A beachfront penthouse on the Gold Coast has smashed Queensland’s off-the-plan apartment price record, selling for $30 million as the state’s prestige property market continues to defy broader cost-of-living pressures.
Developer Mayd announced the sale of the double-storey residence atop the One Burleigh development at Burleigh Heads on Monday, eclipsing the previous $24 million benchmark set in 2023.
Spanning levels 18 and 19, the apartment will include 525 square metres of internal space and 237 square metres of outdoor area, including a rooftop terrace with an infinity pool, bringing the total to 762 square metres.
PRD Burleigh Heads selling agent Freddie Tehle said the buyer had surveyed the south-east Queensland market extensively before committing $32.5 million to the penthouse.
“At this level, buyers aren’t just purchasing a property, they’re making a decision that becomes part of their legacy,” he said.
“What sets One Burleigh apart was the privacy of 17 full-floor residences, an outlook that is completely undisputed from every aspect, and an architectural identity that is genuinely specific to this location.
“There is nothing else on The Esplanade that delivers all three. Once my buyer saw it, the decision was clear.”
Mayd founder Todd Mould said the record-breaking sale reflected both the scale of the property and its location.
“While it is a surreal experience to have a Mayd project break the Queensland off-the-plan record, it was never at the forefront of our minds,” he said.
“We were focused on ensuring each residence at One Burleigh made the most of its exceptional views and large floor plates being respectful to the location and the incredible 360-degree vistas that hero the architecture and interiors.
“One Burleigh appeals to a particular buyer who is not interested in trends. They want timeless materiality and a true dedication to luxury. We have been blown away by the calibre of enquiries we have received.”
While prospective One Burleigh buyers had luxury in mind, Q Shelter chief executive Fiona Caniglia said for most people an apartment was simply a roof over their head.
Caniglia said the cost of the penthouse was “staggering” and stood in stark contrast to the difficulties many, particularly younger people, had finding housing.
“It seems at the moment that the more expensive luxury end of the market can thrive just because there are people who can afford to pay the true cost of the planning and construction of those dwellings,” she said.
“It might also have the net effect of drawing the construction industry towards those projects that are supplying one segment of the market, but without enough of the construction industry working across the whole housing system, it’s not really addressing the needs of the vast majority.”
Research director Tim Lawless, from real estate data firm Cotality, said transactions at this level were largely insulated from the economic pressures affecting most households.
“The uber-prestige end of the housing market tends to run its own race with less sensitivity to typical market influences like interest rates, cost of living pressures or affordability challenges,” he said.
“The scarcity factor of an absolute beachfront penthouse in one of the Gold Coast’s most desirable suburbs clearly ticks the box for prestige home buyers.”
While headline sales continued to push records higher, Lawless said the Gold Coast market remained volatile “simply due to the diversity in stock”.
The record result comes against a backdrop of rapidly rising housing costs across south-east Queensland, even as affordability constraints begin to bite.
Brisbane prices were up 84 per cent in five years, Lawless said, while the Gold Coast and Sunshine Coast markets were up 72 per cent and 58 per cent respectively.
“At the same time housing un-affordability is continuing to move through record levels,” he said.
“Although housing values are still rising, the pace of gains is clearly slowing as affordability pressures bites, the pace of population growth eases and interest rates rise.”
With the penthouse now sold, four of the 17 residences at One Burleigh remain on the market, priced between $9.5 million and $13.75 million. Construction is expected to finish in early 2027.
Caniglia said she hoped to see some cheaper options hit the market.
“The ratio between wages and the cost of homes is far exceeding anything feasible in terms of lending,” she said. “It’s this missing middle of housing that we’ve really got to put our attention to.
“You think about people working in hospitals, emergency services, the teachers, aged care, child care – what are we doing to make sure those people can live in locations where they’re needed?
“At the moment, I can’t really say we have an answer for them.”
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