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Death of old money: Young richlisters drive luxury surge
Self-made entrepreneurs are reshaping the prestige property market, with the Gold Coast emerging as the nation's second most expensive city to own a luxury home.
Australia's Luxury Report 2025 by Ray White reveals luxury property sales are booming across Australia, pushing the price tag for a high-end home up 72 per cent from 10 years ago to a minimum of $2.52m.
And while Sydney remains the top market – with an eye-watering luxe buy-in of $4m – the Gold Coast has claimed the next spot at $2.6m, eclipsing Melbourne's $2.49m entry point.
The Sunshine Coast also ranked in the top five at $2.4m, followed by Brisbane and Perth, where the average luxury home now costs $2.1m.
Ray White Group managing director Dan White said south east Queensland had become 'the clear success story in Australia's high-end property market', with Gold Coast luxury home prices more than doubling from $1.14m in 2015.
Gold Coast blue-chip markets of Mermaid Beach to Broadbeach and Surfers Paradise featured among the report's top 10 luxury suburbs by price growth since 2015, recording jumps of 4.73 and 4.64 per cent respectively.
The city's top local sale of 2025 to date was $22m for a Main River estate at 7-9 McMillan Ct, Southport, followed by a Surfers Paradise mansion at 8 Southern Cross Dr sold for $18.5m.
In third place was Bartinon, an opulent riverfront home at 26 Marseille Ct, Bundall snapped up for $18m this week after two years on the market.
Ray White Senior Data Analyst Atom Go Tian said a staggering $663m changed hands across just 20 transactions. Buyers were mostly self-made entrepreneurs from diverse sectors including e-commerce, property development, financial services, fashion, and technology.
'Today's ultra-luxury property buyers are primarily self-made business owners, especially those who built digital and tech companies, rather than corporate executives who once dominated this market,' Mr Go Tian said.
'The wealth behind these purchases now comes from a much wider range of industries, with online businesses and technology ventures leading the way.
'While buyers in their late 40s to 50s continued to form the core market, we're witnessing increasing participation from millennial entrepreneurs, particularly those who have built wealth through digital businesses,' he said.
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Mr Go Tian said luxury homes varied dramatically by location, generally including premium materials and exceptional finishes, such as marble countertops, hardwood floors, and custom cabinetry.
'More than just a price point, luxury represents the pinnacle of craftsmanship, attention to detail, and scarcity within a market,' he said.
'As our data reveals, the concept of luxury continues to transform across Australia's diverse regions, shaped by changing demographics, wealth distribution, and lifestyle preferences.'
