Gold Coast's prestige market hits $10.9m high note

The very top end of the Gold Coast property market is witnessing levels of activity not seen in years following a string of ultra luxury property sales across the city.Matt Gates, of Ray White Prestige Gold Coast, has sold 2086 The Circle, Sanctuary Cove for $10.9 million to an Australian buyer.Other recent sales across the Coast include the $15.5 million sale of The Corso mansion on the Isle of Capri in July and 159 Hedges Avenue, which sold for $13.25 million in April.‘Summer House’ at 18-20 Southern Cross Drive, Surfers Paradise recently sold for $11 million while a Tamborine Mountain estate netted its vendors more than $5 million.Ray White Prestige also introduced a buyer to a $7 million sale of a Commodore Drive home in Paradise Waters.The Sanctuary Cove sale represents the highest amount ever paid for a residence on a single block within the prestigious golf and marine community.The price is the second highest ever paid for a property at Sanctuary Cove, pipped only by the $12.7 million sale of an Anchorage Terrace mansion on a double waterfront block to the Zupp family in 2012.Ray White Surfers Paradise Group CEO Andrew Bell said high-end residential transactions underpinned the resurgence of the city’s prestige market.“The issue at the top end of the market has been matching the expectations of buyers and sellers, and what we’re seeing now is the merging of those expectations,” he said.“These deals come at a time when people are demonstrating renewed faith in the Gold Coast as the city heads towards the 2018 Commonwealth Games.“It often takes a few major sales for the prestige market to kick into gear, and we’re seeing that unfold now.“And the state of the very top end of the market tends to influence general confidence – when high net worth individuals are outlaying serious money for properties it assures people the market will continue to gain strength.”The Ray White Surfers Paradise Group is a market leader in residential, commercial, prestige and new property sales with offices across the Gold Coast and overseas.