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How prestige buyers shaped the Gold Coast’s record-breaking property boom

Gold Coast 7

Two years ago, prestige property prices across the Gold Coast were all but becalmed on a stagnant sea that left luxury mansions sitting like flotsam and jetsam in the listings following a decade of static growth.

But just when it felt like the city’s gleam could fade, the perfect storm of COVID-19 and low interest rates propelled luxury home prices to unprecedented heights to cement a year of record-breaking growth that saw Surfers Paradise and Southport named two of the country’s top-selling suburbs.

Fuelled by a mammoth sea-change trend, home prices in primely positioned pockets across the ‘’glitter strip” rose by up to 44 per cent and shot 11 suburbs into the million-dollar-median club – a club that consisted of just Mermaid Beach and Surfers Paradise 12 months earlier.

The figures, lifted from Domain’s September House Price Report for 2021, revealed buyers converged on the luxury property sector like moths to a flame with Miami house prices shooting beyond 44 per cent to $1.205 million in a year and Mermaid Waters house prices rising by 41.9 per cent to $1.22 million.

Gold Coast

The pandemic created perfect conditions for the Gold Coast prestige market to experience high levels of growth. Photo: Supplied

In neighbouring Mermaid Beach, a colossal 32.4 per cent hike sent house prices to a historic $2.075 million.

But while the voracious growth decimated stock levels and burst the seaside dream for thousands of buyers hoping to bag a bargain by the beach, Ray White Surfers Paradise Group CEO Andrew Bell said after almost 24 months of price hikes the fever was breaking.

“Twenty months ago, you couldn’t have imagined the prices we’d achieve. This is the greatest boom in the history of the country … and the last thing I can remember that was close to this was 1988 and ’99 after the stock market crashed,” Bell said.

“People pulled their money out of shares and ploughed it back into real estate but it was short-lived. This boom is even stronger.

“The difference now is the cheap money. People are more cavalier with it and it’s so affordable.

“But all markets, whether it’s gold or oil, go through cycles and property is so aligned to the economic cycle. So, we were due for a boom … and if you follow the cycles, two years of a boom market is about as long as they last.

Gold Coast

The property boom in the Gold Coast has been one of the highest in years. Photo: Supplied

“Now there are signals out there showing the brakes are being applied whether that’s the regulations into borrowing [announced on November 1], chats about interest rates rising and then affordability being tested. You get half a dozen of those things like this and it’s like putting an anchor out.”

While the anchor might have been dropped, the city moved up the search rankings to top place for overseas buyers, according to PropTrack’s Overseas Search Data Report released last month, with units in Surfers Paradise topping the national list for sales value, according to figures found in the Domain House Price Report.

The mass return of expats could also see the anchor lifted in early next year, with the city’s annual auction – called The Event – tipped to be the best yet for the Ray White Surfers Paradise Group when it kicks off on January 23 at RACV Royal Pines Resort in Benowa.

Looking back over the past year, prestige property specialist Michael Kollosche, of real estate agency Kollosche, said the depth of the market was astonishing and had resulted in the firm collecting just over $230 million in unconditional sales in October alone.

The team also achieved a handful of jaw-dropping sales such as 159 Hedges Avenue, Mermaid Beach, which recently fetched $15.75 million.

“There have been a lot of sales in that $10 to $16 million range this year and a large portion of them were to locals with a few coming out of Sydney and Melbourne,” Kollosche said.

“I sold a block of land alone [900 square metres] at 139-141 Hedges Avenue for $17.5 million [in August].

Gold Coast

With the Olympics being hosted in nearby Brisbane, the market for the Gold Coast is set to continue its upward trajectory. Photo: Supplied

“I think the market will remain reasonably stable over the next 12 months because the Gold Coast is well-positioned with the [Brisbane 2032 Olympics] and there’s a lot of infrastructure spending.”

For the team at Amir Prestige Property Agents, the year was equally fruitful, after principal and director Amir Mian collected a suburb-record-smashing $23.75 million for the spectacular 5 McMillan Court, Southport, in March this year.

The sale came hot on the heels of yet another record-breaking sale for the firm at 187-191 Hedges Avenue, which achieved $22.5 million in the latter half of last year.

“The Gold Coast is poised for a pretty good decade between now and the Olympics … and I think it’s to do with the number of buyers who want clean air, a nice environment and a nice back yard,” Mian said.

