The Ultra penthouse at Broadbeach on the Gold Coast sold for $8.4m in June through Ray White Burleigh Group.
Buyers are splashing the cash with a record number of Gold Coast properties selling for more than $5m.
The Ray White Gold Coast Property Report revealed there was a whopping 56 sales in the Glitter Strip topping the $5m mark over the past 12 months.
159 Jefferson Lane Palm Beach sold for $11.15m last week through Amir Prestige Group.
42 Knightsbridge Pde West, Sovereign Islands sold for $6.5m in July through Ivy Realty.
Those sales were captured across seven Gold Coast suburbs with Surfers Paradise and Broadbeach Waters recording the most with 13 sales each.
Hope Island (10), Paradise Point (9), Palm Beach (8), Broadbeach (8), Main Beach (6) rounded out the top 10 regional suburbs with sales topping $5m.
Noosaville on the Sunshine Coast also recorded 13 sales while Noosa Heads and northern NSW suburb Byron Bay both recorded 10 sales.
Ray White Surfers Paradise Group chairman Andrew Bell and Ray White economist Nerida Conisbee. Picture: Tertius Pickard
Ray White economist Nerida Conisbee said the Sunshine State came out on top when it came to luxury regional sales.
“Noosa tops the list but Gold Coast really dominates,” Ms Conisbee said.
“Luxury continues to be the top performer, with the luxury housing market significantly outperforming the market as a whole.
“It is a market where there is a lot of luxury homes now selling and extending beyond some of the more typical areas of the Coast.
“It is a market that has a lot of luxury and a lot of high-end property.”
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19 Staysail Cres, Clear Island Waters sold for $6m in July through Coastal.
Ray White Surfers Paradise Group chairman Andrew Bell shared a similar view.
“The top end of the market keeps getting stronger and stronger and that is benefiting from migrators who can move interstate, buy their dream home and still have money in their pocket.”
122 Tierney Drive, Currumbin Waters sold for $5.6m through Kollosche Broadbeach.
Ms Conisbee said statistics revealed there was substantially more money at the high end of the market with “incredible homes being built”.
Research from The Australia Institute showed the wealth of the rich tripled in the past two decades with the top fifth of households holding wealth 146 times greater than the bottom fifth.
Some of the country’s richest Australians, including property developers Bob Ell and Harry Triguboff, have properties on the Gold Coast while billionaire mining magnate Clive Palmer sunk more than $70 million into the city’s beachfront real estate over the past six months.
24 Montego Court, Mermaid Waters sold for $6.325m this month through Kollosche Broadbeach.
Just last week a luxury Mermaid Beach villa sold under the hammer for $11.6m while a fashion darling’s Palm Beach dream home changed hands for $11.15m.
This week, a Hamptons house at 10 Helen Court, Broadbeach Waters sold for $5m, and in neighbouring Mermaid Waters, a waterfront property at 24 Montego Court, Mermaid Waters sold under the hammer for $6.325m.
10 Helen Court, Broadbeach Waters. sold for $5m this month through Ray White Surfers Paradise Group.
Despite the huge wealth in the city, Ms Conisbee said it was important to also have affordable options as well.
“You don’t just want to have very wealthy people, you want a mix of demographics and a mix of occupations,” Ms Conisbee said.
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