Queensland’s wealthiest homebuyers have spent more than $244m on 11 trophy properties in less than nine months, with the Gold Coast cementing its position as the state’s prestige capital.
An analysis of the biggest residential sales recorded over the past financial year shows beachfront estates, riverfront mansions and sprawling hinterland retreats continued to attract extraordinary prices — proving South East Queensland has lost its affordability edge.
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This property at 127 Hedges Avenue, Mermaid Beach, sold for $27.5 million.
A glimpse 127 Hedges Ave, Mermaid Beach
The most expensive home sold in the state in fiscal 2026 was a beachfront estate at 127 Hedges Ave, Mermaid Beach, which changed hands for $27.5m — nearly double what it sold for just four years prior.
The offmarket sale was negotiated to an undisclosed buyer by Amir Mian of Amir Prestige, who said there were plenty of wealthy buyers, but not enough prestige properties on the Gold Coast.
“Wealth is not the issue; it’s the fact that there isn’t much available in that high-end bracket,” Mr Mian said.
“Luxury stock is very tight with not many people wanting to sell. For that reason sellers are commanding the price.”
This property at 7/56 David Low Way in Sunrise Beach sold for $27m.
That sale was closely followed by a luxury residence on David Low Way in Sunrise Beach, which was sold by telco entrepreneur Maxine Horne for $27m.
In a deal negotiated by veteran Noosa agent, Tom Offermann, the extravagant beachfront home known as ‘Maravilla’ sold to Karla and Damien Kelly, who founded a London-based traffic management business.
The eye-watering prices highlight the growing concentration of wealth in Queensland’s prestige market, with the Gold Coast accounting for half of the state’s top 10 biggest home sales.
Three of the top transactions were on Mermaid Beach’s famed Hedges Avenue — often dubbed Millionaire’s Row — where buyers spent a combined $69m on just three properties.
This property at 219,221 Hedges Avenue, Mermaid Beach, sold for an eye-watering price.
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The $23.4m sale of 219-221 Hedges Avenue and the $19m sale of 89 Albatross Avenue further reinforced the suburb’s status as one of Australia’s most sought-after beachfront addresses.
And in recent weeks, Gold Coast developer Jim Raptis offloaded his Paradise Waters mansion in Commodore Drive for around $18m.
Coast Buyer’s Agency principal Joe Pullos said the Gold Coast’s prestige market was the “most exciting” growth market in the country, with price gains fuelled by record migration, a $91 billion infrastructure pipeline and a jobs boom.
This property at 14-16 Riverbend Ave, Carrara, sold for $26m.
Mr Pullos said the Gold Coast’s economic base had fundamentally shifted, with construction and healthcare having overtaken tourism as the region’s biggest economic drivers.
“This transformation signals a maturing, diversified economy rather than a seasonal one,” Mr Pullos said.
“The big winners from this wave of economic activity will be prestige homebuyers, with particular suburbs set to outperform the wider market.”
Brisbane’s blue-chip riverfront precincts also attracted attention from cashed-up buyers, with New Farm and Teneriffe recording three of the state’s top 10 sales last financial year.
A rundown riverfront home owned by Graya co-founder Rob Gray at 17 Julius St, New Farm, sold for a new Brisbane home price record. The deal was worth a whopping $45m in total.
This property at 17 Julius St, New Farm, sold for a new Brisbane home sale price record of $25m – $45m including the new build. Image supplied.
Buyers, Chemist Warehouse managing partner Jeff Wasley and his wife Tanya, have already demolished the existing home and are set to replace it with another one.
They also paid $12.5m around the same time for another Graya build in Hamilton.
In Teneriffe, a restored heritage home at 2-6 Mackellar Street, Teneriffe, known as ‘Teneriffe House’ traded for $18.775m, while a New Farm property at 26 Elystan Road fetched $18.5m.
Cohen Handler Queensland managing director Jordan Navybox, who negotiated Brisbane’s biggest deal of the year, said he had not experienced a year as strong as the past financial year for Brisbane’s prestige market.
“Two years ago, you’d have considered anything over $2m a prestige property in Brisbane,” Mr Navybox said.
“That threshold has really shifted, and now it’s closer to $4m, simply because there have been so many transactions above that mark.”
Mr Navybox said sales volumes were down significantly in the second half of the financial year, but not primarily because of weaker buyer activity.
Jordan Navybox, managing director of Cohen Handler Queensland. Picture: Jamie Hanson
“While there are somewhat fewer buyers in the market since the interest rate increases and recent tax changes, the bigger factor has been a significant pullback from sellers,” he said. “There’s far less prestige property available in South East Queensland, both on and off market. Sellers are deciding now isn’t the right time to sell — they can afford to hold, and would rather wait for a stronger market before transacting on such a significant asset in their portfolio.”
The Sunshine Coast recorded two of Queensland’s biggest deals, led by the $27m Sunrise Beach sale and a $17.9m transaction at 45 Mossman Court, Noosa Heads.
Away from the coastline, buyers continued to pay premium prices for large-scale lifestyle properties, with 184 Watson Lane, Reesville, in the Sunshine Coast hinterland selling for $21.5m.
This property at 184 Watson Lane, Reesville, sold for $21.5m. Photo: Ken Guy Buderim
The 11 transactions were worth a combined $244m — an average of $22m each — underscoring the strength of Queensland’s prestige sector at a time when many buyers are grappling with elevated interest rates and record home values.
Agents say the sales highlight the growing appeal of the state among high-net-worth buyers, with beachfront, riverfront and acreage properties continuing to command some of the highest prices in the country.
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