60 Admiralty Dr, Paradise Waters, has sold for a record $13.6m.
Interstate house-hunters have far from dropped off the local property radar with a Sydney buyer paying a record-busting $13.6m for a Paradise Waters mansion.
The sale of the grand home on the waterfront at 60 Admiralty Dr was one of a flurry of top-end transactions to take place in the final days of the financial year.
The views from the prestige location.
More than 212 inquiries were fielded and 88 inspections conducted during the home’s short marketing campaign, with six offers presented.
The Sydney buyers flew to the Coast to inspect a different property, but ended up falling in love with the Admiralty home and were happy to do whatever it took to secure it.
The deal was brokered through Sam Guo and Julia Kuo, and Michael Kollosche of Kollosche, with the price surpassing by a significant margin historic sales in the elite enclave.
The grand staircase and entry foyer.
Prior to the sale, the record was held by 30 Seafarer Court, which is owned by Gold Coast lawyer John Ramsden, who paid $11m for it in 2020.
Mr Guo said the buyer came from a large family with several members flying to the Coast to inspect the property, all of them giving their tick of approval.
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“The house is a true showcase; very grand, very well built. It’s of concrete construction across all four storeys with a full-size basement that can fit 12 cars. The moment you walk in, you just go ‘wow’,” he said.
Everything in the home is built to quality specification.
Securing a trophy home in Paradise Waters, considered one of the most elite addresses in Surfers Paradise, is not easy, with the couple of hundred properties located in the precinct very tightly held.
A high percentage of homeowners who do sell end up buying within the same enclave, sometimes moving as near as down the street, or around the corner.
The home has been newly tiled.
But interstate buyers have been making inroads into the area of late, offering to pay top dollar for the sizeable waterfront homes.
Attracting the highest dollars are those that require no or little work.
“The owner of (60 Admiralty) had already done the renovations, replacing the cabinetry, tiles etc, so it’s just walk in and walk out,” Mr Guo said.
The home is walk-in, walk-out.
“The buyers are busy professionals who have no time to renovate, so most important to them was that the quality of the house was unbeatable.
“To rebuild that home today, with the cost of materials, construction as well as finding such a prime site, would be $19m to $20m.”
It was also an interstate buyer who this week picked up a Hamptons-inspired home at 125 Commodore Dr, owned by developer Dean Pask.
It has a Mediterranean influence.
Details surrounding the sale are still to emerge, with marketing agent Michael Kollosche only confirming that the price paid was a record for Commodore Dr, currently set at $9.95m by No. 101, but not Paradise Waters.
However, Gold Coast buyers are not giving up without a fight, with a local swooping in with $4.5m to secure the off-market sale of 1Viking Crt, through Russell Rollington of First National.
Impressive as soon as you enter.
The property was owned by Brisbane developer Kevin Miller, the creator of the city’s James St market precinct, who purchased the house for $2.65m in 2020, netting him almost $2m in capital gains.
Another sale recently penned by Mr Rollington saw Peter and Heather Russell stump up $4.225m for 15 Norseman Crt, which was a record price for an older-style canal home in Paradise Waters.
Mr Rollington said there had been an increase in activity and a severe stock shortage in the precinct, with existing homeowners reluctant to give up their lifestyle in a position close to the beach, Broadwater and centre of Surfers Paradise.
125 Commodore Dr, Paradise Waters, also sold for a record price in its street.
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