First Home Buyers Rare Chance at Palm Beach Apartment Market

A new $550 million development in Palm Beach is setting aside apartments for first-home buyers – with a range priced below $750,000 in one of the Gold Coast’s most expensive coastal pockets.

Flourish Soleira by Sherpa Group will release 27 new apartments exclusively to first home buyers, with the majority of these 27 residences falling under the First Home Owner Grant requirements - a near-unheard-of entry point in a suburb where the average weighted sale price has hit $2.25 million according to Urbis.

The initiative comes as housing affordability continues to dominate headlines, with rising property values and limited supply placing sustained pressure on buyers trying to enter the market for the first time, with Research from Urbis estimates the Palm Beach catchment needs 382 new dwellings per year just to keep pace with population growth.

Christie Leet, founder of Sherpa Group, said the decision to hold a portion of stock for first-home buyers was a deliberate response to these conditions.

“First home buyers are facing unprecedented barriers, particularly in lifestyle markets like Palm Beach, where securing a new apartment seems so out of reach,” said Mr Leet.

“This initiative is about creating real, tangible access - giving first home buyers a genuine opportunity to secure a home.”

Located across two sites at 1156-1164 and 1150-1154 Gold Coast Highway and 3 Sixth Avenue, Flourish Soleira will rise across two 18-level buildings, delivering close to 280 apartments with prices slated to start from under $600,000, for those looking to secure their first home.

Designed by HAL Architects, the project will offer a mix of residential living, 1,500sqm ground-floor retail and resort-style amenities, including rooftop pools, wellness spaces, work-from-home facilities and communal dining.

Soleira is expected to commence construction in September of 2026 by LPS Group, with completion targeted for mid-2029.

“The Flourish brand is designed for a wide demographic, from first-home buyers to rightsizers, creating a multigeneration community that can thrive,” said Mr Leet.

“By offering this diverse product type, we can offer lower price points, giving the younger generation a real chance at securing a home.”

With the First Homeowner Grant set to reduce from $30,000 to $15,000 at the end of the financial year, buyers are being urged to register their interest to begin the qualification process and jump the queue ahead of the project’s official launch in June 2026.