Salt block goes for $3 million

By SAMANTHA HEALY

SALT Village smashed its own property sales record this week after a buyer snapped up one of the last vacant beachfront lots in the exclusive beachside postcode for $3 million.

The buyer purchased the block at Southbeach Salt Village earlier this week, paying $1 million more than the record set at Salt Village last November.

Ray Group chief executive Tom Ray said that despite the quantum leap in price, the sale was not a one-off "rogue" achievement.

"We are currently dealing with several other contracts on Southbeach lots at similar prices," Mr Ray said.

"The Southbeach precinct campaign was launched just prior to Christmas and interest has been significant at the prices around the $3 million mark."

This week's purchase eclipses the previous price-per-square-metre record for vacant beachfront land in the region, with the latest deal equating to $3866 per square metre ? a 25 per cent increase on the previous record of $3100 per square metre set last year.

With only two Southbeach blocks remaining, Mr Ray said pricing on each lot would likely be lifted to $5000 per square metre within a few months.

Mr Ray said the spiralling values could be attributed to Salt Village's relatively undeveloped and environmentally appealing location and its proximity to public infrastructure.

When complete, Salt Village will comprise a total of more than 2000 homes, resort apartments, residential apartments and villas.

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