The Sunshine State is fast becoming the nation’s new money magnet for property seekers, with a record-breaking $40m Queensland deal making the country’s list of the 20 biggest sales of the financial year.
A whopping $380m was spent on just 20 residential properties in the past 12 months — five in Brisbane, and the rest scattered across the Gold Coast and Noosa — with agents reporting an exodus of Melbourne buyers and an influx of local buyers.
Among the cashed-up buyers and sellers are an airport magnate and airline CEO, a professional surfer, a fashion label founder, and an online betting guru.
Mick Fanning and partner Breanna Randall at the Bilinga house they sold. Picture: Supplied
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From LA-inspired mansions and rare beachfront blocks on the Gold Coast to large estates in Brisbane’s fanciest suburbs, there was no shortage of money changing hands for properties priced above $5m, despite the struggle for many to even get into the market.
Place Estate Agents managing director Sarah Hackett, who negotiated two of the biggest apartment sales of the year — and three of the top 20 sales — said demand for apartment living was “so strong”.
“We’ve got so many people wanting to downsize and forgo the maintenance of a big home and go to one level of living,” Mrs Hackett said.
This beachfront site at Jefferson Lane and Fourth Ave, Palm Beach, sold for $40m.
MORE: Owners collect 20-times profit on stunning beach shack sale
Sutherland Ave, Ascot home sells for new Brisbane record of $23m
“They want something of scale, but without the upkeep.”
She said many people in New Farm, Hamilton, and surrounding suburbs, were looking to downsize to house-sized apartments.
This property in Monaco St, Broadbeach Waters, was one of the biggest sales of the financial year.
An apartment in this Maxwell St, New Farm, building sold for $12.8m earlier this year, showing the strength of Brisbane’s apartment market.
Cohen Handler Queensland director Jordan Navybox said the level of interest in Brisbane properties in the $5m-plus category had been “huge”.
“In suburbs like Teneriffe and Ascot, only a handful of properties are on the market,” Mr Navybox said.
Mr Navybox said the broader Brisbane market continued to show “remarkable resilience” in the current high interest rate environment.
“Since January, of our 210 purchases so far, we have sourced and purchased 37 properties over $5m, including 12 over $10m. That increase in prestige transactions over the past five years is tenfold. Queenslanders are investing more and more in their principal place — and rightfully so being the only tax free asset we’ll own.
“There’s a lot of noise out there, geopolitically, post-election legislation, pending interest rate decisions, volatile stock market, but in South East Queensland, confidence is holding.
“ANZ is forecasting a nine to 10 per cent uplift in Brisbane property prices for the calendar year, outpacing other capital cities once again.
“I expect the growth to be greater than that if we see the 75 basis point total rate reduction that is forecast by Christmas.”
On the Gold Coast, the Kollosche team reported a number of suburb records were broken during the past year.
“While blue-chip locations such as Broadbeach Waters, Sorrento and Mermaid Waters continued to excel, new benchmarks were also set in emerging suburbs such as Bilinga, Currumbin Waters and Pacific Pines,” the agency stated in its end-of-year report.
“These results suggest that buyers are casting the net wider, exploring up-and-coming areas where value and lifestyle align.”
This property at Hedges Ave, Mermaid Beach, sold for $17m as a holiday home.
QLD’S TOP 20 HOME SALES OF FY 2025
1. Jefferson Lane and Fourth Ave, Palm Beach – $40m
The couple behind this buy blew away the competition when they dropped $40m on a beachfront property in Palm Beach — a new Queensland residential sale price record.
The amalgamated purchase, which spans 1525 sq m over three titles, was sold by former Sydney Swans AFL player and property investor Tony Smith, who owns FINNS Beach Club in Bali.
The buyer plans to demolish the 1960s beach shack, villa, and timber pole house on the site to make way for two new beach homes.
2. Sutherland Ave, Ascot – $23m
A new record home price for Brisbane was established with the sale of a heritage-listed home in the affluent suburb of Ascot for $23m through Damon Warat of Ray White Ascot and Jordan Navybox of Cohen Handler Queensland.
The property had been renovated by construction boss Brett Walker of BWC Group, who paid $10m for it in 2021.
This Sutherland Ave, Ascot, property sold for $23m. Picture: David Clark.
