A rainforest retreat in Currumbin Valley has changed hands in a multimillion-dollar deal, selling to a large local family seeking a tree change.
The picturesque property sold for $2.4 million to the family from Sovereign Islands last week.
It was aptly named the Palasari Rainforest Estate and had a lush mountain backdrop and tropical rainforest surrounds.
Two residences were on the sprawling 10.52 ha property.
The main house was perched at the highest point and featured four bedrooms, a resort-style pool and an Asian-influenced design.
On the lower side of the block was an updated four-bedroom guesthouse.
Kollosche Broadbeach agent Rob Lamb, who sold the estate alongside Laura Delaney, said a Melbourne buyer also flew up and put in an offer but the local family had an unconditional cash contract.
“They are a large family with lots of kids who wanted to get out of the small confinements of urban living,” Mr Lamb said.
“There’s a bit more maintenance with a rural property but they can ride motorbikes and have a bit more freedom and privacy as the kids are growing up through their teens.”
Mr Lamb said the family plan to live in the guesthouse while renovating the main residence to better suit their needs.
A freestanding cellar door with a 1600-bottle, climate-controlled wine room, butler’s kitchen, powder room and outdoor patio was another impressive feature of the property.
The large block also had a thriving orchard with citrus, stone fruit, mangoes, avocadoes, apples, paw-paw, guava, banana, berries, macadamias, gapes, figs and vegetables.
The property was listed through Kollosche from late March, first with a $2.899 million price tag that was later reduced to $2.6 million, according CoreLogic.
Property records also showed it first hit the market with a different agency in January seeking more than $4 million.
The property last changed hands in 2015 for $2.3 million.
Currumbin Valley’s median house price has grown by 19.5 per cent in the past five years to $920,000. It is the Gold Coast 11th most expensive suburb.
Mr Lamb said he hadn’t seen any shift in the prestige property market in the lead up to the federal election and expected it to keep soldiering on. “For owner occupiers and particularly prestige properties, it shouldn’t affect anything too much,” he said.
“Interest rates look like they are heading down so it should suit the buyers looking to live in those prestige properties.”