“A highlight sale for us was 41-45 The Promenade, Isle of Capri, which sold for $26.998 million … all our top sales were pretty much suburb record-breakers … and people are more than just getting caught in the Gold Coast movement – they are putting their kids in the school here, and they are changing their jobs to live here.”

Top three Gold Coast homes on the market:

2585 Gracemere Circuit, Hope Island

Versace-inspired seven-bedroom, seven-bathroom mansion on a sprawling 5371-square-metre block with river and hinterland views.

Additional features include a swimming pool, spa and a king-sized pontoon.

Claire Dai from Kollosche is selling the home with a guide of $16.8 million.

Gold Coast

2585 Gracemere Circuit, Hope Island QLD 4212

5681 Anchorage Terrace, Sanctuary Cove

Meticulous six-bedroom, six-bathroom waterfront estate on a 2360-square-metre block.

Luxury additions include marble floors, a gold-class style home cinema, a billiards room and a double-length pontoon.

Amir Mian from Amir Mian Prestige is selling the home with a guide of $12.85 million.

Gold Coast

5681 Anchorage Terrace, Sanctuary Cove QLD 4212 

22-24 Admiralty Drive, Paradise Waters

A prime 1351 square metres of one of the Gold Coast’s most elite pockets with striking architectural finishes throughout the five-bedroom, seven-bathroom home that features a media room, an enclosed indoor swimming pool, and a riverfront pontoon.

Robert Graham from Ray White Surfers Paradise takes the home to auction on January 23.

 

Article Source: www.domain.com.au

Gold Coast

Macquarie Moves Ahead on 52-Storey Broadbeach Tower

Macquarie 1

Macquarie Developments Group is finally moving ahead with its plans to build a 52-storey apartment tower in Broadbeach.

It comes after more than $35 million in sales within a week of its launch and amendments to city plans to boost the tower height from the 2016-approved, 41-storey plans.

The Sydney-based developer applied to the Gold Coast City Council to make the change to the $250-million Assana tower in mid-late 2021 for the tower planned for 15 Rosewood Avenue, Broadbeach, on the corner of the Gold Coast Highway.

This changed the offering within the tower significantly to “house-like proportions”, reducing the number of apartments from 186 to 146 while increasing the bedroom count from 294 to 397.

SJB Architects designed the tower for the 1235sq m site with Arcadia Landscape Architecture responsible for the landscaping.

Assana’s design included 47 residential levels, a ground floor lobby and retail area as well as communal facilities on the mezzanine and level 10.

There would be three five-bedroom apartments, 63 two-, 64 three- and 16 four-bedroom apartments in the tower.

Macquarie

▲ The Assana tower in Broadbeach replaces a vacant block next to the Gold Coast light rail between Cascade Gardens and the beach. 

Macquarie Developments Group chief executive Peter Galvin said they were feeling positive about the project and potential for more developments in the area.

“The response has been great with most of the purchasers commenting that they really like the large apartments as they provide great value for money,” Galvin said.

“They are also impressed with the smart home automation that is all part of the package and the high-level appointments.

“I have always been interested in the Gold Coast and really love the lifestyle that the area provides.

“We also feel that there is true value in developing on the Gold Coast compared to Sydney and other areas in Australia at this current time, however, we are always on the lookout for opportunities.”

SJB director Nick Hatzi said the building was uniquely positioned and would set a precedent for the immediate area.

“It’s currently the only tower in that block, so for us it was very much about getting off on the right foot and showing the direction for the future character of the area,” Hatzi said.

“The curved façade corners and articulated shape have been carefully designed to reduce bulk, maximise views and daylight whilst also responding to the site’s high wind conditions to make usable spaces and providing better amenity for the residents and guests.”

The high unit sales for this development follow a trend for the city which pushed Broadbeach into the top five regional locations for apartment sales in the country.

It recorded $510 million in sales in the 12 months to September 2021 across 654 units.

Laver Residential Projects director James Lampropoulos said the views, location and size of the apartment helped with sales in the ultra competitive market.

“They [they buyers] are also very reassured to know that our project is DA approved and we have one of Australia’s largest tier one construction firms in Multiplex involved, with the expectation we’ll be breaking ground before the middle of the year,” Lampropoulos said.

 

Article Source: www.theurbandeveloper.com

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The Gold Coast’s best off the plan penthouses

penthouses

We’ve had a look at some of the best penthouses on the market from the south of the Gold Coast in Coolangatta to Surfers Paradise and Chevron Island

One of the biggest trends in 2021 was developers going above and beyond to make sure their development was crowned by a luxury penthouse, with the majority expecting to see a sale in the double digits.

