High water mark

A princely sum for a pen­t­house on Main Beach is just the lat­est sign of con­fi­dence in the mar­ket

Weekend Gold Coast Bulletin - Property - - FRONT PAGE - WORDS ALEISHA DAW­SON AND ANNA RAWL­INGS

A MAIN Beach pen­t­house has changed hands for more than $5 mil­lion.

The Xanadu North three-level lux­ury res­i­dence hit the mar­ket in De­cem­ber. While Robert Graham of Ray White Pres­tige wouldn’t re­veal the ex­act sale price of 150/59 Pacific St, he said it sold in line with the price guide on the ex­pres­sions of in­ter­est cam­paign.

“The prop­erty was on the mar­ket for 32 days be­fore it sold,” he said. “Both the buy­ers and sell­ers are ec­static over the pur­chase.”

Mr Graham said he had 67 groups through the prop­erty over the cam­paign. “It was one of the best re­ceived prop­er­ties on the mar­ket for some time,” he said. “It was be­cause of its size of 836sq m with the views that were on of­fer — you’re un­able to pur­chase any­thing like it at any other build­ing. It’s value for money.”

CoreLogic data re­veals the prop­erty last changed hands in 2014 for $4.06 mil­lion.

A heated pool, theatre, bar and wine cel­lar are among its stand­out fea­tures.

It comes as Ray White Surfers Par­adise Group recorded $35.4 mil­lion worth of sales at mega-auc­tion The Event last week­end.

A crowd of about 1000 peo­ple, in­clud­ing more than 170 reg­is­tered bid­ders, crammed into the RACV Royal Pines Re­sort in Benowa to be part of the agency’s an­nual auc­tion

An apart­ment in one of the Gold Coast’s most recog­nis­able high-rises was one of the most con­tested prop­er­ties on the day.

The two-bed­room, two-bath­room res­i­dence in the Q1 tower was called on the mar­ket at $740,000 be­fore a flurry of bids were made in one or two thou­sand dol­lar in­cre­ments. Af­ter about 20 min­utes of in­tense bid­ding be­tween three in­ter­ested par­ties, the prop­erty sold for $790,000.

The high­est price paid un­der the ham­mer was $1.4 mil­lion for 145ha at King­sholme while the low­est was a South­port unit snapped up for $132,000.

Ray White Surfers Par­adise Group CEO An­drew Bell said the suc­cess of the auc­tion showed con­fi­dence in the Gold Coast econ­omy re­mained strong.

The Xanadu North pen­t­house at 150/59 Pacific St, Main Beach sold for more than $5 mil­lion.

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