The record-breaking $15.25 million sale of the luxury Soul penthouse has turned the spotlight back on Surfers Paradise, with cashed-up buyers around Australia and overseas scrambling to secure a beachfront property along the Glitter Strip.
The glamorous four-level sky home achieved the highest price at auction for a residential property in QLD and sparked a fresh flurry of inquiry, said Tolemy Stevens, of Harcourts Coastal Prestige, who marketed the penthouse with agency director, Dane Atherton.
“We are hearing more about the luxury apartment market on the southern beaches, and a lot of people may have thought this type of sale would occur in Main Beach or in Mermaid Beach or Burleigh, so it is really good to be able to bring it back and say, ‘hold on a minute – Surfers Paradise is still just as in demand, it still has the highest calibre of luxurious property on the beachfront’, and this buyer saw that value and was willing to shell out more than $15 million for it,” Mr Stevens said.
He said Melbourne’s latest lockdown, which coincided with Friday’s auction, heightened the appeal of a luxury lock-and-leave Gold Coast getaway for interstate buyers.
“Every time we are in the situation of a state going into a lockdown I get another surge of potential buyers saying, ‘we want out’,” Mr Stevens said.
“The moment this lockdown was announced, literally there were calls coming through saying, ‘Tolemy, we’re coming to the Gold Coast. We’d like to buy a holiday house between $5 or 10 or 15 million – what can you show us?’.
“While demand outstrips supply ten-fold I think this market has a lot of legs and is here to stay,” he said.
More than 200 inquiries were received during the six-week marketing campaign for the Soul Penthouse, which was purchased by Andrew Koloadin in 2018 for $6.5 million and renovated from a concrete shell over more than two years.
The penthouse spans 1070sq m across levels 70 to 73 of the Soul tower on The Esplanade and rises 230m above ground level, commanding panoramic 360 degree ocean and skyline views.
There’s a whisky and wine lounge and bar, butler’s kitchen to cater for large-scale events, and Australia’s highest private pool on the rooftop entertaining terrace.
Five bidders registered for the private auction, with two bidding by phone including the successful buyer who offered cash. The buyer’s identity has not been disclosed.
“We were inundated with inquiries from genuine and well-qualified individuals from around the country, overwhelmingly from Sydney and Melbourne but also from China, New York, Los Angeles and London,” Mr Stevens said.
“To see that sheer volume of high-net-worth buyers still firmly fixed on securing a trophy piece of real estate on the Gold Coast was very, very encouraging and also goes to show that the market is still very robust.”
His comments were backed by Urbis’ latest insight into the Coast’s new apartment market, with a high of 742 sales achieved in the first quarter of 2021.
The weighted average sales price for new units across the Coast reached $1.104 million — only the second quarter to record a figure over $1 million, while supply fell in the same period to 807 apartments from a high of 2,594 in 2018.
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