Palm Beach house price record smashed with $6.1m sale

135 Jefferson Lane, Palm Beach, has sold off-market for a suburb record

A new price benchmark has been set on Jefferson Lane in Palm Beach with the settlement of a $6.1m sale for an original beach house, knocking Peter Dutton’s record off its perch.

The deal for 135 Jefferson Lane was negotiated by Ray White Tugun principal John Parkes, with the buyer hailing from interstate. It is a record sale for the suburb.

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The house is absolute beachfront.

The house has been in the same family, the Roaches, since it was built in 1978, with the ownership now split between five children.

While the house has been updated over the years, the buyer intends to carry out a full renovation before relocating to live in the property.

Set on a tight 457sq m block the sale represents more than $13,000 per square metre, and trumps the $11,000 per square metre, or $6m, paid for 109 Jefferson Lane in February.

The house, owned by Federal Defence Minister Peter Dutton, was sold for more than double the $2.325m he paid for it in September 2014, when he bought it off Deborah Heiner. The sale settled on April 12.

109 Jefferson Lane, Palm Beach, which was owned by the Federal Defence Minister Peter Dutton was sold for $6m earlier this year.

Mr Parkes said he could not disclose details as the buyer had asked for confidentiality.

He said Jefferson Lane was a “conservative marketplace”, with many buyers not wanting to disclose where they lived or what they had paid for their properties.

“I was approached by both the sellers and buyers and was able to co-ordinate the sale privately. Unfortunately I cannot disclose much more than this,” he said.

An artist impression of a new nine-storey tower planned for Palm Beach’s Jefferson Lane by Quahlee Property.

Palm Beach, and Jefferson Lane in particular, which has been given the moniker of Millionaires’ Row, is a highly sought-after suburb that has had staggering growth in the house and unit markets.

The latest data REA data pinpoints it as the fastest growing suburb on the Gold Coast, registering almost 30 per cent house-price growth in the past 12 months, and in the top five fastest-growing regional suburbs statewide.

“Just about every area of the Gold Coast has managed to capitalise on what’s become the biggest property market explosion in history. However, the growth on the southern end of the Gold Coast has been phenomenal within the prestige property sector,” Mr Parkes said.

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