159 Hedges Avenue, Mermaid Beach
Prestige Property Drivers As Kollosche wraps up a record financial year in real estate, Managing Director and Selling Principal Michael Kollosche considers those factors driving the Gold Coast’s prestige property market.
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ith the 2021-2022 financial year now behind us, the final numbers shed light on just how monumental this period has been for Gold Coast real estate. Kollosche recorded our best year yet – our team welcomed 591 families into new homes with total unconditional property sales valued at $1,934,764,604. Of the top 10 properties sold by Kollosche between 1 July 2021 and 30 June 2022, each sold for prices ranging from $12,000,000 and upwards. Our top sale for the year came in May with the $21,000,000 sale of 159 Hedges Avenue, Mermaid Beach following offmarket negotiations handled by Harry Kakavas and myself. Harry and I also handled the $19,000,000 sale of the penthouse on the so-called
Four Corners site at 3519 Main Beach Parade, Main Beach in April. Another major sale in April was the absolute beachfront house dubbed 'Mi Casa' at 61 Albatross Avenue, Mermaid Beach which sold off-market for $16,500,000. Kollosche’s average sale price for the year was $3,273,713 and our team recorded an outstanding auction clearance rate of 92.09%.
Prestige Property Leader Exceptional price growth over the year to March saw the Gold Coast crowned Australia’s best performing prestige property market. According to Knight Frank’s Prime International Residential Index, luxury
property price growth on the Gold Coast overtook Sydney with a 3.5% price spurt in the March quarter. The report clocked 19.3% growth for the Gold Coast over the 12 months to March, followed by Sydney at 16%, Brisbane at 11.3%, Perth up by 11% and 10.9% growth in Melbourne. On the global prestige property stage, the Gold Coast shot from 12th position to number 7 following spectacular price growth of up to 60% in some suburbs last year. Dubai, Miami and Toronto had the fastest growing prices in the 12 months to Q1 2022. Knight Frank residential researchers predict that the imbalance between demand and supply will see Gold Coast prestige property prices increase by a further 8% this year.
