AN ITALIAN palace and two of the city’s most prestigious penthouses were among the year’s top property sales with Chinese buyers leading the charge.
The highest price paid was for the Palazzo di Venezia villa at The Sovereign Islands, which sold in January for $8.6 million to Chinese national Wei Zhang.
The ornate and opulent mansion is modelled on the centuries-old Venetian stately home, Villa Rotunda, and boasts an 8m copper dome, which is part of the terracotta roof, as well as arches, columns and curves.
In the same month former AFL player Tony Smith sold his beachfront home at Surf St, Mermaid Beach for $8.42 million to Brisbane entrepreneur Michael Dempsey.
It has 30m of frontage to the beach as well as five bedrooms, a lap pool and barbecue gazebo.
1-5 Surf St, Mermaid Beach sold for $8.42 million. That was followed three months later by Melbournians Nabil and Roula Grege shelling out $8.4 million for a beachfront house down the road from Surf St at Albatross Ave, which was created through merging two villas into one.
The exclusive property has seven ensuited bedrooms, a home theatre, a gym, a 25m lap pool, an internal lift, and a plunge pool and spa on the rooftop entertaining terrace.
107 Albatross Ave, Mermaid Beach sold for $8.4 million Two penthouses, one in Broadbeach and the other in Surfers Paradise, round out the top five sales of the year.
In March Hong Kong billionaire Tony Fung snapped up Soul’s penthouse for $7 million after an unusual marketing campaign by John Natoli and James Ledgerwood of McGrath Estate Agents.
The pair had the four-level apartment, which was the subject of a legal dispute over a 2006 $16.85 million sale contract, stripped back to a shell to present buyers as a blank canvas.
Mr Fung’s purchase marked his first foray into the residential market, after he bought mining magnate
Nathan Tinkler’s Patinack Farm holdings at Canungra for $20.8 million.
Soul penthouse in Surfers Paradise was stripped back to a shell for its sale. In August Chinese buyer Yue Bai bought Oracle Tower One’s two-level penthouse in Broadbeach for $8 million, after it had spent years on and off the market.
The 1117sq m skyhome features four bedrooms, media room, study, and rooftop pool, spa and steam room as well as expansive views including the coastline, ocean and Hinterland.
The Oracle beachfront tower penthouse sold for $8 million.
Leading Gold Coast agents are pointing towards a better year for prestige in 2016 with the market recovery expected to boost all parts of the property sector.
Ray White Broadbeach principal Larry Malan said now that the bottom of the market had moved, many prestige buyers were getting into the market.
Mr Malan said he expected improving values at the lower end to feed into the
luxury property market.
“We’ve had a really good December quarter based on the fact those big ticket items are moving,” he said.
“Those buyers have been more cautious … because they were waiting for other parts of the market to go up.”
Ray White Runaway Bay principal Ali Mian said a shortage of land at The Sovereign Islands was behind a spike in
sales for established homes at the elite enclave.
“Prestige will hold up quite well next year,” he said.
“The Sovereign Islands because of a lack of land. We’re seeing premium prices because of that with lots of sales in excess of $4 million.” – New glossy property guide starts on Saturday.
TOP 5 SALES:
1) 38-40 Knightsbridge Pde East, The Sovereign Islands
Sale Price: $8.6 million
2) 1-5 Surf St, Mermaid Beach
Sale Price: $8.42 million
3) 107 Albatross Ave, Mermaid Beach
Sale Price: $8.4 million
4) 5001/1 Oracle Blvd, Broadbeach (Oracle penthouse)
Sale Price: $8 million
5) 7001/4-14 The Esplanade, Surfers Paradise (Soul penthouse)
Sale Price: $7 million
Source: CoreLogic, house and unit sales in 2015