504 The Esplanade, Palm Beach
A Palm Beach trophy home built by V8 Supercars legend Paul Weel was the top sale from a supercharged week of auctions raking in close to $60m across two bumper spring programs on the Gold Coast.
The sleek three-level oceanfront home at 504 The Esplanade was snapped up for $10.2m at Amir Prestige’s Grand Spring Auction Event.
The event drew spirited bidding from 87 registered buyers across diverse price points, but the clearance rate was 38 per cent as auctioneer Nigel Long brought the hammer down on the last of the 29 lots. Principal Amir Mian tallied total sales at $44.6m by 5pm on Friday.
The house built by Paul and Emma Weel was the top auction of the day
Luxury interiors across three levels
Adding to the week’s auction count was Ray White Burleigh Group’s event of another 17 lots. With 51 registered bidders, total sales hit $13.154m and the clearance rate was 41 per cent.
Vendors Rodrick and Melissa Morrison near doubled their outlay on The Esplanade, Palm Beach. They splashed $5.5m in 2018 on the five-bedroom home on a double block, built by Weel and his wife Emma the previous year.
But the selling price was significantly less than the $16.5m price the Morrisons pegged when they first listed the luxe Bayden Goddard-designed pad in March 2022. This price was revised to $11.25m in July before pivoting to an auction campaign.
319 Monaco St, Broadbeach Waters
It sold for $8.1m
The program’s next top deal, inked earlier in the week, was $8.1m secured for a flawless Main River family entertainer on a 1,592 sqm parcel at 319 Monaco St, Broadbeach Waters.
Mr Mian described the atmosphere among the 300-strong crowd at the Langham Hotel as “phenomenal”. Bidder registrations were up 100 per cent from June’s last seasonal event.
“The sentiment on the auction floor was very positive, very upbeat,” he said.
“The Gold Coast’s market has definitely matured, and it shows from today’s fantastic bidding that buyers are feeling comfortable and happy with where prices currently are.
“September usually sets the trend for the next yeat and I think we are on great course.”
V8 Supercar driver Paul Weel and his wife Emma, with daughters Mila 8 and Abby 10. Picture: Glenn Hampson
Incidentally, the Weels’ current oceanfront holding on Mermaid Beach attracted the highest bid of $15.75m from the lots that passed in at the event.
The veteran race car driver paid $15.85m for the 810 sqm property at 65 Albatross Ave in January 2022, but the family is shifting their interests towards horse racing pursuits.
They acquired a 4ha equestrian estate at Burradoo in the NSW Southern Highlands for $7.2m in September 2022. The family retains a Gilston dressage property bought in 2020, and is training a horse with Olympic aspirations.
65 Albatross Ave, Mermaid Beach was also listed
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The day started on a high note with nine bidders registered for a 1950-built Queenslander house in Southport’s coveted TSS precinct.
Mr Long fielded three dozen quickfire bids, some overlapping, until the winning bidder made the final offer of $1.82m.
“It’s a classic example of Gold Coast real estate — too many bidders, not enough stock,” Mr Long said.
The 1,057 sqm lot at 4 Drury Avenue, marketed by Max Fitzgerald and Mr Mian, last changed hands for $1m in 2017.
7 Drury Ave, Southport
Ray White Burleigh Group’s auction highlight was $4.8m for a designer home at 19 Donegal Cres, Sorrento. Thirteen bidders registered, with five active as the sale price climbed.
The sophisticated 5-bedroom home on Main River was marketed by Rebecca Moffrey and last sold for $3.5m in 2019.
Both events were timed before the Grand Final weekend, with auction activity down across the nation as sellers took a breather from the busy spring start.
PropTrack data showed 265 auctions were scheduled across Queensland, down 15 per cent year-on-year, with regional Queensland hosting 168 of those.
19 Donegal Cres, Sorrento
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