Mermaid Beach has lost its crown as the most expensive suburb on the Gold Coast following a string of mega sales in Surfers Paradise.
The Glitter Strip’s unofficial capital recorded a median house price of $2.73m according to PropTrack data, knocking Mermaid Beach’s $2.6325m median for the top spot.
Mermaid Beach values were down 16.4 per cent over 12 months after they jumped almost 60 per cent over three years.
59 The Corso, Isle Of Capri, Queensland
Surfers Paradise on the other hand, recorded a slight dip of 1.9 per cent cent over 12 months. It was up 47 per cent over three years.
The suburb has experienced renewed interest this year with several trophy homes trading for more than $10m each.
The highest sale was a resort-style mansion at 59 The Corso which sold for a Queensland auction record of $24 million.
Another property at 91 Commodore Drive recently settled for $19.3m while 125 Commodore Drive sold for $10.8m.
16 Southern Cross Drive, Surfers Paradise.
On Nearby Cronin Island, 16 Southern Cross Drive recently traded for $10.118m.
Amir Mian, of Amir Prestige Group, said Mermaid Beach’s massive price jump over the past 12 months had contributed to its recent drop in values.
“Mermaid Beach got very expensive so there was always going to be an adjustment,” he said.
“Although the beachfront is still holding up and demanding big money.”
Mr Mian said the luxury housing precincts in Surfers Paradise — Isle of Capri, Paradise Waters and Cronin Island — were three of the most desired pockets of housing in Queensland.
“Surfers Paradise is also a lot bigger in size compared to Mermaid Beach which is a limited pocket,” he said.
“Paired with the lifestyle this suburb offers, it’s no surprise buyers are prepared to pay big figures to live there.
“All you need is a big sale and the median will go up in either suburb.”
125 Commodore Dr, Surfers Paradise.
Kollosche selling principal Michael Kollosche said the mid to top end of the market was the strongest his agency had seen with stock levels considerably depleted.
“Blue chip properties are in high demand and we are seeing strong interest from local and interstate buyers looking to relocate or secure a second home, and from expats who are wanting to return to Australia permanently,” Mr Kollosche said.
“Prestige buyers are continuing to see the incredible value not only in Gold Coast real estate but the lifestyle these homes offer.”
PropTrack data revealed Clear Island Waters was the third most expensive suburb on the Gold Coast with a median house price of $2.015m, up 3.3 per cent over the last 12 months.
This month a waterfront mansion built for a prominent developer’s daughter has sold under the hammer for $5 million, setting a new benchmark in the suburb.
The six-bedroom, six-bathroom trophy home on 1,722 sqm at 42-44 Clear Water Bay Ave, Clear Island Waters smashed the record for the top residential sale in the blue chip suburb by $250,000.
Broadbeach Waters and Tallebudgera Valley rounded out the top five most expensive suburbs on the Coast.
Both suburbs recorded house medians of $2m.
SUBURB, MEDIAN PRICE
Surfers Paradise, $2.730m
Mermaid Beach, $2.6325m
Clear Island Waters, $2.015m
Broadbeach Waters, $2m
Tallebudgera Valley, $2m
Mermaid Waters, $1.695m
Paradise Point, $1.65m
Article source: www.realestate.com.au