Buyers priced out of ‘barmy Palmy’ send Elanora prices soaring

13 Kentia Court, Elanora, has set a new price record for the suburb.

TWO suburbs had their house price records smashed recently – Elanora and Palm Beach.

While seemingly unrelated, the two sales may in fact be closely connected.

In Palm Beach, an interstate buyer stumped up a whopping $6.1 million for a relatively modest beachfront home at 135 Jefferson Lane, or Millionaire’s Row.

Owned by the one family since 1978, the house trumped the $6 million paid not long ago for Defence Minister Peter Dutton’s home at No. 109.

135 Jefferson Lane, Palm Beach, achieved a sale price of $6.1 million in another ‘barmy’ sale.

It is the latest in a long line of multimillion-dollar house and unit sales in Palmy, which has pushed the median house price in the suburb from $900,000 in June 2020 to more than $1 million 12 months on, according to REA statistics.

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Units, buoyed by a bevy of boutique developments set to be built in the suburb to coincide with the arrival of the Light Rail, have similarly risen from a median of $504,000 to more than $687,000.

Property growth of more than 30 per cent has been registered over the past 12 months, with the high prices being paid creating the moniker ‘barmy palmy’.

And therein lies the connection.

Tthis home at 4-6 Mavista Grove, Elanora, be the new suburb record-holder if it sells for $1.69 million.

The ‘barmy’ prices are pushing buyers out of the suburb and into neighbouring areas, specifically Elanora.

While the record-breaking $1.65 million price achieved for the family home at 13 Kentia Court is modest when compared with the one at Palm Beach, it is a hefty price for a home in Elanora, where the median price is $840,000, $439,500 for units.

Selling agent Billy Jazz of McGrath said he had several offers on the home, with the winning bid being markedly higher than the rest, prompting the owners to take the house off the market ahead of auction.

Mr Jazz said many buyers were looking in Elanora because they were being priced out of neighbouring Palm Beach.

54 Angelica Street, Elanora, is on the market and open for inspection this weekend.

Local agent Mark Stafford of Ray White said the suburb was attractive for its price point and eclectic mix of properties, which ranged from waterfront homes to acreages, still within close proximity to the beach.

“There’s plenty of room for growth as the suburb has fallen in the shadow of Palm Beach, yet few realise just how unique Elanora is,” he said.

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“The suburb has been undervalued for years, however, that’s now rapidly changing as it is being rediscovered by locals and those from interstate.”

Buyers looking to buy in the suburb best not wait too long as prices are rising rapidly.

For example, Mr Jazz and his colleague Paul Hilliard have just listed a five-bedroom home on half a hectare for offers of more than $1.69 million.

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