How to Turn a $5m Property Into $9m

June 7 2024

Gold Coast sales advisor Rob Lamb sold the same property twice in 3.5 years, achieving capital growth of 80% for one very satisfied owner. Find out how.
How to Turn a $5m Property Into $9m

They say everything happens for a reason and never has that been more true than with the sales journey of a waterfront holding in the popular southern Gold Coast suburb of Palm Beach.

The landmark estate at 146-150 Tallebudgera Drive made headlines back in November 2020 when a last-minute phone bid blew 25 other bidders out the water at the onsite auction.

Built in the early 1980s, the original five-bedroom house was located opposite Tallebudgera Creek and had been held by the same family for 40 years.

The auction campaign was led by Kollosche agent Rob Lamb alongside Troy Dowker. Rob recalls competitive bidding between families, builders, developers and investors, which started at $2,800,000 before climbing quickly to $5,000,000.

“The winning bidder only placed one bid,” says Rob. “He waited right until the very end, when the auctioneer was counting down for any final bids, and increased the bid by $50,000 to $5,050,000.

“It was a mind game and it worked perfectly because the other active bidders probably assumed it was his first bid and that he had plenty more in him. It was a clever strategy.”

That winning bidder was a father of six from Newcastle who intended to create a family compound on the gargantuan 2,742m2 parcel which boasts an exceptional 75 metres of water frontage.

But when the owner decided not to move ahead with those plans, he turned to Rob to understand his options. Rob helped to devise a sales strategy that would maximise the resale value of the property by subdividing the land into four separate titles – each ranging in size from 682m2 to 690m2.

“The original house was always going to be demolished due to its age which left a significant parcel of prime land in a highly sought-after street,” says Rob. “By subdividing the land we were able to achieve a really positive outcome for our client.”

The four blocks, each sold individually by Rob, fetched a total of $9,110,000 – that’s 80% capital growth on the original purchase price of $5,050,000 (which was a record at the time for a canal-facing property in Palm Beach).

Local Gold Coast buyers were behind every purchase, says Rob, who notes that a lack of suitable new or renovated stock had encouraged those buyers to build.

“When you can’t find the house you want, the next best thing is to build one yourself,” says Rob. “Vacant land is a rare commodity on this street and these blocks are ideal for those wanting a nice modern home in a great location. We were able to connect those buyers with builders and architects who understand the calibre and style of homes that are popular in this area.”

One buyer is working with building designer Jayson Pate who has revealed plans for ‘Serenity’, which is described as: “A modern Mediterranean design, on what is fast becoming one of Palm Beach’s hottest strips. The home will make entertaining a breeze and make the most of the site’s incredible waterfront location. Cocktails by the pool anyone?”

Palm Beach has undergone major gentrification over the past decade, with original beach shacks and brown brick walk-ups making way for modern designer residences.

The median sale price for houses in Palm Beach is $1,475,000, according to the latest Core Logic data, reflecting a jump of 58.2% in 3 years and 86.7% in 5 years.

The recent deals are not the first for Rob Lamb on Tallebudgera Drive – he sold number 144 for $3,100,000 back in January 2020. The property was rented for a period, with no improvements, before Rob sold it again in 2023 for $5,672,000 – an 82% gain in value for the owner.

Rob also put together a $3,100,000 deal on 21 Diplacus Drive in May last year, while in February he sold a three-bedroom apartment for $2,200,000 on the prestigious Jefferson Lane beachfront strip.

“There’s a lot of opportunity in Palm Beach because you’ve got homes in prime locations that are 30, 40 or 50 years old and not suitable to renovate,” says Rob.

“We’re finding owners are having a lot of success building new homes and bringing those to market due to the lack of new builds. The construction industry has now settled down enough to make this possible.”

If you would like a sales strategy that maximises the value of your property, reach out to Rob Lamb on 0405 608 601 or email

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