Gold Coast Penthouse Market Hits New Highs with Record-Breaking Sales

Emerson Interior Penthouse by Hirsch & Faigen Gold Coast
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The Gold Coast penthouse market continues its remarkable ascent, with record-breaking sales highlighting the region’s growing allure. The latest milestone is the sale of a Broadbeach penthouse off the plan for nearly $12.5 million. This sale, coupled with one of Australia’s leading developers unveiling what is arguably the city’s most exclusive completed penthouse offering, underscores the robust demand and rising prices in this luxury market segment.

Melbourne-based developer Hirsch & Faigen is seizing this opportunity by listing the penthouse of its Emerson Kirra project for over $10 million. This sale will mark the culmination of a highly successful run for the $75 million project, with all other apartments sold well ahead of the development’s completion earlier this year.

This trend underscores a broader pattern of buyers eager to secure their piece of Gold Coast paradise, pushing prices for premium properties to unprecedented levels.

A recent example of this trend is the sale of the penthouse at Faro, a luxury apartment project in Broadbeach developed through a joint venture between 5Point Projects and Bottega Property Group.

The three-level penthouse, which spans an entire floor, sold for nearly $12.5 million, setting a new Broadbeach record at more than $30,000 per square meter.

This sale also highlights the strong market performance of the $80 million project, which is still under construction, with half of the apartments already sold. Prices for these full-floor residences start at $3.1 million, reflecting the high demand and limited supply of such premium offerings.

Further south in Palm Beach, 5Point Projects’ Ophira Palm Beach development has also seen remarkable sales. Five full-floor apartments were sold for over $7 million each, positioning this area as the city’s new “millionaire’s row.”

Ophira by 5Point Projects
^Ophira by 5Point Projects with Direct Beach Front Access (Image: 5Point Projects)

Hirsch & Faigen’s Emerson Kirra penthouse could potentially set a new record for the southern Gold Coast. Spanning over 500 square meters, this four-bedroom residence offers an open-plan living and dining area, a butler’s pantry, a designated study, and a multipurpose room. As one of the few new residential offerings available for immediate occupancy, it appeals to buyers seeking greater certainty regarding project completion before committing to a purchase.

“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.

“Hirsch and Faigen has taken advantage of this outlook by creating large but functional and opulent spaces from which to maximise the extraordinary view corridors that this project offers”.

The latest research from Colliers confirms that the Gold Coast’s new apartment market remains robust, even though sales eased slightly in 2023. The year saw 1,205 new apartment sales, down marginally from 1,389 in 2022, primarily due to constrained supply. Despite this slight dip in sales volume, the average sale price for new apartments reached new heights in the December quarter, averaging $1.648 million—the highest average ever recorded by Colliers for new apartments on the Gold Coast.

“The latest sales numbers reflect the ongoing challenges of meeting demand for new apartments on the Gold Coast,” said David Higgins, the 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”.

The Gold Coast penthouse market is not just surviving but thriving, driven by sustained demand and limited supply. Record-breaking sales and high average prices are a testament to the region’s growing appeal as a premium residential destination. With developers like Hirsch & Faigen continuing to deliver high-quality, luxurious living spaces, the market shows no signs of slowing down.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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