Gold Coast Luxury Property Market Surpasses Global Averages with Listings Priced Above $10m

The Glitter Strip on the Gold Coast has once again proven its prestige in the global luxury property market, outperforming other major cities around the world. According to the Wealth Report 2024 by Knight Frank, both the Gold Coast and Perth were the only Australian markets where growth surpassed the global average, with luxury residential markets remaining resilient despite interest rate hikes.

In comparison to other luxury hubs, such as Monaco and Aspen, the Gold Coast and Perth offer far more value for money. For example, a budget of US$1 million will buy you 112 sq m of real estate on the Gold Coast, compared to just 16 sq m in Monaco and 20 sq m in Aspen. This affordability has attracted luxury buyers to the sunny locations over city or ski destinations.

The report’s Prime International Residential Index (PIRI 100) shows that luxury residential property prices around the world climbed 3.1% on average, with Perth recording a growth of 5.2% and the Gold Coast at 4.1%. This places Perth at 28th and the Gold Coast at 38th in the global ranking.

Billionaire Clive Palmer has also made a significant impact on the Gold Coast property market, splashing $28m on a beachfront lot on Mermaid Beach’s Hedges Ave and $16.95m on another property nearby. With about 35 properties listed for sale at $10m or more on realestate.com.au, the Gold Coast’s luxury property market continues to thrive.

Among the high-end properties on the market are an elegant riverfront home in Southport priced at $24.85m, the Candy Shop Mansion in Helensvale owned by tobacco tycoon Travers Beynon, and a luxurious Broadbeach Waters entertainer that was used as a filming location for the TV series The Bachelor.

Despite early predictions of a weaker outcome for global residential property markets, the Gold Coast and Perth have surpassed expectations and continue to attract luxury buyers looking for value and quality in their real estate investments.