Just when market watchers thought the Gold Coast’s ultra-luxury property tide was starting to ebb, it has surged to a new Queensland high-water mark with a record $32-million penthouse sale.
The landmark deal was struck at Monaco Property Group’s $500-million midrise Nalu project at Miami.
It eclipses the state’s previous $30-million apartment price benchmark established earlier this year at Mayd Group’s One Burleigh development in its namesake neighbouring beachfront suburb.
The new record transaction, brokered by Kollosche New Projects, headlines a $58.25-million dual-penthouse coup alongside a second $26.25-million deal, with local buyers securing both keys.
Selling principal Michael Kollosche said the transactions demonstrated that substantial capital remained active for premium beachfront assets.
“Buyers are certainly more discerning in the current market, but these transactions reinforce that confidence remains exceptionally strong for properties offering genuine scarcity, quality and long-term value,” he said.
“The market hasn’t lost its appetite for quality. Buyers are simply becoming more selective about where they place their money.”
Kollosche said both of the yet-to-be disclosed purchasers “understand the Gold Coast market exceptionally well”.
“They recognise how rare it is to secure a beachfront residence of this scale, particularly on a 7238sq m landholding with 80m of beach frontage.”
Spanning 1466sq m across Level 5 and a private rooftop on Level 6, the record-breaking five-bedroom Nalu penthouse will feature seven bathrooms, six car spaces, a private cinema, gym with infrared sauna, office, rumpus room, wine cellar, bar and separate catering kitchen with cool room.
A private lift will connect it to the rooftop featuring a swimming pool, hot and cold plunge pools, and outdoor entertaining facilities.
The other newly-transacted penthouse occupying 1063sq m will comprise five ensuite bedrooms, multiple living spaces and also its own rooftop entertaining pool terrace.
“These are not speculative purchases,” Kollosche said. “They’re generational assets being secured by families who want to enjoy the lifestyle now, while recognising the long-term value of owning something that will be increasingly difficult to replicate.”
The latest transactions follow three further sales at Nalu ranging from $13.25 million to $14.5 million, each surpassing Miami’s previous property price record of $10.8 million.
Property analyst Michael Matusik said that demographic tailwinds continued to reinforce demand for luxury residential product across the Gold Coast.
“Demand for premium housing continues to broaden on the Gold Coast,” he said.
“Wealthy downsizers, mature families, interstate migrants and overseas buyers are increasingly seeking larger, well-appointed residences in desirable lifestyle locations.
“The Gold Coast also offers substantive relative value compared with Australia’s larger capital cities and many international markets.”
Monaco Property Group—led by Jonathon Grasso and Jay McPhee—was given the green light for Nalu by the Gold Coast City Council in October last year.
It will deliver 44 apartments across the landmark beachfront site at 122 Marine Parade, at the base of Nobby’s headland.
