UNITS ON SOVEREIGN

A GOLD Coast developer is about to bring in the diggers to build the first apartments on Sovereign Islands after winning a lengthy legal battle.

Ian Chester says he will start moving 5000 cubic metres of sand within weeks so he can build eight luxury units, valued between $2.6 million and $5.3 million each.

The Sovereign Islands Owners Corporation said it was disappointed with the decision as it “doesn’t feel it belongs”.

THE Glitter Strip is one of the world’s top cities for luxury residential property, a new report shows.

The Gold Coast was one of only five Australia hot spots in the world’s top 50 cities for prestige market performance in the past year, according to Knight Frank’s The Wealth Report 2019, released today.

The report’s Prime International Residential Index follows the movement of the world’s top 5 per cent of prestige property values across 100 cities.

The Gold Coast was ranked 42nd, equal with Perth. Only Sydney, Brisbane and Melbourne rated higher in Australia.

It is the first time the Gold Coast has featured on the list in the report’s 12-year history.

Knight Frank director and Queensland head of project marketing Chris Litfin said owner-occupiers had been spurring the top end of the market.

“Developers have reacted to the demand for luxury product from owner-occupiers and are building product to cater directly to it, but the definition of luxury has changed.

“While once luxury would have been totally categorised at penthouses and sub-penthouses, now luxury is wrapped in the location and the amenity of the offering, even if it’s for a smaller apartment.

“We’ve seen good multimillion-dollar sales in Sandbar Burleigh and both Opus and Koko at Broadbeach, with some selling in excess of $2 million.”

The new findings come a week after an Urbis report found the average sale price for luxury new apartments on the Gold Coast had jumped $100,000 to more than $700,000 since 2017.

That report also found developers are selling five units a week more than they were just two years ago.

So far this year, a number of eye-watering sales have been penned on the Gold Coast, three in excess of $7 million.

Philippines capital Manila was crowned the top city of luxury listings, notching 11 per cent growth.

Sydney was Australia’s most affluent with 3.1 per cent growth in 2018, placing it 30th in the world, followed by Brisbane at 31 with 3 per cent change.