Inside the $5,000 per week Ultra Penthouse

July 22 2022

The Gold Coast’s high-end rental market is flourishing as investors return prestige property purchases for lease through Kollosche Property Management.
Inside the $5,000 per week Ultra Penthouse

Gold Coast vacancy rates are among the tightest in the country as the city attempts to accommodate an influx of new residents over the past two years.

The Real Estate Institute of Queensland’s (REIQ) Residential Vacancy Report for the June Quarter 2022 shows vacancy rates across the state remain incredibly tight, with slight improvements in some coastal areas.

On the Gold Coast, vacancy rates rose by 0.1% to 0.5% – a far cry from a healthy 2.6% – 3.5% range.

REIQ CEO Antonia Mercorella suggests the small relaxation could be attributed to strong sales conditions on the Coast, with investors returning prime properties to the market as rentals.

That trend is noted by Kollosche’s Property Management division who this week listed the prestigious Ultra Penthouse in Broadbeach for lease at $5,000 per week.

Ultra Penthouse/ 14 George Avenue, Broadbeach | Kollosche

Sold by Michael Kollosche at auction for $7,400,000 in June, the jewel of the George Avenue Ultra building offers 1,093m2 of lavish living over two levels.

The five-bedroom, four-bathroom penthouse counts 360-degree views, a vast beachfront balcony, curved cocktail lounge, a rooftop terrace and eight-car basement parking among its luxury inclusions.

A four-bedroom waterfront house at 15 Bal Harbour in Broadbeach Waters sold by Kollosche at auction for $4,710,000 earlier this month has since been listed for lease at $2,100 per week.

Enjoying a north-east facing point position and a stylish mid-century modern renovated interior, this premium property is a short 15 minutes walk to all the benefits of Broadbeach.

“The strength of the rental market means buyers can acquire an asset now and hold with great income,” says Katie Dalton, Kollosche New Business Executive – Property Management.

“Any increase in the availability of rental properties across all price points is welcomed in a market where supply is so tight.”

Kollosche’s Property Management division notes strong demand for high end rental properties priced for lease at $2,000 and above in recent weeks.

272 Hedges Avenue | Kollosche

A four-bedroom luxury entertainer on Pinehurst Way, Sanctuary Cove has been leased for $3,500, while tenants have signed on for three apartments inside the newly-completed 272 Hedges Avenue at weekly rents of between $2,500 and $3,000.

Tenants for these prestige properties were all secured off-market, highlighting the power of Kollosche’s large and qualified database as well as team collaboration.

“Buyers who wish to lease their property post-sale appreciate the ease of handing over from the sales team to Kollosche’s leasing team,” says Katie.

“We are then able to work with the owner to prepare the property for lease and secure a suitable tenant, often directly from our database. The process is seamless.”

Reach out to Kollosche’s Property Management team for access to properties for lease or for advice on preparing your property for lease – the team is here to help.

You can view a full list of Gold Coast properties for lease here.

Owners with property for lease can reach out to Katie Dalton, New Business Executive, on 0431 255 875.

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