Given the shift in demand from one-bedroom holiday makers to the three-bedroom plus owner-occupier market, developers are ensuring there’s high end penthouses or sub-penthouses, even in high density projects.

We’ve had a look at some of the best penthouses on the market from the south of the Gold Coast in Coolangatta to Surfers Paradise and Chevron Island.

Sea, Burleigh Heads
Developer: Forme
Price: $16 million

Sea

Sea
96 The Esplanade, Burleigh Heads QLD 4220 

There’s a $16 million price tag on the two-level penthouse crowning Forme’s Koichi Takada-designed Sea, facing Burleigh Beach on The Esplanade.

The two-level space, with 825 sqm of space, one of the largest produced in Burleigh, has six bedrooms, six bathrooms, a gym, office and library, multiple kitchens and entertainment areas and a theatre.

There’s a staircase leading to the exclusive rooftop, kitted out with a swimming pool, sun deck and alfresco kitchen.

“It’s our best penthouse ever produced”, Forme managing director David Calvisi says.

Forme has had great success in the luxury apartment space, selling the penthouse in their nearby Norfolk, Goodwin Terrace development for $9 million, the most expensive apartment south of Mermaid Beach to settle.

Koichi Takada also handled the design of Norfolk, which was a hit across the country. The curved facade even became one of the famous Bondi-based Aquabumps prints, going viral on Instagram and being featured by design blog Dezeen.

Project: Emerson Kirra
Developer: Hirsch & Faigen
Price: $8 million

Emerson at Kirra Beach, the second Gold Coast development by the Melbourne-based developer Hirsch & Faigen, is crowned by an impressive $8 million, full floor space.

Emerson Kirra

Emerson Kirra
100 Musgrave Street, Coolangatta QLD 4225 

Spanning 494 sqm including terracing on the 14th level, the penthouse will have four bedrooms, including a master suite with walk in wardrobe and an ensuite with double shower and double vanity.

It will feature over three metre ceilings and windowed walls offering unrivalled views across the ocean and distant Gold Coast skyline, as well as two living spaces.

Project: The AU, Surfers Paradise
Developer: ASF Group

ASF Group netted a near $9 million buyer for one of their tri-level penthouses. There are two penthouses in the boutique block of just 16 on The Esplanade, just across the road from the beach.

The AU Surfers Paradise

The AU Surfers Paradise
52A The Esplanade, Surfers Paradise QLD 4217 

Offering nearly 480 sqm of space, ASF Group offer a number of customisation options for the penthouse. There’s potential for the third level to become an ocean view master suite, although the plans are already for four bedrooms.

ASF Group Marketing Director Daniel Fang said there’s options for a yoga or meditation room, with full-width views of the beach. That or a cinema room, or even a private gym, are other options.

The penthouse starts from level 17 and has a separate private lift within to access the higher levels. Offering 16m frontage directly facing the ocean, the penthouses feature four bedrooms with the second level having the option of including a lap pool.

Project: Chevron One
Developer: Bensons Property Group
Price: $15 million

Late last year the Melbourne-based Bensons Property Group released their higher levels to the market of their Chevron Island tower, Chevron One.

Chevron One

Chevron One
36-44 Stanhill Drive, Surfers Paradise QLD 4217 

To be the only true high-rise tower on Chevron One having been approved before stricter height limits were set on the exclusive Gold Coast island, Chevron One will soar 41 levels in to the sky.

The special penthouse crowning the development isn’t actually for sale. That two-level space, spanning levels 40 and 41 with nearly 2,000 sqm of living space, the Gold Coast’s largest ever penthouse, will be retained by Bensons Property Group’s Chairman Elias Jreissati.

But the subpenthouse, spanning nearly 1,000 sqm of space, is up for grabs. Priced at just shy of $15 million, the penthouse will have five bedrooms, five bathrooms and garaging for four cars.

Project: 123OBR
Developer: Bottega Group

The boutique 13-apartment Broadbeach development, 123OBR, is capped with a sprawling two-level penthouse, with 529 sqm of internal living space.

123OBR

123OBR 123 Old Burleigh Road, Broadbeach QLD 4218 

Bottega Group Director Nick Malloch says 123OBR’s penthouse is the ultimate experience of luxury beachside living on the Gold Coast.

