Record $32.5m Penthouse Sale Highlights Queensland Housing Divide
A beachfront penthouse at the One Burleigh development on Queensland's Gold Coast has set a new state record for off-the-plan apartment sales, finalizing at $32.5 million. This transaction surpasses the previous $24 million benchmark established in 2023, underscoring the resilience of the uber-prestige property market despite broader economic pressures. The double-storey residence features extensive indoor and outdoor spaces, including a rooftop infinity pool. While developer Mayd and selling agents attribute the sale to unique architectural identity and privacy, housing advocates highlight the stark contrast with the ongoing affordability crisis facing most residents. Fiona Caniglia of Q Shelter criticized the disparity, noting that high-end luxury projects may divert construction resources away from essential housing needs. Meanwhile, experts from Cotality suggest that the ultra-luxury segment operates independently of typical market influences like interest rates or cost-of-living challenges. This event illustrates the deepening divide between wealthy buyers investing in legacy properties and the general population struggling with housing accessibility in southeast Queensland.
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Record $32.5m Penthouse Sale Highlights Queensland Housing Divide
A beachfront penthouse at the One Burleigh development on Queensland's Gold Coast has set a new state record for off-the-plan apartment sales, finalizing at $32.5 million. This transaction surpasses the previous $24 million benchmark established in 2023, underscoring the resilience of the uber-prestige property market despite broader economic pressures. The double-storey residence features extensive indoor and outdoor spaces, including a rooftop infinity pool. While developer Mayd and selling agents attribute the sale to unique architectural identity and privacy, housing advocates highlight the stark contrast with the ongoing affordability crisis facing most residents. Fiona Caniglia of Q Shelter criticized the disparity, noting that high-end luxury projects may divert construction resources away from essential housing needs. Meanwhile, experts from Cotality suggest that the ultra-luxury segment operates independently of typical market influences like interest rates or cost-of-living challenges. This event illustrates the deepening divide between wealthy buyers investing in legacy properties and the general population struggling with housing accessibility in southeast Queensland.
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