area and areas around that are houses that are worth nothing on $1 million to $1.5 million blocks,” he said.“Those properties are crying out for the knockdown market and we only see the demand getting stronger.” Sanctuary 28 Projects purchased the 637sq m property for $700,000 in November 2018. MORE NEWS: Racing champ sells in record deal An interior render of the house taking shape at 70 TE Peters Dr, Broadbeach Waters. Picture: Paul Uhlmann Architects.Location is the driving force behind the knockdown-rebuild trend, said REIQ Director John Newlands.“It has become a trend because people like the location of where they are in those central positions and there’s no more land available,” Mr Newlands said.“The next best thing is to (knockdown and rebuild).”Mr Newlands said cost was also a consideration with renovation projects often adding up to be as much as a new build.“People are finding that to demolish the existing house and build a new one often works out to be a similar price to trying to put bandaids over an older property,” he said.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoAnd it’s not only owner-occupiers capitalising on the knockdown strategy, with investors tripling returns by rebuilding two homes on the one block.Two properties allow investors to achieve two rental incomes, or if intending to flip straightway, improve the rate of return. Coral Homes has replaced one home with two at 16A Huon St, Broadbeach Waters.At 16A Huon St, Broadbeach Waters, Coral Homes demolished an original three-bedroom home on a 769sq m block and built two homes in its place. The original home was valued between $850,000-$900,000 while the two new homes have a combined estimated value of $3 million.last_img

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