This article is from the Australian Property Journal archive
A BROADBEACH penthouse has sold for $12.5 million, setting a new record for the Gold Coast, and the glitter strip’s luxury market is now about the see another eight-figure offering put to the market.
The new titleholder is three-level penthouse atop Faro, an $80 million full-floor luxury apartment project under way via a joint venture between 5Point Projects and Bottega Property Group.
The price came in at more than $30,000 per sqm.
Buyers have now scooped up half of the apartments available in the luxe development where prices start from $3.1 million for full-floor residences.
5Point Projects’ Ophira Palm Beach, meanwhile, has set the tone for the city’s newest “millionaire’s row” following the sale of five full-floor apartments at more than $7 million each.
Back in Broadbeach, Melbourne-based developer Hirsch & Faigen has placed the penthouse of its Emerson Kirra project on the market with expectations of $10 million.
The 500 sqm penthouse will be the final offering from the $75 million project after the developer previously sold all remaining apartments well ahead of completion earlier this year.
The four-bedroom residence offers open-plan living and dining areas, including a butler’s pantry with living areas supplemented by a designated study and a multipurpose room.
“In reality there are only a handful of key prestige north facing beaches on Australia’s eastern seaboard – Kirra, Noosa and Byron Bay – that take advantage of such a position and Emerson is one of the most exclusive and unique opportunities in any of these locations,” said Matt George, sales and marketing director for Hirsch and Faigen.
New Gold Coast apartment prices surged by more than $500,000 in the past six months as interstate investor activity rose and construction costs impacted property values.
Urbis data for the March quarter shows new apartment sales averaged $1.73 million, the highest since Urbis began monitoring the new apartment market a decade ago.
“The latest sales numbers reflect the ongoing challenges of meeting demand for new apartments on the Gold Coast,” said David Higgins, Gold Coast director residential at Colliers.
“We are really seeing Residential projects struggling now out of the ground, due to the massive increase in construction costs, making many projects just not feasible in current cycle.
“Sales volumes are lower while average prices have spiked higher as supply and variety of stock remains constrained. It’s causing a massive fluctuation of pricing in the market”.
Interstate investors overtook owner occupier by proportion of sales in the March quarter, with owner occupiers accounting for 38% versus 29% of total sales.
Local investors accounted for 20% of sales and overseas buyers 13%.