“123OBR’s penthouse is a unique opportunity in that every element of the design has been carefully curated to speak to the opulence and intrinsic beauty of Gold Coast living at its very best,” says Malloch. Elegant gallery wall corridors, floor to ceiling glazing in the living and dining space, a feature fireplace and oversized master retreat complete the experience.

Project: Miles Residences, Kirra Beach
Developer: KTQ
Price: $16.75 million

Last year KTQ sold out Miles Residences, all 118 apartments in their first stage of the $350 million redevelopment of the Kirra Beach Hotel. But they saved something special for 2022.

They’ve just launched the two-level penthouse, with a price tag of $16.75 million.

Miles Residences Kirra Point

Miles Residences Kirra Point | Penthouse Corner Miles Street and Marine Paradise, Kirra QLD 4225 

The 760 sqm split-level penthouse will be made up of five ensuited bedrooms, a state-of-the-art gym, home office, three living areas, and a study.

The heart of the heart of the home if the open plan kitchen, living and dining area, which also homes a bar.

The penthouse also features a rooftop entertaining deck, accessed by private lift and featuring a private pool, as well as offering unobstructed views north across Kirra Beach to Surfers Paradise and south to Snapper Rocks.

Project: DE-LUXE, Burleigh Heads
Developer: Weiya Holdings
Price: $23 million

The priciest penthouse to hit the market last year was the sprawling apartment atop the 14-level DE-LUXE in Burleigh Heads.

They Sydney-based developer Weiya Holdings, who are transforming the Old Burleigh Theatre in to 28 apartments and two beach houses, slapped a $23 million price tag on the 1,200 sqm of space, which will have six bedrooms.

De-Luxe

De-Luxe
64 Goodwin Terrace, Burleigh Heads QLD 4220 

There will be a number of living areas, a walk-in wine cellar and whisky room, a luxury cinema, expansive library, a sauna and steam room, a private gym, and a sky garden feature.

One of the most striking features will be the glass pool next to the living space.

Patrick Pancur has been handling the sales at DE-LUXE, which is all but sold out.

 

Article Source: www.urban.com.au

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Arvia, Coolongatta apartment resale highlights southern Gold Coast market strength

Arvia

The latest sale equals the Arvia block’s prior highest sale for higher whole floor spaces

Queensland’s Rainbow Bay has seen a holiday apartment resale when $3.8 million was paid in ARVIA, the Marine Parade complex of 17 apartments.

The three bedroom, three bathroom Coolongatta apartment with two car spaces was sold just before its December scheduled auction by Harcourts Coastal agent Katrina Walsh.

It occupies a half floor with 265 sqm space.

It was among the first apartments to be sold off the plan in 2016 at $1.65 million.

The latest sale equals the block’s prior highest sale for higher whole floor spaces.

The complex has an 8 Star energy rating after its design by Ellivo for Aspect Property Group headed by Allan Larkin.

The company has been building apartments since 1989.

Its salt water pool is surrounded by luxuriant coastal native plantings at the address of 47 Eden Avenue, aka as 158 Marine Parade.

Coolangatta’s Rainbow Bay latest development is for a 12-level tower on the bay’s high ground, close to the Greenmount Resort.

It is being proposed by KingBella Group’s Lu Li, whose family built the first Quest hotel in Brisbane in partnership with CapDev and Steer Development.

The syndicate has secured a 1924 sqm site amalgamation at 44-50 Eden Avenue with plans for a 12-storey development comprising 94 apartments.

There is also a forthcoming proposal by Rob Steer’s Steer Developments to undertake a $50 million redevelopment of the Ashmore Steak and Seafood restaurant site.

Brisbane architect Joe Adsett is planning a 13-floor tower, Rockpool, next to the Greenmount resort.

Rockpool Rainbow Bay

Rockpool Rainbow Bay 154-156 Marine Parade, Coolangatta QLD 4225 

Urban reported the quick sell-out of Adsett’s Rockpool by Rainbow Bay came without any need for marketing.

Paul Gedoun, the Brisbane developer with nearby towers Flow and Awaken, is marketing Esprit, that saw some $70 million in sales in its first weekend on the market.

Urban reported last September that around three quarters of the initial buyers in the S&S Projects were local owner-occupiers, with around 30 per cent coming from Sydney and Melbourne.

Melbourne developer BeckDev’s Palais Coolangatta is proposed as the redevelopment of the old Jazzland Dance Palais on a 2,355 sqm McLean Street site.

It will see 175 one, two and three-bedroom apartments built, as well as resident facilities and a street-level plaza with retail space.

 

Article Source: www.urban.com.au

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