Gold Coast property listings priced above $10m
The Glitter Strip’s prestige market has outperformed on a global ranking — but you’ll still get far more bang for your buck than in other luxury hubs.
The Wealth Report 2024 by Knight Frank shows the Gold Coast and Perth were the only Australian markets where growth surpassed the global average, while luxury residential markets proved resilient in 2023 despite successive interest rate hikes.
A budget of US$1 million will buy 112 sq m of real estate on the Gold Coast — down from 117 sqm in 2022, but still about three times more than in Sydney, where the same coin will cover just 43 sqm (down from 44 sqm).
TV series The Bachelor was filmed at this mansion for sale on Monaco St, Broadbeach Waters
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But luxury property in both Aussie cities was far more affordable than other markets around the world, such as Monaco, where you’ll get only 16 sqm for US$1 million and Aspen, where US$1 million covers just 20sq m.
The report’s Prime International Residential Index (PIRI 100) shows luxury residential property prices climbed 3.1% on average across 100 selected locations around the world.
Perth recorded growth of 5.2 per cent and the Gold Coast 4.1 per cent, to rank in 28th and 38th place respectively.
Sydney came in in 49th place, equal with Barcelona, with growth of 2.7 per cent, followed by Brisbane in 58th place (+2.3 per cent), and Melbourne in 63rd place (+1.4 per cent).
Where else but the Goldie? Tobacco tycoon Travers Beynon listed his Candy Shop Mansion with $20m-plus price hopes
Knight Frank head of international residential and country research Kate Everett-Allen said marketed worldwide had exceeded early predictions, while luxury buyers preferred to park their cash in “sun locations” over city or ski destinations.
“At the start of 2023, economists were expecting a much weaker outcome across global residential property markets,” Ms Everett-Allen said.
“Stock markets were heading for more pain, inflation was veering out of control and the pandemic-fuelled property boom was set to end in tears as borrowing costs hit 15-year highs in some markets.
“However, that never happened – we’ve seen a much softer landing in terms of price performance around the world.”
An elegant riverfront home on McMillan Court, Southport priced at $24.85m
Billionaire Clive Palmer stoked the Gold Coast’s property coffers by about $45m this month, splashing $28m on a huge beachfront lot on Mermaid Beach’s Hedges Ave — aka Multimillionaire’s Row — just days after inking another $16.95m deal up the road.
About 35 properties with price tags of $10m or more were listed for sale on realestate.com.au this week.
Among them, an elegant riverfront home in a dress circle Southport location for $24.85m, a flashy Helensvale pad known as the Candy Shop Mansion and built by tobacco tycoon, Travers Beynon, and a sleek Broadbeach Waters entertainer used as the set for a season of reality series, The Bachelor.
Clive Palmer is a deep-pocketed fan of Glitter Strip real estate. Photo Steve Pohlner
The post What US$1 million buys you on the Gold Coast now appeared first on realestate.com.au.