Nine bidders vie for luxe Broadbeach holiday unit in nation’s cash-sale capital

Luxury waterfront units have claimed the top three spots among the Gold Coast’s richest sales of the week.

A three-bedroom apartment sprawled across the entire fifth floor of the Vogue on Broadbeach building sold under the hammer for $4.45 million. It was the most expensive property to change hands across the Glitter Strip in the last seven days.

Next ranked, a high-rise sky-home in the Oracle tower, also at Broadbeach, and a high-end unit in a boutique development at Paradise Point, each sold for $3.9m.

Harcourts Coastal agent Tolemy Stevens, who marketed both the Broadbeach units, said demand from interstate buyers seeking to secure a Gold Coast holiday home far exceeded the number of available properties for sale.

It comes as a recent report found Broadbeach had the most cash sales of any suburb in the country, notching up an eye-watering total of $1.33b in 2022.

PEXA’s Cash Purchases Report showed Broadbeach, known for its vibrant beachside lifestyle and home to the Star casino, claimed Australia’s highest portion of the total $122.5b worth of residential properties purchased without a home loan last year.

Nine registered bidders vied for the Vogue on Broadbeach apartment, at 8/5-9 Broadbeach Blvd, with Harcourts auctioneer Rob Forde fielding a total of around 30 bids.

“It was phenomenal,” Mr Stevens said.

“Typically we would see between 1 and 3 active registered bidders at that price point. On Saturday we had nine, all from Brisbane, Sydney and Melbourne, and all were bidding with the intention of purchasing a luxury holiday home for the family.”

Bidding opened at $3.5m, with the 322sq m unit sold to a Brisbane-based buyer for a building-record price following “competitive bidding”.

“A result like that not only is testament to how sought after that location and building is, but moreover it also shows how strong the luxury beachfront apartment market is.

“Unfortunately we are seeing in lower price points and in other areas a slight softening due to interest rate rises and restraints on loan criteria, yet in the high-end or beachfront markets we do not have enough to cater to the appetite of these affluent buyers who want to buy a holiday home,” Mr Stevens said.

Vendors, Sydney hoteliers Angelo and Sandy Elliott, spent $2.75m on the unit when it last went under the hammer in 2016.

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4403/1 Oracle Blvd, Broadbeach

The oceanview unit, one of 15 in the residential-only building, had three bedrooms and a study, all with private balconies, as well as elegantly appointed living, dining and entertaining zones and a wet bar.

Mr Stevens said a Sydney buyer snapped up the four-bedroom, 2 bathroom unit on the 44th-floor of Tower 1 of the Oracle building at 4403/1 Oracle Blvd, while Amir Prestige agent Mitchell Booth led the auction campaign for the last remaining of three units fronting main river in the Voir project at 1 / 2 Paradise Pde, Paradise Point.

PropTrack data shows unit prices in Broadbeach were up 7.4 per cent over the past 12 months, to a median of $800,000.

Unit prices in ritzy Paradise Point were down 13.5 per cent over the same period, to $1.65m.

Article source: Queensland Property Investor