Gold Coast home to Australia's best-value luxury real estate - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

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PHOTO: The Gold Coast. FILE

According to realestate.com.au the Gold Coast is home to the nation’s best-value luxury real estate, with the top end of the market continuing to fire with big-ticket sales despite the wider downturn.

The Glitter Strip’s prestige market also recorded the highest price growth of any Australian city last year, The Wealth Report 2023 by Knight Frank shows.

Prestige property prices were up 4.1 per cent on the Gold Coast, ahead of the country’s next top performer, Melbourne, at 3.5 per cent, the report released today found.

Knight Frank’s survey of 100 global markets found the pandemic boom in prime real estate continued into 2022, driven by demand from cashed-up buyers unencumbered by rising interest rates.

Bellagio La Villa at Tallebudgera Valley has attracted a record-breaking $42 million offer

On the Gold Coast, $1.5m will buy you about 117sq m of luxury space.

“As with many market segments, the second half of 2022 saw a slowdown in transactions as the cost of debt rose and economic uncertainty entered the equation, but it was moderate with 44 per cent of transactions happening globally in the final six months,” Knight Frank Head of Residential Research Michelle Ciesielski said.

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It comes on the back of a record-breaking $42 million offer for a Gold Coast mansion which went under the hammer last week.

Amir Prestige principal Amir Mian, who marketed the sprawling Bellagio La Villa estate at Tallebudgera Valley, said the price which ecliped any previous sale in Queensland nonetheless represented exceptional value to the buyer.

An international buyer splashed the cash in an off-the-plan deal for their new holiday home in ‘Coast’ in Surfers Paradise.

“If you had a property like this that was ten minutes from the beach in Sydney or Melbourne, with 49ha of land and a beautiful home, with all the other attributes Bellagio offered, it would be worth double if not more,” Mr Mian said.

“Sydney is a bigger city, but we are the fastest-growing city. I’ve never seen so many cranes from Coolangatta to Hope Island in my 30 years on the Coast, and all that development atttracts the big fish and the business leaders.

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“As they come here and enjoy the lifestyle, they want the luxury real estate, and there is actually a very limited supply of luxury here and that is what is keeping demand up.”

The Soul penthouse is the Coast’s most expensive apartment sold at auction for $15.25m

The Gold Coast’s highest sale to date was $27 million for a three-level waterfront house on the Isle of Capri, set in 2020.

Knight Frank Head of Residential Erin van Tuil said the top end of the market was more resilient and much less likely to be impacted by interest rates rises.

“We expect to see ongoing buyer activity in these price points over 2023 as confidence returns, particularly with an expected peak in inflation and rate rises later this year, and along with it more certainty on the economic landscape,” Ms van Tuil said.

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The “super-prime apartment market” was another key driver of high-end sales, she said.

A luxury sub-penthouse planned for the Chevron One Residences in Surfers Paradise hit the market in February with a jaw-dropping $25 million.

If achieved, it will smash the existing apartment sale record held by the Soul penthouse, which sold in 2021 for $15.25m.

Luxury beachfront apartments like at Masthead Ocean Club in Main Beach are driving demand

Also in Surfers Paradise, a beachfront apartment under construction in the ‘Coast’ building sold for $10.75m last month.

Marketing agent Tolemy Stevens, of Harcourts Coastal, said the Gold Coast had been “extremely under-valued” over the last 10 years, with steady market growth over that period attracting interstate and international buyers to the beachfront strip.

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“The Gold Coast penthouse and luxury apartment market is currently seeing record low levels of stock coupled with a very high volume of buyers who are constantly advising us that there’s almost nothing for sale for them to choose from,” Mr Stevens said.