Gold Coast mansion sales spark fierce industry feud

1 month ago 19

Aura at 66 Acanthus Ave, Burleigh Waters

A Gold Coast selling agent has taken a public swipe at a high-profile buyer’s advocate after two spectacular Burleigh homes defied viral advice to “wait out the hype” and sold for a combined $10.9 million.

But the buyer’s agent at the centre of the crossfire is standing his ground, using the blockbuster sales to highlight why high-end buyers need representation to avoid paying “emotional” premiums.

In a clash of seller optimism versus buyer caution, the standout properties — a newly built mansion in Burleigh Waters called Aura, and a designer Koala Park home, Bajo El Sol — sold well above their advertised guides.

Aura’s sale smashed Burleigh Waters’ suburb record by a massive $1m margin

A sunken lounge inside the contemporary Reece Keil-designed home

The top-tier results prompted Coastal selling agent Ed Cherry to take aim at buyer’s agent Jake Edwards.

Mr Edwards had recently used both properties as green-screen backdrops in a social media video advising buyers with $3m-plus budgets to dismiss lofty price guides as “tests of emotion.”

After selling Aura at 66 Acanthus Ave for $6.1m against a listing guide of offers over $5.95m, Mr Cherry reposted the cautionary video with a pointed caption: “Being present is better than being heard…”

“I just feel it was the wrong comment to be taking to the market,” Mr Cherry said.

“The southern Gold Coast is one of the most active markets at the moment. These sales prove that when you have a desirable product by highly regarded builders who are out to set records, prestige buyers are going to see that value against replacement costs, especially as holding and construction prices have gone up so much.”

Aura, which features its own custom wellness centre, smashed the Burleigh Waters suburb record by a stunning $1m margin.

Coastal agent Ed Cherry in Palm Beach. Picture: Tertius Pickard

While Aura initially passed in at auction for $5.7m with two live bidders, post-auction competition intensified.

“We had two active buyers down to the day it went under contract, both pushing it north of $6m,” Mr Cherry said.

But Mr Edwards said the result proved his core philosophy: house hunters led by their hearts were vulnerable.

While clarifying the properties in his video were selected randomly to target a specific price bracket and not intentionally singled out, he held firm on his advice.

Buyer’s agent Jake Edwards. Picture: David Clark

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“When the property passes in at $5.7m at auction, that is the market speaking in my opinion,” Mr Edwards said.

“I am not begrudging the emotion of someone later paying $6.1m — that is a great outcome for the sellers. But a buyer bought that home because they loved it, and they’ve paid $400,000 over what someone offered at auction.

“My job is to give people a price based on the property’s valuation and ensure they aren’t overpaying.

“My point of view is that the buyer probably needed a good buyer’s agent.”

Regarding the $4.8m sale of Bajo El Sol at 5 Tawarri Cres, Mr Edwards pointed to the property’s 229-day campaign.

Bajo El Sol at 5 Tawarri Cres, Burleigh Heads

The Mediterranean-inspired home had an online following of its own

The Mediterranean-inspired home had an online following of its own, doubling as a high-end photoshoot location commanding $3000 a day.

“If the sellers are stubborn enough to let it sit there and wait until they get a number they want, that makes sense. There’s more to it than people see on social media,” Mr Edwards said.

In is own video post, Bajo El Sol’s selling agent, Michael Witt of McGrath, said securing the benchmark price required immense patience. It was the highest sale for a dry block in the picturesque enclave, and a $500,000 uplift on when it last changed hands in 2023.

“This one was definitely more of a marathon than a sprint, but from day one we attracted strong interest,” Mr Witt said.

“The purchaser came out of New Caledonia, which meant plenty of time zone juggling and unique challenges. Our clients stayed patient, trusted the process, and that allowed us to continue pushing for the very best outcome.”

PropTrack data shows the median house price in Burleigh Heads is $1.97m, up a staggering 33.4 per cent since last year. Burleigh Waters sits at $1.9m, up 11.4 per cent.