Smiles growing wider as Gold Coast confidence beams
The number of prestige house sales above $2,000,000 is up 21% on the previous year and the record books are being re-written as we see new all-time record prices being set and sales prices exceed $10,000,000 for the first time since 2009. Where are these sales occurring?
The Central Gold Coast Prestige Report 2015/16
The report is designed to consider house sales only in the Central Gold Coast Prestige Market. Commencing with Surfers Paradise at the centre, we run a 6 km radius up to Main Beach swinging inland and down to Mermaid Beach. I examine sales above $2,000,000.
This year I have looked at the Isle of Capri as a separate category and examined all house sales including those under $2,000,000. Furthermore, given the interest for beachfront property and my long term activity and association in this sector, I have taken Palm Beach beachfront property into account as well.
Locals are ever more confident
in the expectation of the value of their homes
… buyers have the confidence
to meet these new benchmark values
Some Points of Interest
- A return of $10.0M+ sales. The first we have seen since 2009
- New all-time riverfront record price set with the sale of a home on the Isle of Capri. Sold for $15.50M. Previous record $9.80M back in 2013 for a Southport home. This was backed up with an $11.0M sale on Cronin Island
- First time in several years that Paradise Waters has not featured in the $5.0M+ sales. The highest price is $4.90M. (This will change for next year’s report as a canal front home in Commodore Drive has since sold for $7.0M establishing a new all-time record price for a canal front home)
- Bundall/Sorrento features in the $2 – $5M category with 9 sales – a vast improvement on the previous 12 mths when we saw only 1 sale of $2,250,000.
- Absolute beachfront house sales between Main Beach and Mermaid Beach down by 33% this past year after having had steady growth in the number of sales for several years. The average price is up by 31.7% but beachfront land is still well down on the prices achieved in 2007/08. In contrast, Palm Beach beachfront sales showing strong activity with 11 sales
- Isle of Capri – average house sale price jumps to $1,703,991 showing a staggering increase of $28.6%. Interestingly, if you remove the highest sale price of $15.50M from the total sales throughout the year the average price drops to $1,466,129 which an increase of only 10.64%