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Gold Coast emerges as global luxury hotspot

Why more rich-listers are calling the beach city home.

Azal Khan

Digital Journalist, Your Money

The sunny shores of the Gold Coast have proven themselves to be a hotspot for the wealthy to splash their cash.

The city has debuted on the Knight Frank Wealth Report in the list of top 50 cities in the world for luxury residential properties.

The report’s Prime International Residential Index follows the movement of the world’s top 5 per cent of prestige property values across 100 cities.

Gold Coast debuted at number 42 on the list in equal position with Perth.

The Queensland city has strong internal migration figures.

“Everybody from everywhere moves to the Gold Coast at some point,’ said Auction Day host Sophie Hull.

“You get a lot of cashed up people from the southern states moving up to the Gold Coast. It’s a very wealthy economy in and of its own.”

Manilla in the Philippines took out the top spot for prestige property globally.

“The economy is charging ahead but there is very limited supply which has made the demand for luxury property go up,” Hull explained.

Prestige property in New York, Geneva and London have pulled back while Edinburgh surges ahead.

Here are some examples of recent prestige property sales in the Gold Coast.

Recent prestige sales

Main Beach penthouse

Initially listed with hopes of $9.75 million, a penthouse on Gold Coast’s main beach recently sold for $8.25 million.

It is the record sale for Gold Coast this year so far, with the previous highest sale $7.5 million. It is believed to be the third highest apartment sale ever on the Gold Coast.

The property is a two-storey residence on top of a boutique eight-storey building. It features three bedrooms and four bathrooms with expansive views out over the ocean.

Palazzo Versace Penthouse

A penthouse designed by the fashion house Versace in the Palazzo Versace building has sold for $5 million.

The penthouse has all the luxury finishes one would expect of the designer fashion house.

One of six in the five-star Versace complex, the penthouse has parquetry floors, ornate ceilings and floor-to-ceiling windows framing Broadwater and city skyline views. 

Located near the popular theme park SeaWorld, the hotel has 200 room as well as 72 apartments.

Sovereign Islands home

A four-storey mansion in the exclusive enclave of Sovereign Islands has just sold for $7 million.

It was built by a husband and wife team who are a builder and designer respectively.

They paid $1.34 million for the 720 square metre block in 2011 and knocked down the existing structure to create a home of their dreams.

The modern palatial residence features five bedrooms, all with ensuites, on one level and a master suite on a separate level.

Aside from a custom-made 13m chandelier in the entrance hall, the home also features a gym, steam room and rooftop heated pool and spa.

Australia’s top performing luxury markets

Sydney, ranked #30, at 3.1 per cent prime price growth.

Brisbane, ranked #31, at 3 per cent prime price growth.

Melbourne, ranked #41, at 2.2 per cent prime price growth.

Gold Coast, ranked equal #42, at 2.1 per cent prime price growth.

Perth, ranked equal #42, at 2.1 per cent prime price growth.

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