$24.8m Sale Sets a Dual Queensland Record

September 25 2023

The sale of 5 McMillan Court in Southport has set a new benchmark for the Queensland residential auction market.
$24.8m Sale Sets a Dual Queensland Record

A prestigious Gold Coast riverfront estate known as ‘Alston’ has sold at auction for a record-breaking $24.8 million.

The residential sale is the highest in Queensland this year and has also claimed the record of highest residential sale at auction.

It is the second time in the past two months that these records have been broken, with prestige estate agency Kollosche involved in both landmark sales.

Last night four bidders were at the start line for a shot at ownership of the exquisite European-style estate spread across 3,442m2 and boasting 44.6m of Main River frontage at 5 McMillan Court, Southport.

5 MCMILLAN COURT | Kollosche

In front of a crowd of about 70 people, auctioneer Justin Nickerson of Apollo Auctions accepted a total of five bids over the phone which pushed the price to a high of $22 million, but short of the reserve.

Just as the property was about to pass in with a vendor bid of $24 million, a dramatic late registered bidder swooped in with an offer that sent Kollosche director Michael Kollosche, and co-sales agent Rebecca Moffrey from Ray White, into negotiations with the vendors.

They emerged sometime later, after intense negotiations, for Mr Nickerson to announce the bid was accepted and the property had been sold.

The buyers, a local family from Broadbeach Waters, were introduced to the property through fellow Kollosche agents Sam Guo and Julia Kuo.

Mr Kollosche said that it was a pleasing result with the estate representing an excellent and unique buying opportunity.

“Aside from acquiring 3,442m2 of prime Gold Coast riverfront real estate, the expense of recreating something as comparatively exquisite as Alston in the current market is unfathomable,” he said.

“At the last minute, the buyers have taken advantage of a golden opportunity to seize ownership of a blue-chip asset.”

During an extensive marketing campaign across print, digital and social media, Mr Kollosche and his team fielded 147 enquiries and conducted 28 private inspections on the home, with interest coming from a mix of local, interstate and international buyers.

In July, Mr Guo and Ms Kuo alongside Claire Dai and Mr Kollosche were the formidable team to shift another mammoth riverside mansion at 59 The Corso on the Isle of Capri.

59 THE CORSO | Kollosche

At $24 million, it held the record for the highest residential sale in Queensland at the time and the highest sale under the hammer, until being trumped by the more recent result.

Mr Kollosche said both sales were a sign of the high level of confidence that buyers have in the Gold Coast market.

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