Cashed up locals, a shortage of beachfront trophy homes and a push from interstate buyers have continued to drive prices up on the glitter strip, where property prices outperformed every other region in Queensland last year, growing by nearly 8 per cent.
It’s been nothing but good news for the Gold Coast economy and, in turn, the local property market. Last week it was revealed a $30 billion pipeline of private and public development would be rolled out on the Gold Coast over the next decade, putting paid to criticisms it would suffer a post-Commonwealth Games slowdown.
This week, a slew of high profile homes sold, including a beachfront Hedges Avenue house belonging to retired cotton farmer Alan Frost. The house, which Mr Frost paid $6.5 million for in 2014, fetched $11.6 million.
That’s a staggering $5 million profit for Mr Frost, or just over $100,000 gain for every month he owned it.
Selling agent Michael Kollosche of Kollosche Prestige said the home sold in an off market deal to a family moving interstate from Melbourne.
“They’ve been holidaying up here for many, many years and have decided to move up here and put their kids into local schools,” he said.
“There’s certainly a lack of this type of stock on the beachfront right now, which is why it was an off market sale — we had to approach people to see if they would consider selling.
“There’s a lot of depth to the Gold Coast’s property market now and along the beachfront, supply is very, very, tight. It’s hard to find people who want to sell.”
Earlier this week, a new record was set for Australia’s most expensive golf course-fronted house with the sale of a $6.5 million home at Sanctuary Cove.
Retired corporate executive David Baird and his wife Marion snapped up the four-bedroom contemporary home at Arnold Palmer Driveafter only one inspection, getting in before it was even placed on the market.
They bought it to replace their Paradise Waters weekender, which they recently sold for $8.8 million, Ray White Sanctuary Cove agent Matt Gates said.
“Waterfront has always commanded the attention of the trophy home buyer profile but that is changing. In Sanctuary Cove we meet people who can afford to buy whatever they want,” Mr Gates said.
“I don’t think we had to highlight the advantages of the Gold Coast to locals, but the Games would have helped put a spotlight on it for those outside of the coast.”
At Surfers Paradise, Ray White Broadbeach agent Sam Guo sold the landmark residence 31 Buccaneer Court for a street record of nearly $6 million to a local Chinese buyer.
“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.”