22A Palm Ridge Drive, Richmond QLD 4740

Vacant 1ha elevated block | Richmond QLD 4740 | Sold Aug 2024 for $379k | Not currently listed | Estimated $1M+ post-sale This 1-hectare elevated lot in Richmond represents a rare landholding in a market where large, developable parcels are scarce. The significant gap between the recent $379k sale and current $1M+ estimates signals strong underlying demand, likely tied to mining sector activity and limited supply of premium elevated sites. The property’s size and position suit a buyer seeking to build a substantial family home with space for multiple vehicles or a workshop, as evidenced by the adjacent house’s 10-car capacity. For a buyer with construction plans, this offers a chance to acquire land at a price that reflects raw value rather than finished product premium, with the elevation providing potential for views and reduced flood risk. The primary risk is valuation uncertainty given the wide range between recent sale price and current estimates, which may reflect speculative pricing or market volatility. Buyers should verify council zoning, development approvals, and utility connection costs before committing, as these could materially affect total outlay. An opportunity exists to negotiate from the recent sale price if the seller is motivated, potentially securing significant equity uplift once construction completes. Hold this property as a long-term land bank or develop immediately to capture the gap between land cost and improved value.