Monaco Property Group sets new Queensland apartment record with $32 million NALU penthouse sale

Two local buyers have spent a combined $58.25 million securing penthouses at Monaco Property Group's $500 million NALU development in Miami, including a $32 million sale that has set a new Queensland apartment price record.

The $32 million transaction surpasses the previous $30 million Queensland benchmark set earlier this year, while the second penthouse sold for $26.25 million.

Both sales were negotiated by Kollosche New Projects, which is handling the sales and marketing of the 44-residence beachfront development at the base of Nobby's headland.

The two transactions add to a string of significant sales at NALU, where three other residences have recently sold for between $13.25 million and $14.5 million. Each of those sales exceeded Miami's previous property price record of $10.8 million.

Kollosche Principal Michael Kollosche said the latest transactions demonstrated that buyers were still prepared to spend significant sums on properties offering the right combination of location, scale and quality.

"Buyers are certainly more discerning in the current market, but these transactions reinforce that confidence remains exceptionally strong for properties offering genuine scarcity, quality and long-term value," Kollosche said.

"The market hasn't lost its appetite for quality. Buyers are simply becoming more selective about where they place their money."

He said both buyers were Gold Coast locals who understood the scarcity of large beachfront holdings, particularly one with 80 metres of beach frontage across a 7,238 sqm site.

"These are not speculative purchases. They're generational assets being secured by families who want to enjoy the lifestyle now, while recognising the long-term value of owning something that will be increasingly difficult to replicate."

The record-setting $32 million Ultra Penthouse spans 1,466 sqm across level five and a private rooftop on level six, with views stretching south from Miami Beach beyond Burleigh Heads towards Coolangatta.

The five-bedroom residence has seven bathrooms and parking for six cars, along with a private cinema, gym with infrared sauna, home office, rumpus room, wine cellar, bar and separate catering kitchen with a cool room.

A private lift connects the apartment to its rooftop entertaining area, which features a swimming pool, hot and cold plunge pools and expansive outdoor entertaining spaces.

The second penthouse, which sold for $26.25 million, offers 1,063 sqm of living and entertaining space.

It also has five bedrooms, all with ensuites, multiple living areas, a private cinema, office and wine cellar. Its private rooftop features a swimming pool, hot and cold plunge pools and an entertaining terrace overlooking the Pacific Ocean.

Kollosche said the sales reflected the continued appetite among wealthy buyers for apartments that offered the scale of a substantial beachfront house without the maintenance.

"These buyers aren't looking to downsize their lifestyle. They want the convenience of being able to lock up and leave, while retaining the space to accommodate family, entertain friends and enjoy world-class facilities," he said.

"NALU delivers that, together with a location that puts the beach, restaurants and the Nobby's Beach precinct within easy walking distance."

He pointed to the limited supply of beachfront development sites and rising construction costs as factors underpinning demand for large, premium apartments.

"When you combine the scarcity of beachfront land, escalating construction costs and the limited pipeline of comparable developments, buyers recognise that opportunities of this calibre are becoming increasingly difficult to replace."

Property analyst Michael Matusik said the profile of the Gold Coast's luxury apartment buyer had broadened, with wealthy downsizers joined by mature families, interstate migrants and international purchasers seeking larger residences in lifestyle locations.

"Demand for premium housing continues to broaden on the Gold Coast," Matusik said.

"Wealthy downsizers, mature families, interstate migrants and overseas buyers are increasingly seeking larger, well-appointed residences in desirable lifestyle locations.

"The Gold Coast also offers substantive relative value compared with Australia's larger capital cities and many international markets."

NALU will comprise just 44 residences across its beachfront holding, with more than 3,000 sqm of private resort-style, wellness and lifestyle amenities.

A selection of three-bedroom beachfront apartments and penthouses remains available, with remaining residences priced from $6.95 million.