First Home Buyers Sell Out at Palm Beach Project

The first home buyer allocation at Sherpa Group’s $550 million Flourish Soleira development in Palm Beach has officially sold out, highlighting strong pent-up demand for attainable housing in one of the Gold Coast’s most tightly held beachside markets.

All 27 apartments priced under $1 million and released exclusively to first home buyers have now been secured, with 25 of the purchasers coming from Palm Beach or surrounding suburbs.

Notably, all buyers will be owner-occupiers, with contracts requiring purchasers to be first home buyers who will live in the apartments, in an in-house scheme by Sherpa and LPS Group designed to ensure homes remain accessible to local residents rather than investors.

Sherpa Group founder Christie Leet said the response reinforced the urgent need for developers to intentionally deliver housing options for younger buyers.

“We started this project with a very deliberate intention to create opportunities for first home buyers,” Mr Leet said.

“It’s something we think about every day and work towards every day throughout the design and delivery process.”

“In markets like Palm Beach, younger buyers are often completely priced out, so to see 18% of the first stage, secured so quickly proves there is enormous unmet demand for this type of housing.”

The project has been designed as a genuinely multi-generational community, offering a wide mix of apartment typologies to cater to younger buyers, downsizers and families alike.

Mr Leet said part of the project’s success came from delivering apartment types rarely offered in new premium developments.

“We intentionally included two-bedroom, one-bathroom apartments because they create a more affordable entry point for buyers,” he said.

“That product is unusual in new apartment developments today, but it gives younger people a genuine pathway into the market.”

While affordability was a key focus, buyers were still securing homes within a premium lifestyle development featuring resort-style amenities more commonly associated with luxury residences and views of the ocean.

“These buyers aren’t compromising on lifestyle,” Mr Leet said.

“They’re entering the market in an extremely high-quality building with amenity typically reserved for penthouse buyers — rooftop pools, wellness spaces, work-from-home facilities and communal areas designed to foster community.”

Sherpa Group said the first home buyer apartments were delivered with minimal developer margin, with profitability instead supported by the broader project mix.

“We don’t make profit on these apartments,” Mr Leet said.

“We rely on the rest of the building to help make the overall project work because we believe delivering first home buyer stock is important for the long-term health of our communities.”

Mr Leet said few developers were currently prioritising first home buyer product in premium coastal locations, despite increasing government focus on housing affordability, though limited government financial commitment for developers, and strong buyer demand supported by first home buyer incentives and grants.

“There are not many developers intentionally delivering first home buyer stock in markets like this,” he said.

“But this result shows why it matters, and it’s something we intend to continue doing in future projects.”

The sell-out comes amid an ongoing shortage of housing supply and sustained strong demand on the Gold Coast, alongside constrained conditions for delivering new housing at scale across Southeast Queensland.

Ultimately, Soleira will deliver 280 apartments across two 18-level towers designed by HAL Architects, with a vast array of amenities designed to enhance the lifestyle of its residents.