Our Seven-Figure City
May 11 2022
As data from the past year is collated and shared, a clearer picture is emerging of how unprecedented price growth has reshaped the Gold Coast property market.
Gold Coast real estate has been a standout performer in the first quarter of 2022, defying the signs of a slowdown playing out in most capital city markets.
Regional Australia continues to record a substantially higher rate of growth than the capital cities over the three months to March, according to CoreLogic.
Combined regional housing values increased by 5.7% – that’s more than three times the growth reported in capital cities where housing values rose by a modest 1.8%
The enduring strength of the Gold Coast’s prestige sector continues to be driven by low stock levels, buyer demand and a lust for lifestyle following two years of Covid restrictions.
As market data from the previous year is collated and shared, a clearer picture is also emerging of how unprecedented price growth has shaped our local market.
House values on the Gold Coast jumped around 36% in the past 12 months, and unit prices about 27%. The city’s median house value now sits at $901,750.
Once considered a prestige purchase, owning a $1,000,000-plus property on the Gold Coast has become the new normal following a year of rapid property price growth.
A total of 5,896 Gold Coast properties sold for $1 million or more last year, the latest CoreLogic data shows, making more homeowners real estate millionaires than ever before.
To offer some context, the number of seven-figure sales almost doubled during the Covid period when compared with 3,378 during the same period the previous year.
Domain’s latest House Price Report names Mermaid Beach as the second most expensive Queensland suburb –after Sunshine Beach – following a 42.6%leap in the median house price to $2.375million in December 2021.
According to realestate.com.au, Miami Registered the highest price growth over the past year, with the median house price rising from $933,500 to $1,480,000.
While hindsight is sore consolation for some, those who rolled the dice on real estate during the height of Covid uncertainty two years ago are now reaping the rewards.
Eoghan Murphy and I sold a two-level penthouse in a boutique building overlooking the ocean in Miami at auction last month for $8,125,000.
The sale price established a new benchmark for the Marine Parade strip, and marked a tidy gain of $2,375,000 for the vendor who purchased well in October2020 for $5,750,000.
With property values growing steadily during the first quarter of 2022, conditions remain favourable for those who are in a position to sell.
Sellers Martin and Dina Kenins, who operate as Kenins Developments, took inspiration from Los Angeles’ most glamorous mega-mansions to achieve an ultra modern two-level design capitalizing on wide water views across a private lake.
An extensive cross-media marketing campaign attracted a Brisbane buyer whose offer of $6,335,000 was enough to secure the keys prior to the planned 29 April auction.
The Lakehouse campaign is an excellent case study in what can be achieved fora prestige property that is presented, positioned and promoted to the market strategically.
Beachside penthouses have been hot property during Q1 2022 with a string of high profile residences changing hands at premium prices.
That demand is being led by downsizers shopping for spacious apartments rich in amenities and located in lifestyle hubs near the beach, dining and shopping precincts.
A limited supply of established penthouse stock is further driving premium price points with few developments completed in key locations for some time.
The iconic Burleigh Surf Penthouse, at31I/238 The Esplanade, Miami sold for$5,000,000 on 21 March to a Melbourne developer who flew to the Gold Coast to seal a deal through Kollosche’s Matt Lanyon and Rob Lamb.
The Aria Penthouse, offering 685m2 on Albert Avenue in Broadbeach, changed hands for $4,800,000 in an off market sale last month, handled by Nick Lapenna and myself.
Those hunting for large luxury apartments are advised to get in touch with the team and add your details to our database to be the first to hear about new listings, both on and off market.
Our team is here to help you to achieve your real estate goals through winter and beyond.