Mega sales rush

Cashed-up buyers are spending millions of dollars on luxury property across the Gold Coast

THE appetite for prestige property is insatiable with a string of multimilliondollar sales recorded on the Gold Coast in the past week.

And there’s not enough stock to meet the demand, according to agents who are selling properties prior to auction and in off-market deals.

Leading the spree is the $7.375 million sale of an Isle of Capri house owned by motor racing legend Russell Ingall and his wife Julia, which set a new street record for Naples Ave.

The Ingalls overhauled the six-bedroom house which offers spectacular views of the Main River and city skyline.

Further south, Pacific 602/2 Twenty Third Ave, Palm Beach changed hands last weekend for $2.525 million while last week a Gold Coast downsizer paid $3.25 million for an apartment in Vogue on Broadbeach.

Up the highway in Main Beach, a lavish pink bungalow inspired by the famous

Beverly Hills Hotel sold for “well over $4.5 million” last Wednesday.

A local family jumped the queue to snap up the quirky Peak Ave property more than a week before it was due to be auctioned.

Ray White agent Jackson Paradise said the speedy sale reflected a buoyancy in the prestige property market, with interstate buyers competing with locals.

REIQ Gold Coast zone chairman Andrew

Henderson said low property stock across the Gold Coast meant greater competition for fewer properties.

“Over the past six to 12 months we’ve seen a real tightening in the availability of stock across the market in all price brackets,” he said.

“With those low stock levels, buyers don’t have a lot of choice so there’s some good competition for what is available.”