Prestige unit value soaring sky-high
Aerial shot of Main Beach.
The luxury unit market continues to hit new heights, with the Gold Coast recording mammoth price jumps across six suburbs.
Ray White Group senior data analyst Atom Go Tian said prices and demand for luxury units were showing remarkable resilience across the country.
While Sydney leads the way as the most expensive luxury unit market, with unit prices averaging $2.2m, regional Queensland, which includes the Gold Coast, comes in second at $1.5m with a huge five-year growth rate of 62.2 per cent – the highest among all regions.
Aerial view Gold Coast property. Source: realestate.com.au
“While Sydney dominates in terms of absolute prices, Queensland has been making waves with its incredible growth rates,” Mr Tian said.
“The Sunshine Coast takes two spots, Brisbane has another two, while the Gold Coast commands the remaining six.
“These high-performing Queensland markets have seen five-year growth rates ranging from 65.5 per cent to an impressive 72.2 per cent, with luxury unit prices spanning from $2.1m to $3.5m.”
NEWS: Horse trails, water slide, motocross track: Qld’s coolest backyard
Suburb record: Celebrity home that’s hosted Baz Luhrmann and Elon Musk sells
Incredible reason mansion relisted for sale within six months
Aerial view Gold Coast property. Source: realestate.com.au
The data revealed Mermaid Waters experienced the biggest jump in unit prices, soaring 71.4 per cent to $2.4m.
Burleigh Heads ($2.98m) followed with a 69.2 per cent jump while Currumbin – Tugun ($2.8m) rounded out the top three, up 68.7 per cent.
Jacobs Well – Alberton ($2.76m) recorded a 68.7 per cent jump, while units in Miami ($2.3m) were up 67 per cent. Coolangatta units increased 65.8 per cent to $3.53m.
This penthouse at 2291/1-21 Lennie Ave, Main Beach is currently on the market.
Inside 2291/1-21 Lennie Ave, Main Beach.
The highest unit market on the Gold Coast – and the second highest in Queensland – was Main Beach – averaging $4.45m. Noosa Heads is at $5.12m.
The most expensive units in the country are at Double Bay – Darling Point, selling for $6.19m on average.
“The list of Australia’s top 10 most expensive suburbs for luxury units is predominantly Sydney-centric, with eight out of 10 locations,” Mr Tian said.
“The two suburbs not found in Sydney are Noosa Heads on the Sunshine Coast and Main Beach on the Gold Coast, both renowned for their appeal to tourists and locals alike, offering a blend of natural beauty and luxury living.
“All suburbs have also seen positive one-year and five-year price growth.”