Interstate family’s shock $6m exit from spiralling beachside market

Vendors Rachel and Nathan Walton at the Mermaid Beach home
An interstate family has pulled off a stunning reverse sea-change, selling their Mermaid Beach home for a huge sum despite spiralling house prices in the exclusive Gold Coast suburb.
The four-bedroom, three-bathroom house at 19 Cronulla Ave sold for $5.925m, one of the highest prices ever paid for a non-waterfront property in the blue-chip suburb.
A local buyer made the top offer among six registered bidders at auction for the home on a 405 sqm lot. It last changed hands for $4.4m in September 2022.
PropTrack data shows house prices in Mermaid Beach have plunged 22 per cent over the past 12 months, to a median of $2.525m.
The house was built in 2020
Six bidders registered for the auction
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Vendors Rachel and Nathan Walton had purchased the architect-designed house near-new and added a pool, but put it on the market again amid plans to shift back to NSW with their three children.
The teenagers didn’t adjust well to the interstate move, and the family’s happiness was top priority, the Waltons said when they listed the home.
Designed by BDA Architects, the double-storey house was built in 2020 to luxury standard, while the Waltons received approval in August 2023 to add a pool valued at $53,197, property records show.
The Waltons added the pool last year
The home has four bedrooms and three bathrooms
The home is 150m from the beach, with features including a gym, sauna and kitchen fitted with top-of-the-range appliances.
It was marketed by Daniel Donovan and Conner Malan, of Ray White Burleigh Group.
Mr Donovan said bidding opened at $4.2m, quickly reaching $5.7m before the auction was paused for negotiations. The top bidder then raised their offer and the sale was called minutes later.
“The buyer was local, but the other five who missed out were all from interstate, either looking to relocate to the Gold Coast or secure a weekender here,” Mr Donovan said.
Mr Donovan challenged the statistics showing local house prices were down.
“Unit prices have pulled back, but housing in Mermaid Beach, if anything, has become more sought after and prices have held and grown because there is next to nothing on the market,” he said.
Agents says supply in the popular suburb is limited

The post Interstate family’s shock $6m exit from spiralling beachside market appeared first on realestate.com.au.

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