Cashed-up buyers go for gold

A string of multi-million-dollar property sales on the Gold Coast waterfront over the past few weeks has encouraged sellers to test the luxury market.

94 Admiralty Drive, Surfers Paradise, enjoys spectacular water views.

A string of multi-million-dollar property sales on the Gold Coast waterfront over the past few weeks has encouraged sellers to test the luxury market as the lifestyle destination prepares for a flood of interest from southerners once the border opens.

Around $25m of real estate came onto the market among Paradise Water’s highly sought-after canals last week, including the sizeable block at 30 Seafarer Court, which is testing the market for the first time in 25 years. A few streets up at neighbouring 49 Admiralty Drive, the vendors are hoping to achieve a deal just shy of $8m for the Nerang River-fronting property.

Both have come to market following the record $25m sale of former AFL player and property developer Tony Smith’s Mermaid Beach mansion last month. As reported by The Australian, the off-market sale of 2 Heron Ave was the largest in a decade and more than double the previous record set in 2012 for a home along the prestigious Hedges Ave strip. The buyer is reportedly Dean Pask, scion of the wealthy Queensland property development family.

94 Admiralty Drive, Surfers Paradise, features plush interiors

Russell Rollington of First National Real Estate — Surfers Paradise said sellers had been motivated by the strong demand on the coast and numerous big-ticket sales through the pandemic. Buyers are also out in force, with interested parties from Sydney and Melbourne itching to inspect.

“A lot of people in this price range are optimistic … they haven’t been too affected by COVID-19. Now they are thinking they could upgrade into a better property.

“I’d say we have about 15 to 25 interstate buyers short-listed for properties who are patiently waiting for the borders to open to come up to view properties and finalise contracts.”

The owners of 30 Seafarer Court, Paradise Waters hope to cash in on the property’s prime position and 56m waterfront frontage now that they have decided to downsize.

Despite the 1389sq m block having been in the family for 25 years, the modern home currently on the site was built in 2008 when it came into the vendor’s possession. No expense was spared on the six-bedroom, six-bathroom mansion, which also features a seven-car garage, a home cinema with tiered seating and a high-speed lift. The rooftop terrace for entertainers overlooks an infinity pool and wet bar.

An impressive facade: 94 Admiralty Drive, Surfers Paradise.

Marketing agents Mr Rollington and Michael Kollosche of Kol­losche — Broadbeach are hoping to achieve a price of around $13m through an expressions of interest campaign.

“I think this property would have been on the market with or without COVID. The owner is in his 80s and it is just time to downsize,” Mr Rollington said.

The neighbouring Admiralty Drive address faces out across the Nerang River to the Main River junction, with 22 metres of panoramic water views overlooked by a large entertaining area and infinity edge pool.

The home underwent a large-scale contemporary renovation five years ago, led by local designer Jared Poole, and includes its own pontoon and jet ski dock.

Seasoned entertainers Alister and Wendy Rayner said the four-bedroom, four-bathroom home is perfect for someone who likes to have guests, with the home easily able to accommodate 50 people. They decided to sell while in compulsory 14-day quarantine after returning from a cruise, encouraged to list by the strong sales in the area. “We should have been overseas for another three months but COVID quarantine gave us time to do our research,” Mr Rayner said. “If people have the money, they will keep spending.”

The couple recently purchased a penthouse in a boutique development in the heart of the Gold Coast to be closer to family.

Mr Kollosche is marketing the home with a price guide of $7.95m. It was last sold in May 2015 for $6.5m.

On the opposite side of the exclusive Paradise Waters canals, a 1013sq m vacant block of land sold under an unconditional contract for $3.1m. Amir Prestige agents Carlie Mills and Amir Mian made the deal.