Absolute beachfront property is in short supply
MERMAID Beach has claimed the title of Queensland’s most expensive property market, with median house prices in the exclusive Gold Coast suburb hitting an eye-watering new high of $3.325 million.
It comes as an absolute beachfront double block on Hedges Ave sold for a record $19.2m, equating to a staggering $23,703 per sq m — the most ever paid for land along the strip.
PropTrack’s latest Market Trends report shows house prices in tightly held Mermaid Beach surpassed those in the state’s former two richest suburbs, Sunshine Beach on the Sunshine Coast, and Teneriffe in Brisbane’s inner city.
Sunshine Beach homebuyers now typically shell out $3.1m, with sale prices down more than 7 per cent since last year.
Teneriffe was the third member of Qld’s new $3m club, with 18 sales since last year taking the median price to $3.05m.
143-145 Hedges Ave, Mermaid Beach set a new land sale record
The property sold as land value only
Kollosche agents Michael Kollosche and Harry Kakavas secured the record sale of 143-145 Hedges Ave, Mermaid Beach to a local buyer.
Mr Kakavas said the buyer was, “no stranger to the beachfront”, and will acquire a rare vacant block with 20m of beach frontage once the existing block of flats on the site was demolished.
“It was sold as land value only — beachfront being the operative word,” Mr Kakavas said.
“This is a very prestigious address and the block is one of a limited number along the coastline with direct access to the beachfront, making it a very sought-after location for the buyer to build a new luxury dream home.”
The PropTrack Market Insight Report shows Gold Coast house prices overall were 2.2 per cent below their peak.
But the Glitter Strip city has fared better than its northern counterpart, the Sunshine Coast, where prices have plunged 5.1 per cent.
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Mermaid Beach, dubbed ‘multimillionaire’s row’, has notched up huge annual house price growth of 57 per cent, with 32 houses sold in the past 12 months.
Meanwhile, big-ticket off-market transactions included a Bayden Goddard-designed Heron Ave house sold for $19m by Amir Prestige, due to settle on Thursday.
Listed properties typically spend 57 days on the market.
Amir Prestige principal Amir Mian said trophy homes along Hedges Ave and surrounding oceanfront streets continued to attract huge prices as they were in such short supply.
“Absolute beachfront is one of real estate’s most prized assets, and the properties in this class form a very small precinct,” Mr Mian said.
“Prices are going up because prime properties here are limited and upmarket, and the lifestyle at Mermaid Beach is second to none.
17 Hedges Ave, Mermaid Beach is for sale
1 Heron Ave, Mermaid Beach sold for $19m
“It is a very central location and the Gold Coast is not just a holiday destination like the Sunshine Coast, but a progressive city in its own right where you have the coastal lifestyle, with access to everything a city has to offer,” he said.
Ray White Burleigh Group agent Conner Malan said high-end buyers were less impacted by cash rate hikes and their affect on borrowing power.
“The beachfront in Mermaid Beach is its own market, and while demand on the Gold Coast has stayed strong, supply right now is very, very limited,” Mr Malan said.
“Owners who are not financially stressed are holding onto their properties as the market has pulled back a bit, which has meant more competition for any stock that is available, ” Mr Malan said.
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