Luxury developments are defying the cost-of-living crisis, with buyers snapping up millions of dollars worth of units despite high price tags.
Gold Coast property remains at a premium, with new units flying off the market despite their high price tags.
A pair of penthouses at Sanctuary Cove has sold for a combined $19m while another single property sold for $19.7m alone amid monthly sales of more than $5m in the past year.
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The lifestyle in demand includes amenities like this at Radia, Rainbow Bay, Southern Gold Coast.
John Hughes, head of sales at Sanctuary Cove said property at the enclave was selling for significantly above the median price of $1.03m.
“Homes are regularly achieving between $5m and $8m while additionally, there have been multiple sales over $10m and even one sale close to $20m achieved in the past year,” he said.
Mr Hughes said the sales were occurring without large-scale campaigns.
“Buyers walked in the door without us even needing to heavily promote these beautiful penthouses,” he said.
“It is an international destination with many residents travelling the world regularly and being accustomed to the highest standards of accommodations.
Meanwhile in the city’s far south, more than $40m in sales have been recorded in Paul Gedoun’s new Rainbow Bay tower in first week since it was launched to the market alone.
S & S Projects’ $200m Radia was unveiled in late June and is earmarked for a site on the corner of Boundary and Petrie streets, directly behind Mr Gedoun’s recently completed Awaken project.
Rainbow Bay Tower secured $40m in sales in just one week.
The 14-storey tower will be the developer’s fourth project in the Rainbow Bay area since 2020 and will have 48 “premium” units ranging from two to five bedrooms.
Now, nine units have sold with an average price of $4.4m, with each buyer having put up between $2.1m and $7.7m.
The latter was for one of its eight sub-penthouses.
Jayde Pezet, managing director of Pezet Matheson, is marketing the project and said there was “pent-up” demand in the market.
Radia at Rainbow Bay, Southern Gold Coast, Qld. Picture: Supplied
“While the strong take-up of apartments at Radia is certainly supported by the widely acknowledged shortage of apartment supply on the southern Gold Coast, it also reflects the immaculate record of S & S Projects for project delivery at Rainbow Bay over the past three years,” he said.
“Radia will be the jewel in the crown of Paul Gedoun’s Rainbow Bay portfolio of projects.”
Construction is expected to begin in early 2025 once work on S & S’s Esprit tower, on the corner of Earl and Boundary streets, is completed.
The neighbouring Awaken tower replaced the landmark Cafe D-Bar, which had stood on the site for more than 30 years.
It sold out rapidly before construction began.
*Story by Andrew Potts
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