Luxury apartments are taking over the mansions as the new home of the Gold Coast trophy
A new development is slated for completion at Paradise Point and is priced from $4.49m
Luxury homes have replaced mansions as the home of the Gold Coast’s official trophy, with prices for luxury new homes up 88 per cent over the past five years.
A new report by McGrath Research shows that wealthy buyers, known as “owners of rights”, have been fueling the area’s boom in the sector, far outpacing the luxury apartment market which rose 33.4 per cent over the same period.
The Coast’s luxury property market also outperformed its city counterparts, with Brisbane recording a 60 per cent increase in luxury new homes, while Sydney and Melbourne trailed behind with 43.3 per cent and 32.2 per cent respectively.
![John McGrath](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Director of McGrath Estate Agents John McGrath. Photo: John Feder
McGrath chief executive John McGrath said the move away from conventional urban planning had reshaped the market.
“High-end apartments have been a very strong market segment over the last few years as high net worth individuals choose the comfort, security and lifestyle of apartments over houses,” said Mr McGrath.
“Demand has grown exponentially as luxury homes have reached new heights in design, finishes and amenities.”
Apartments on the Gold Coast again overtook the Sunshine Coast to claim the highest median prices in the state, led by Paradise Point and Main Beach at $1.7m.
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The boom has been fueled by developers who are radically changing their designs to accommodate paying buyers who want to fit in with homes near the beach.
Forty-five per cent of Gold Coast homes built between 2023 and 2025 had three or more bedrooms, up from 17 per cent from 2017 to 2019.
These apartments average in size from 179 sqm, forecast to rise to 190 sqm by 2028.
The property boom is part of a wider trend that has seen Queensland outpace the southern states, while the number of luxury homes sold across Australia by 2025 has tripled over the past decade.
Queensland claimed 43 per cent of the east coast market by 2025, closely followed by NSW (41 per cent), then Victoria (16 per cent).
Le Reve is one of Main Beach’s newest luxury apartment projects, with full-floor homes priced from $16.1m.
“Southeast Queensland has become a popular destination for many looking for luxury accommodation as pristine beaches and rivers provide the perfect backdrop for beautiful properties. Strong demand has been for prime locations with easy access to major cities as many buyers of these apartments lead very active and healthy lives,” said Mr McGrath.
McGrath’s head of national research Michelle Ciesielski warned developers must continue to raise the bar to justify the outrageous price points needed to make projects feasible while construction costs remain high.
“Many of the advocates are seasoned world travelers, and they base their expectations on amenities in their new home based on luxury hotel experiences,” said Ms. Ciesielski.
“Australia still has a long way to go and developers have to get this balance right because of the highly competitive market.”
McGrath head of research Michelle Ciesielski. Photo: John Feder
