Gold Coast real estate: $150m in sales in Palm Beach and Robina towers in just one month

The cost-of-living crisis has failed to dampen buyer enthusiasm for luxury Gold Coast real estate, with two tower projects notching up nearly $150m of sales in the past month.

The cost-of-living crisis has failed to dampen buyer enthusiasm for luxury Gold Coast real estate, with two tower projects notching up nearly $150m of sales in the past month.

Developers continue to report high sales as more than 15,000 people move to the city annually while construction of new housing fails to keep pace, leaving property at a premium.

More than $100m in sales alone were recorded in the first two weeks of May by Marquee Development Partners’ La Belle tower in Palm Beach.

The 14-storey building, which is expected to break ground in June, will have 76 units, with those sold ranging from $2.5m to 7m.

Artist impression of La Belle at Palm Beach.

Marquee’s director Jacques Winterburn said demand had been “overwhelming”.

It’s a remarkable outcome for Marquee, our 11th and most impressive project to date and the response has been overwhelming but expected,” he said.

“To receive over 1000 inquiries before launch underscores the considerable demand for this project and location.

“The majority of buyers have emerged from the Palm Beach and southern Gold Coast, with some from Brisbane, Sydney and Melbourne.

Jacques Winterburn of Marquee Devlopments

“Significant interest has also been observed from buyers in Burleigh Heads, with many looking to transition from esplanade-front properties to absolute beachfront residences in the serene northern Palm Beach area while still staying connected to Burleigh.

“Many purchasers are local business owners downsizing or for use as lock-and-leave apartments.

“Interestingly, a number of purchasers work within the property and construction sector.”

Meanwhile, Immerse Projects has sold $40m of units in its Ombre project at Robina.

Immerse managing director John Kearney said the 95-unit building would begin construction this month.

Artist impression of La Belle at Palm Beach.

“Since the project’s launch in early March we have fielded more than 1000 inquiries and more than $40 million in sales, with strong interest in these second living spaces,” he said.

“Typically, one-bedroom apartments appeal to investors rather than owner-occupiers and feature little in the way of space and liveability.

“We have designed Ombre with the local market in mind and in doing so, challenged ourselves to rethink one-bedroom apartment design – the result is an additional, spacious living area, that delivers functionality and flexibility, without compromising on price.”

Developer John Kearney

Colliers International’s April Gold Coast Market Overview report, released earlier this month, shows the median sale prices has remained stubbornly high at $1m in the face of a “severe” shortage of available land.

Just 3299 building approvals were issued between July 2023 and January 2024, compared to 5941 in the 2022-23 financial year.

Most approvals were granted in Surfers Paradise, Broadbeach-Burleigh, Ormeau-Oxenford, Robina, and Coolangatta.

Real estate boss Andrew Bell, the Queensland spokesman for the Real Estate Institute of Australia (REIA), said he did not expect market conditions to change.

“Every day this housing crisis is getting worse and we are almost 100 per cent dependent on private enterprise to step up. We simply have to make the process more attractive than it has been,” he said earlier this month.