3. Noosa Pde, Noosa Heads – $22.5m
A richlister who made a fortune selling off a childcare business snapped up this $22.5m holiday home and has made it available for the experience of a lifetime on his private Airbnb-style service.
Brendan McAssey, who sold his now 80-strong childcare chain Only About Children for circa $400m over eight years ago, has been steadily buying up luxury “toys” that he makes earn their keep via a prestigious Airbnb-style service for the wealthy.
The six-bedroom, six-bathroom trophy home designed by Stephen Kidd was sold by Nic Hunter and Tom Offermann of Tom Offermann Real Estate.
This home on Noosa Parade, Noosa Heads, sold for $22.5m.
4. Mcmillan Court, Southport – $22m
Former Gold Coast Suns boss Tony Cochrane and wife Thea sold their Gold Coast mansion for $22m.
The Cochranes, who are global sports and entertainment producers, had had the property on the market since November, 2023.
Coastal’s Matt Lanyon and McGrath Gold Coast North’s James Courtney teamed up to get the mega deal sealed. Set over four levels, the home includes five bedrooms, seven bathrooms and a six-car basement.
This house at McMillan Court, Southport, sold for $22m.
5. Gordon St, Hawthorne – $20.25m
This riverfront property sold for $20.25m through Sarah Hackett of Place Estate Agents to a local family.
The six-bedroom home on a 2985 sq m block has 32m of river frontage, a 20m private jetty, a riverside pool and bar, tennis court, and gym, to name just a few of the features.
This property in Gordon St, Hawthorne, sold for $20.25m.
6. Jefferson Lane, Palm Beach – $20.2m
A pair of original beachfront shacks yielded an astonishing 20-fold profit for a family who had held the land for more than 30 years.
Records show online betting guru Andrew Fahey was the buyer of the 817 sqm parcel at Palm Beach after making an unprecedented offer that trumped several developers.
Marketing agent Nick Williams, of Williams Real Estate Indooroopilly, said the buyer intended to build a showstopper family home after flipping another property.
Records show the Brisbane-based owners, Rhiannon Wihardjo and Linda Fan, paid $1,072,500 for the two lots with combined 20m beach frontage in 1993.
7. Virginia Ave, Hawthorne – $20m
A Brisbane riverfront mansion listed by a major pharmacy chain’s founder sold late last year after a search for an offer more than $20 million.
Don Gardiner and his wife Colleen initially put their Hawthorne mansion up for sale in August of 2023, later pausing the sale and resuming in 2024.
The five-bedroom, six-bathroom home was sold by Sarah Hackett, who described it as a “once in a lifetime” opportunity. The buyer remains confidential.
This property in Virginia Ave, Hawthorne, sold for $20m.
8. Newstead Tce, Newstead – $20m
A new record was set for Brisbane’s apartment market in February with the sale of this iconic penthouse.
The 1060 sqm, riverfront property in the exclusive Pier development in Newstead was formerly owned by retired company director, Howard Stack and his wife, Hilary, who paid $14.25m for it in 2008 — a record at the time.
The penthouse in this building on Newstead Tce, Newstead, sold for a new Brisbane apartment record.
9. Southern Cross Drive, Surfers Paradise – $18.5m
This Hollywood Hills-style mega mansion on a prized Main River triple block sold under the hammer for $18.5m in February.
Thirteen, mostly local, bidders registered for the Surfers Paradise trophy home following a high-profile sales campaign by Kollosche principal, Michael Kollosche, and agent, Jamie Harrison.
This property in Southern Cross Drive, Surfers Paradise, sold for $18.5m.
10. Marseille Court, Sorrento – $18m
This extravagant mansion, known for hosting parties with world-famous celebrities, was once the Gold Coast’s most expensive home: built in the 1980s for businessman Sir Justin Hickey and his wife, Lady Barbara Hickey.
The two would go on to host a range of opulent parties on the property, with guests such as Frank Sinatra, Whitney Houston, Sultan of Brunei Hassanal Bolkiah, and the Rolling Stones.
11. Refinery Pde, New Farm – $17.5m
In one of the biggest sales for Brisbane this year, a mega penthouse with a wellness centre and eight-car garage in New Farm sold for $17.5m.
