Confidence in the Gold Coast’s luxury residential market remains high, with the recent $11.6 million sale of a beachfront Mermaid Beach property the latest in a string of luxury sales.
Vendor, retired cotton farmer Alan Frost, secured the two-title property at a forced auction in 2014. The deal represents a five million dollar gain in four years for Frost. And the transaction is the fourth largest for a beachfront site in the suburb since the global financial crisis.
Only four months into 2018 the Gold Coast’s luxury property market has already seen several multimillion-dollar sales.
A seven-figure sale at Sanctuary Cove set a new record for a golf course fronted house in Australia.
The $6.5 million four-bedroom home, at 2230 Arnold Palmer Drive, was snapped up by a retired corporate executive.
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The Sanctuary Cove buyers had recently sold their Isle of Capri home for $8.8 million.
Ray White Broadbeach agent Sam Guo said the luxury end of the Gold Coast market was on fire with showing no signs of slowing down.
“There is no doubt that the eyes of the world has been on the Gold Coast lately and people are loving everything that our lifestyle and market has on offer," he said.
“The Gold Coast has well and truly come of age and it’s great to see such confidence in the luxury market.”
Property developer Ron Bakir smashed a sales record when he sold his penthouse apartment, with 21 car spaces, for $9.5 million in January. The previous record for a Gold Coast penthouse was $9.2 million.
Guo said he’d also set a street record for 31 Buccaneer Court, Surfers Paradise, achieving just shy of $6 million for the five-bedroom property.
Luxury continues in Brisbane market
The luxury home market has also bled out to other areas of Queensland, with a grand 100-year-old Queenslander, “Clonara”, for sale in East Clayfield.
Located at 150 Adelaide Street on a 3317 square metre property, Ray White expects offers with the ultimate sales deal to hit the millions.
The highest price achieved in Adelaide Street was $5.8 million in 2010.
