Rainbow Bay’s apartment market surges as prices double in under 4 years

Rainbow Bay’s apartment market is experiencing a remarkable surge, with early buyers seeing extraordinary gains as prices in key developments more than double in under four years. 

S&S Projects’ $160 million Esprit development has become the standout performer, delivering profits of up to $1 million for purchasers who recognised the area’s potential early. 

As resales surge and demand strengthens, Rainbow Bay has cemented itself as one of the Gold Coast’s most sought-after beachfront enclaves.

Property prices have doubled for some buyers who secured residences in the first release of apartments as they hit the market when the project was launched in 2021.

Esprit is among a trilogy of developments by S&S Projects, with a fourth currently underway.

They have transformed Rainbow Bay into one of the Gold Coast’s most sought-after beachfront suburbs.

The Cottee Parker Architects-designed development is located at 217-227 Boundary Street.

The project comprises 94 apartments across two interconnected buildings and includes the Gold Coast’s first-ever residents’ only wellness rooftop and recreation area, Club Esprit.

Centrally located in the heart of Rainbow Bay’s relaxed beachside community, Esprit offers café culture and natural amenity at its doorstep.

The rooftop will deliver sweeping views in every direction across the world-famous Snapper Rocks and Rainbow Bay beachfront.

Esprit comprises a collection of two- and three-bedroom apartments, which were priced from $759,000 when first released in 2021.

“Exceptional growth in residential values since we launched Esprit has delivered significant gains for many buyers, who were among the first to recognise the potential of this spectacular part of the Gold Coast and the plans we had for this incredible site," said managing director of Pezet Matheson, Jayde Pezet.

“In some cases, prices for apartments have doubled, and we’re thrilled that the buyers who shared S.& S.’s vision for Esprit and Rainbow Bay have been so richly rewarded.”

The capital growth at Esprit is reflected in several recent transactions, including a two-bedroom apartment on level four, which sold off-the-plan for $999,000 in 2021 and resold this year for $1.8 million.

Another two-bedroom apartment on the same level that originally sold for $909,000 has subsequently resold for $1.735 million.

A three-bedroom residence on level eight, secured off-the-plan for $1.855 million in 2022, has just been resold for $2.8 million – representing a gain of almost $1 million for the buyer.

“The strong capital growth through these resales highlights the positioning of Esprit as a premium, highly sought-after development in one of the Gold Coast’s truly unique locations, which has really come to life," said Jayde.

“It also reflects the confidence that new buyers have in the southern Gold Coast market, which remains a strong investment opportunity, characterised by limited supply and high demand.”

Rainbow Bay’s waterfront setting has meant land is becoming increasingly scarce, with opportunity for future developments limited.

This results in a surge in demand for new, quality developments by highly-credited developers.

Construction of Esprit is being undertaken by Queensland’s leading building group, Hutchinson Builders, with the project recently topping out and edging towards completion by early 2026.

The Cottee Parker design for Esprit includes a range of resort-style amenities, including the rooftop wellness club with gym, yoga lawn, ice bath, sauna, 25-metre lap pool, cabanas, dining and BBQ areas, kids’ play lawn, outdoor cinema, and a private dining room.

S&S Projects, headed by industry veteran Paul Gedoun, established its presence at Rainbow Bay in 2021 with Flow Residences, which would later become one of Australia’s best-selling beachfront projects.

The Gold Coast-based company followed up with Awaken Residences, which set a record penthouse sale price of $8.15 million in 2022 for the Coolangatta area, before embarking on Esprit.

The success of the three developments has prompted S&S Projects to further expand its portfolio at Rainbow Bay with Radia, a $209 million development comprising 38 luxury residences, which is currently under construction.

“We’re excited to be progressing our vision for Radia, which is the next major project to build on our strong momentum at Rainbow Bay," said Paul.

“We have always been big believers in this enclave overlooking Snapper Rocks and with a prevailing north-facing view, and buyers have supported our vision accordingly.

“The demand and lack of supply equation has contributed to this exponential price growth as premium product not seen in the area comes into the market.

“We expect this to continue with developments that are well funded, being undertaken by developers with experience navigating difficult markets and have secured builders which many have been unable to do in the current market with construction costs so high." 

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