$919,000 for no value cottage
By RACHEL AFFLICK
THE sale of a tiny weatherboard cottage for close to a million dollars has Brunswick Heads property owners rubbing their hands with glee.
A two-hundred strong crowd turned up for the auction of the 1950s era home at 3 Booyun Street, Brunswick Heads, which was snapped up by Melbourne buyers for $919,000.
The real estate agent behind the sale, Russell Siwicki, said the cottage itself was of ‘little or no value’.
However, the 1012 square metre block, located in a quiet street four minutes from the beach and seconds to town, was a ‘very valuable piece of land’.
Mr Siwicki said the sale was also driven by the property shortage in Brunswick Heads, and the number of people queued up to get into the beachside community.
He said thanks to a moratorium on development in the village, the days of buying a cheap home in Brunswick Heads were over.
In fact, Mr Siwicki believes prices will continue to rise.
Byron Shire Council imposed the moratorium in the late 1990s because the sewage treatment plant needed to be upgraded to handle further capacity.
“They keep pushing it back,” Mr Siwicki said. “It’s good for people that own property in the town, but not good for people trying to get in.”
Mr Siwicki said $919,000 was not a record for the village, but for such a modest house it was a sign the market was continuing to tighten.
“I think what really attracts people to Brunswick Heads is the fact we’ve maintained our village atmosphere” Mr Siwicki said.
“We haven’t gone the way of a lot of other coastal towns. We’ve kept our simplicity.”
However, another reason for rising prices was the fact there was nowhere else to build in the village, he said.
“We’re bound by the Cape Byron Marine Park, the Tyagarah Nature Reserve and Crown reserves. As long as there’s no land to be released, prices are going to keep on climbing,” Mr Siwicki said.
The million-dollar mark has already been cracked in Brunswick Heads. A house opposite the boat harbour%recently sold for more than $1 million.
Mr Siwicki said he wouldn’t be surprised to see more houses make it to six zeros in the near future.