Beachfront apartment sells for $6.25m at Gold Coast event

The Gold Coast’s residential market has gained momentum over the past 12 months and median home sale prices have risen $97,271 to more than $1.1 million, which was the strongest price growth among regional markets, according to Ray White.

By comparison, median house prices nationally increased by $75,000 over the past 12 months.

Among the properties sold on Sunday was a waterfront Main Beach four-bedroom apartment, 2/3565 Main Beach Parade, which changed hands for $6.35 million. The home was highly sought after and attracted six active bidders on Sunday afternoon.

Also selling on Sunday were two apartments at 8 Admiralty Drive that sold for $1.9 million and $1.55 million. Both were three-bedroom, two-bathroom apartments located on Main Beach and Surfers Paradise.

Mr Bell said a higher rates environment had not deterred home buyers, especially those in a higher-income bracket. He said the housing supply shortage and growing population had offset higher rates, making theGold Coast a highly coveted residential market.

“The auction event has had a higher price bracket this year because there is more strength in the wealth belt,” Mr Bell said.

“At the lower end of the market, people have a limit they go to and get knocked out of bidding very easily. People buying close to $2 million and higher are usually pretty rock-solid people.”

The Gold Coast’s local economy is no longer purely driven by tourism, which means its properties are now viewed less as holiday homes, Ray White chief economist Nerida Conisbee said.

As a result, the region’s residential properties have not experienced the price crashes of coastal towns such as Byron Bay where house prices have slumped as much as $614,000,