Australian businessman and politician Clive Palmer has spent a whopping $20 million on a ‘titanium house’ on Sovereign Islands in Queensland.
The sale is the second-largest on the Gold Coast this year, and the third largest in Queensland.
Pancur said it was an extremely quick sale, with Palmer locking in a deal the same day he viewed the property.
“It was pretty straightforward. Clive came in with a cash unconditional offer and said he wanted it, and that was that,” Pancur said.
“I guess it was just the right time for him to buy and it is the biggest sale Clive has done in the residential space, which just shows what the market is doing.”
Locally the home has been dubbed the “titanium house”, and includes a bulletproof bedroom and steel-spine staircase.
Aussie property prices set to slow
While the massive price tag on this home seems steep, Aussie property prices are set to see a slowdown in growth as we head into next year.
The slowdown will be welcomed by many potential buyers after prices reached a peak in March this year, when they rose 2.8 per cent in a month.
And, for the upcoming Spring buying season experts suggest prices will keep going higher but at a slower pace.
“Record low interest rates and government incentives should keep demand strong through 2021,’ he said.
“However, we also recognise rising prices are creating an increasing challenge, particularly for first home buyers as supply remains below average.”