Hope Island prestige estates report boost in sales amid luxury market spike

The Gold Coast suburb of Hope Island has seen a huge spike in sales amid the luxury market boom.

Sanctuary Cove, Park Cove, the Palladium and The Gallery homes in Hope Island on the Gold Coast have seen staggering figures, thanks to the recent prestige property boom.

Sanctuary Cove has notched over $100 million in sales in recent months.

Two waterfront properties sold for over $10 million in the exclusive community. Sanctuary Cove also saw two homes sold under the hammer for more than $5 million, while a vacant lot of land sold for $3.25 million.

Ray White Surfers Paradise sales consultant Matt Gates was surprised by the number of rare under the hammer sales for the luxury estate.

“The auction results alone are an unprecedented outcome as it’s incredibly rare for such high-end properties to sell under the hammer in Sanctuary Cove,” Mr Gates said.

“We’ve witnessed an influx of buyers from across the board, including the interstate sea change seekers, and both upsizers and downsizers, all chasing their slice of premium quality living.”

Another upcoming Sanctuary Cove listing is expected to hit the market at around $20 million.

Meanwhile, The Gallery is the latest Gold Coast development to attempt to satiate interest in high-end living, achieving a complete sell-out of its 46 lots in Hope Island, totalling $33 million.

The Gallery sales and marketing consultant Tony Hymus suggested the sell-out comes amid the growing shortage of property on the Gold Coast, as well as the re-emerging interest in the luxury market.

“It’s becoming increasingly rare to find good value land on the Gold Coast given how much of a boom the market is experiencing, let alone ones that are immersed in such lush, sprawling surrounds.”

The Gallery comprises of 46 lots with golf course, lakefront and parkside homesites.

The neighbouring Palladium project, sold out of 39 luxury villas worth $30 million during the first stage of construction.

Brisbane-based developer Keylin director Louis Cheung aimed to target owner-occupiers with the resort-style offerings.

“We saw incredible response to the Palladium villas from the moment they hit the market. Our homes ticked all the right boxes for owner-occupiers seeking that luxury standard, waterfront lifestyle that connects them to a sense of community,” Mr Cheung said.

A further 80 villas, 31 parkside terraces and 16 waterfront homes from the sale developer sold out at the Park Cove development, still within the Northern Gold Coast suburb.

Mr Cheung believed the spiking interest was due to the limited offerings of undeveloped luxury land on the Gold Coast.

Director of Ashwin Property Tony Ashwin, who is in charge of marketing the project, agreed with this sentiment.

“With limited opportunity remaining for buyers on the Gold Coast to secure land in the area, Park Cove has exceeded our expectations for how well each stage was received by buyers,” Mr Ashwin said.

Drawcards for the suburb include the $65 million Hope Island Market Place, Hope Island Marina Shopping Centre, the nearby M1 highway connecting residents to the rest of the Gold Coast, and several schooling, retail, medical and hospitality offerings.


Article Source: eliteagent.com

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