Gold Coast million-dollar homes

Million dollar homes on the Gold Coast are selling at record rates, according to research by property advisors and valuers LandMark White. Prestige houses on the Gold Coast are selling in greater numbers than ever before with independent sales statistics showing that in 2002 total sales in excess of $1 million reached a record 255, and this year that record looks set to be broken.

According to LandMark White research, there’s been 128 million dollar-plus sales to June this year, but LandMark White director and Gold Coast office manager, John Muchall, says in reality this figure is greater as it does not include house sales in developments such as Hope Island Resort and Sanctuary Cove which are classified under RP data as group title and do not show up as single dwelling houses.

“When you consider all of this then it is obvious that the $1 million plus sales totals are substantially up on any previous period,” he said.

The figures also do not take into account Gold Coast apartments sales above $1 million.

LandMark White’s research showed that the biggest jump in house sales between 2001 and 2002 occurred in the $2 million to $2.50 million category. Sales in this price range increased from 11 to 25 representing an increase of 127.27%.

The total value of sales in these years, and in this price range, jumped from $24.4 million to $53.6 million, representing an increase of 119.7%.

In 2001, all million dollar-plus sales totalled $249.2 million, and in 2002 that figure reached $391.6 million.

In the period to June this year the total value of all sales above $1 million was $236.5 million.

“This year when all sales are eventually recorded I think we will see an all time record for the number of individual sales above $1 million,” Muchall said.

LandMark White says the highest numbers of million dollar-plus sales this year were recorded in Surfers Paradise with 47, followed by 23 sales in The Sovereign Islands.

“The total value of these sales in Surfers Paradise was almost $80 million and on The Sovereign Islands almost $35 million,” he said.

Mermaid Beach recorded 13 sales above $1 million and the average sales price was $3.1 million. Sorrento was the next most expensive suburb, with an average price of $2.96 million. That was followed by Palm Beach with an average price of $2.7 million.