Palm Beach showstopper pulled from the market

A high-profile sales campaign for a showstopping new build known as Nirvana has been canned after offers for the Palm Beach home fell short of the vendor’s lofty expectations.

The luxury property at 1464 Gold Coast Hwy was marketed by Ed Cherry, of Harcourts Coastal, with a $5m-plus price tag.

It was originally scheduled to go under the hammer, but the auction was scrapped just days out and replaced by the eye-watering listing price.

The four-level home’s creamy facade and Mediterranean-inspired curves attracted plenty of interest, taking out top spot among most-viewed listings on realestate.com.au when it hit the market in June.

But Mr Cherry said owner-builders, Josh and Courtney Coghlan, had opted to pull the property from the market rather than accept a lower sale price.

“The vendors didn’t want to move below that $5m price point,” Mr Cherry said.

“We had a number of offers put forward through the campaign that were just shy of that mark, but they did have conditions attached.

“I think it’s definitely worth that money — it is one of the most beautiful homes in Palm Beach,” he said.

The swoon-worthy five-bedroom, three-bathroom home replaced a rundown 1950s cottage on the 412sq m block on the western side of the highway.

It was built during the pandemic by Mr Coghlan’s company, Rome Design and Construct, and incorporated a wish list of dream home features including a built-in bar, entertaining lounge, rooftop terrace, magnesium pool and cabana.

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Stone walls and high-end finishes lent a contemporary ambience, while elevated garden beds and brass aceent further enhance the property, which the owners described as, “heaven on earth”.

“Nothing we have done is as out there as Nirvana,” Mr Coghlan said.

“We were given an opportunity and a great piece of land in Palm Beach and we really wanted to capitalise on that and showcase what we could do and express ourselves freely with no constraints.”

PropTrack’s Market Trends report for August shows the median price for houses in Palm Beach was down 2.6 per cent over the last three months, to $1.548m.

The southern Gold Coast suburb has undergone intense gentrification over recent years, with developers rushing to capitalise on cashed-up buyers’ appetite for luxury beachside living during the pandemic.

House prices soared 30 per cent in the last 12 months to a median of $1.548m, but days on market in the suburb stretched to 41 days in August.

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