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The Gold Coast's penthouse market experienced a record-breaking run

Market Insights
1 month ago
4 minutes

The Gold Coast’s penthouse market continues to go from strength to strength after another record tumbled with the sale of a Broadbeach penthouse off the plan for close to $12.5 million, and as one of Australia’s leading developers takes the wraps off arguably the city’s most exclusive completed penthouse offering. 

Melbourne-based developer Hirsch & Faigen is capitalising on sustained demand for premium residential apartments by placing the penthouse of its Emerson Kirra project on the market for more than $10 million. The penthouse sale will cap off a successful run for Hirsch & Faigen which is the final offering from the $75 million project after the developer previously sold all remaining apartments well ahead of completion earlier this year.

It also provides further confirmation that demand from buyers looking to secure their slice of Gold Coast paradise is taking prices for premium stock to record highs. This was evident with the recent sale of the penthouse at Faro, a full-floor luxury apartment project at Broadbeach underway via a joint venture between 5Point Projects and Bottega Property Group. The sprawling three-level penthouse was sold at close to the $12.5 million asking price and set a new record for Broadbeach at more than $30,000 per square metre.

It also capped off a strong run of sales for the $80 million project, which is currently under construction, as buyers have now scooped up half of the apartments available in the luxe development where prices start from $3.1 million for full-floor residences.

Further south at Palm Beach, 5Point Projects’ Ophira Palm Beach has set the tone for the city’s newest “millionaire’s row” following the sale of five full-floor apartments at more than $7 million each.

Hirsch & Faigen could set a new record at Kirra with the sale of the Emerson penthouse, which spans more than 500 sqm. A deal above $10 million would make it one of the most expensive penthouses on the southern Gold Coast.

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The Emerson's penthouse living room, with panoramic views of Gold Coast's waters

The four-bedroom residence offers open-plan living and dining areas, including a butler’s pantry with living areas supplemented by a designated study and a multipurpose room. The crown jewel of Emerson is primed for immediate occupancy, positioning the penthouse among a rare breed of new residential offerings on the Gold Coast where buyers have been seeking greater certainty in relation to project completion before committing to a purchase.

"In reality, there are only a handful of key prestige north-facing beaches on Australia’s eastern seaboard - Kirra, Noosa, and Byron Bay – that take advantage of such a position, and Emerson is one of the most exclusive and unique opportunities in any of these locations,” said Matt George, sales and marketing director for Hirsch and Faigen.

“Hirsch and Faigen has taken advantage of this outlook by creating large but functional and opulent spaces from which to maximise the extraordinary view corridors that this project offers,” he said. 

The latest research from Colliers shows the Gold Coast new apartment market is still running hot, despite sales easing slightly over 2023. Gold Coast new apartment sales in 2023 totalled 1,205 – down marginally from 1,389 in 2022 as supply remains constrained.

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The Ophira Palm Beach penthouse 

However, the average sale price for new apartments soared to new heights in the December quarter last year, reaching $1.648 million, which was the highest average sale price for new apartments ever recorded by Colliers.

“The latest sales numbers reflect the ongoing challenges of meeting demand for new apartments on the Gold Coast,” said David Higgins, the Gold Coast Director of Residential at Colliers.

“We are really seeing residential projects struggling now out of the ground, due to the massive increase in construction costs, making many projects just not feasible in the current cycle.

“Sales volumes are lower while average prices have spiked higher as supply and variety of stock remains constrained. 

"It’s causing a massive fluctuation of pricing in the market.”

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