The seller, Brisbane expat Ben Cleary, a director of multi-billion dollar fund manager, Tribeca Investment Partners, paid $10m for the property in 2020 — a record price at the time.
Place Estate Agents managing director Sarah Hackett negotiated the sale of the property to a local family.
This Refinery Parade, New Farm, penthouse sold for $17.5m.
12. Hedges Ave, Mermaid Beach – $17m
This mansion on Hedges Ave, Mermaid Beach, had been held by the same family for 25 years before recently selling off-market for a price that sets a benchmark for the coveted oceanfront stretch known as Billionaire’s Row.
The sale equates to $41,975 per square metre.
Records show the property had been owned by Louise Gordon since December 2000, when it was purchased for $1.55m.
13. Minyama Island, Minyama – $17m
This near-new, jawdropping mansion smashed the suburb sale price record when it sold earlier this year for $17m through Jordan Lund of Elite Lifestyle Properties.
The luxurious, architecturally-designed property on Queensland’s Sunshine Coast was snapped up by a young businessman from interstate.
This property in Minyama Island, Minyama, has sold for $17m. Photographer: Kelli Black.
14. Allambi Rise, Noosa Heads – $16.9m
This decades-old cottage with sea views, originally built in the 1960s, was snapped up by a highflying Brisbane buyer.
The property had been owned for the past 50 years by a Melbourne family, trading under Hemingway Holdings Pty Ltd.
15. Hedges Ave, Mermaid Beach – $16.75m
The owner of Australia’s only privately funded airport, Toowoomba Wellcamp forked out almost $17m for this beachfront holiday home.
Records show the vendor, Azzura Group boss Roberto Badalotti, purchased the property for $9m from former Gold Coast Suns chair Tony Cochrane in 2007.
Three years later, the property transferred to Mermaid Property Group for $4.1m, with Mr Badalotti listed as a director of the company.
Inside the Hedges Ave, Mermaid Beach, holiday home.
16. Monaco St, Broadbeach Waters – $16.5m
The luxurious Gold Coast estate known as The Bachelor mansion sold for $16.5m six months after the sensational collapse of an $18m contract on the riverfront trophy mansion.
The Broadbeach Waters property that was used as the backdrop of The Bachelors, which aired on Channel 10 in January, 2023, first hit the market in 2023.
Property records reveal the seller, Sharon Cummings, paid $14.5m for the estate in October, 2021.
The Bachelor mansion in Monaco St, Broadbeach Waters, sold for $16.5m.
17. Hilton Tce, Noosaville – $16.5m
Once the home of the late philanthropist, Harry Spring, who donated much land to the Noosa community, this riverfront site was snapped up before going to market just last week.
Selling agent Tom Offermann of Tom Offermann Real Estate said it sold to a buyer on his database who “recognised the rarity” of the 1940 sqm, north-facing site with a jetty and boat ramp.
The new owners plan to demolish the current house and re-build.
18. Golden Four Dr, Bilinga – $16.05m
Surf legend Mick Fanning scored $16.05m for his beachfront dream home in a pre-auction wipeout deal setting a new benchmark for the southern Gold Coast.
The three-time world champion’s Bilinga property was snapped up by a local family a week before it was scheduled to go under the hammer, becoming the most expensive residential home sold between Coolangatta and Currumbin.
Mick Fanning and partner Breanna Randall sold this home at Golden Four Drive, Bilinga.
19. Monaco St, Broadbeach Waters – $15.51m
An entertainer’s dream home built by Thunder From Down Under founder Billy Cross and his wife Jackie changed hands for $15.51m earlier this year.
The entrepreneurial couple sold their LA-inspired mansion to former KPMG global executive James Collier for $12.4m in July 2021, but he put the trophy home back on the market three years later.
It had been listed at $16.75m, but the vendors dropped their asking price and sealed a deal.
This property in Bayview Rd, Noosa Heads, sold for $15m.
20. Bayview Rd, Noosa Heads – $15m
Bidding started at $10m when this property went to auction in November, before selling to a mystery buyer, who plans to use it as a “home away from home”, according to marketing agent Chris Miller of Tom Offermann Real Estate.
It was built by Deborah and Glen Watson.
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