Super start to year with more than $35 million worth of luxury property changing hands

first_img5724 Observation Cres, Hope Island, is part of more than $35 million worth of sales notched by Ray White Surfers Paradise in the March quarter. A stone mansion which has been the backdrop for photo shoots and a temporary home to Hollywood stars has changed hands in a multimillion-dollar deal off market.Designed by internationally acclaimed architect Ralph Bailey, the six-bedroom luxury Sanctuary Cove house, known as the Mandalay Residence, sold for $5.225 million. A $7.5 million deal was done for 311 Monaco St, Broadbeach Waters.The $7.5 million sale of a six-bedroom, five-bathroom mega mansion was among the notable sales.The property at 311 Monaco St, Broadbeach Waters, was bought by a Gold Coast couple. The hefty sales of big-ticket real estate come despite a slowdown across the national property market. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago MORE NEWS: Labor’s negative gearing reforms could cause rental price hikes, multibillion-dollar dent in tax revenue It was sold in an off-market deal. The property at 5724 Observation Cres, Hope Island, has three lounge rooms, two office spaces, six bedrooms, a guest cottage, pool and landscaped gardens.Its website states the house boasts celebrity clientele and is a sought-after backdrop for video and photography shoots.The eye-watering sale is part of more than $35 million worth of high-end listings that have changed hands in the first quarter of this year through Ray White Surfers Paradise. MORE NEWS: Benowa Waters mansion offers grand lifestyle beyond your wildest dreams It fetched $3.7 million. A $3.7 million deal was done for 171 Jefferson Lane, Palm Beach, last month.The six-bedroom beachfront home with a Cape Cod design was snapped up after just nine days on the market.The agency also had a hand in notching a record-breaking sale of a Main Beach penthouse.center_img 171 Jefferson Lane, Palm Beach, sold in March. Ray White Surfers Paradise CEO Andrew Bell said the market correction was shaping up differently to those previous experienced on the Gold Coast.“There are a number of factors at play at the moment, but most notably there are no desperate sellers and the market is excellent in terms of overall stability,” he said.“The recent run of sales demonstrates that there are always buyers in the marketplace and when correctly priced properties are presented to buyers, sales inevitably occur. Buyers are prepared to buy the property to which they aspire — most people seek the property they love and they are not always driven by a bargain to attain that property.” The Penthouse at 3533 Main Beach Pde, Main Beach, sold for $8.25 million. The $8.25 million sale of 7/3533 Main Beach Pde, which was done in conjunction with Kollosche, is the highest figure paid for a Gold Coast property this year and the city’s highest beachfront apartment sale.A $5.25 million deal was also penned for a luxury lakeside house on The Parkway in Sanctuary Cove in March.Mr Bell said the lump of luxury sales were thanks to buyers and sellers finding common ground in assessing values in the marketplace. The temporary home to Hollywood stars sold for $5.225 million. last_img read more