STREETS OF GOLD

Beachfront suburb breaks $1.5m median house price

THE median house price at ritzy Mermaid Beach has soared past $1.5 million for the first time as cashed-up buyers jostle for prime beachfront property.

Other suburbs are also rising to new marks with five breaking the $1m threshold.

MERMAID Beach house values have soared to a record $1.5 million as cashed-up buyers wrestle to secure prime beachfront property.

The latest CoreLogic data shows the median price for houses in Mermaid Beach rose to $1.562 million, a 9.1 per cent increase over 64 house sales in the past 12 months.

It is the most expensive suburb on the Gold Coast and the fourth in Queensland – beaten only by Brisbane’s Teneriffe, New Farm and Pallara – and the first time a Gold Coast suburb has broken the $1.5 million threshold.

The median house price on the Gold Coast is $640,000.

Luke Henderson, director at John Henderson Professionals Mermaid Beach, said demand was outstripping supply, causing house prices to soar.

“We are seeing a lot of people who want to build their dream home here so we’re also seeing a strong demand for properties that hold older houses,” he said.

“There are several factors driving people (to Mermaid Beach). The low height limit is a key driver. We have a high owner-occupancy community and you have the redevelopment of the Nobbys restaurant and cafe strip.”

Kollosche Prestige Agents’ Michael Kollosche, who this week sold a beachfront property for $11.6 million, shared a similar view.

“It would be anchored off the sales happening on the beachfront but the side streets of Mermaid have also been quite strong,” Mr Kollosche said.

“It’s getting very difficult to find shacks in those side streets for under $1.4 million.”

He said the lack of stock was causing the market to “grow consistently”.

The elite million-dollar club on the Gold Coast has increased considerably over the past five years.

Other suburbs clearing the $1 million median house value include Broadbeach Waters

IT’S GETTING VERY DIFFICULT TO FIND SHACKS IN THOSE SIDE STREETS FOR UNDER $1.4 MILLION.

($1.1 million), Bundall ($1.05 million), Clear Island Waters ($1.1 million), Paradise Point ($1.0425 million) and Surfers Paradise ($1.35 million).

Hot on their heels are Runaway Bay ($985,500), Coolangatta ($955,000), and Tallebudgera Valley ($945,000).

It comes as the Gold Coast’s prestige market emerges as the star performer of 2018 with a flurry of multimillion-dollar sales wrapping up this month.