This Hollywell apartment recently sold in a multimillion-dollar deal.

A LUXURY penthouse has defied the odds and fetched a premium despite property price falls in its area.

Hollywell’s median unit price has dived 8.1 per cent to a $707,500 median in the last 12 months, according to latest CoreLogic data.

House prices have also fallen, with a 11.2 per cent drop to a $694,500 median.

However, the three-bedroom apartment in the popular Allisee development sold in a $2.1 million deal — $450,000 more than what the vendors paid for it last year.

The penthouse last changed hands for $1.65 million in January 2018, property record show.

It recently had a revamp and sold just under its $2.295 million asking price.

Median property prices have fallen in Hollywell across the last year.

But 4601/323 Bayview St still managed to sell at a premium for $2.1 million.

Amir Mian Prestige Property agent Colleen Brunt, who marketed the penthouse, said a local downsizer secured the keys.

“They walked in and fell in love with it,” she said.

“They bought it within a day or two and had looked at a lot of apartments but nothing compared to the floorspace and openness of this one.”

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Ms Brunt said Hollywell’s price falls opened up an opportunity for buyers wanting to get into the sought-after suburb.

“I feel prices have come back to where they were in 2017,” she said.

“Buyers are getting better value in the northern end of the Gold Coast opposed to the southern end. We still have all the lovely coffee shops and restaurants like the southern end, but I think our side is easy to live in and a more relaxed lifestyle with less congestion.”

A local buyer secured the keys.

The property last sold for $1.65 million.

Ms Brunt said despite the market downturn, the right apartments could still achieve multimillion-dollar deals.

“This unit had four previous offers on it, two within the first week of opening it to the market, all within a similar price range,” she said.

The penthouse also came with a marina berth.

Owner Corinne Elliott purchased the property as a second residence and sold it to move onto her next project.

“Our interior designers have upgraded all rooms including the kitchen, bathrooms and soft furnishings, it’s a brand new apartment,” Ms Elliott told the Bulletin when the apartment hit the market in May. “The only thing we haven’t replaced is the marble floorings as they were perfect already.

“(We will miss) the functionality of living as a family, but feeling like we are on a holiday all at the same time.”