Luxury apartments replace mansions as the new Gold Coast trophy home
A new development planned for completion in Paradise Point and priced from $4.49m
Luxury apartments have replaced sprawling mansions as the Gold Coast’s official trophy home, with prices for new prestige units surging by 88 per cent over the past five years.
A new report by McGrath Research shows wealthy buyers, dubbed “rightsizers”, were fuelling a local boom in the sector, far outperforming the established prestige apartment market which was up 33.4 per cent over the same period.
The Coast’s luxury property market also outshone its city counterparts, with Brisbane recording a 60 per cent spike in new prestige apartments, while Sydney and Melbourne trailed behind at 43.3 per cent and 32.2 per cent respectively.
McGrath Estate Agents director John McGrath. Picture: John Feder
McGrath CEO John McGrath said the shift away from traditional suburban builds had reshaped the market.
“Prestige apartments have been the strongest market segment in the last few years as high-net-worth individuals choose luxury, security and lifestyle in apartments over houses,” Mr McGrath said.
“Demand has increased dramatically as luxury apartments have gone to a whole new level in design, finishes and amenities.”
Gold Coast apartments also overtook the Sunshine Coast to claim the highest median prices in the state, led by Paradise Point and Main Beach at $1.7m.
Bastion Property Group’s latest luxury development, the $160m Nera Residences
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The surge was driven by developers radically shifting their designs to accommodate cashed-up buyers who wanted house-sized proportions close to the beach.
Forty-five per cent of Gold Coast apartments 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 increase to 190 sqm by 2028.
The local boom is part of a broader trend that has seen Queensland outpace the southern states, while the number of prestige apartments sold across Australia in 2025 tripled over the last decade.
Queensland claimed 43 per cent of the east coast market in 2025, followed closely by NSW (41 per cent), then Victoria (16 per cent).
Le Reve is one of Main Beach’s most luxurious new apartment projects, with full-floor residences priced from $16.1m
“Southeast Queensland has become the favoured location for many looking for luxury apartment living as pristine beaches and rivers become perfect backdrops for beautiful buildings. The strongest demand has been for prime locations with easy access to major cities as most buyers in these apartments are still living very active and vibrant lives,” Mr McGrath said.
McGrath national head of research Michelle Ciesielski warned developers had to continue raising the bar to justify the staggering price points required to make projects feasible while build costs remained high.
“Many rightsizers are seasoned global travellers, shaping their expectations for amenities in their new home based on luxury hotel experiences,” Ms Ciesielski said.
“Australia has a long way to go and developers must get this balance right given the more competitive marketplace.”
McGrath head of research Michelle Ciesielski. Pic: John Feder
