Hot auction action

Multiple buyers were vying for the keys to a beachfront unit on Hedges Ave at the weekend

A BEACHFRONT apartment on Millionaires’ Row was the weekend’s star auction performer, fetching almost $2 million under the hammer.

Up to 25 people gathered at the Mermaid Beach residence last Saturday ahead of the auction with multiple buyers registering to bid.

Marketing agent Tolemy Stevens, of Harcourts Coastal, said bidding started at $1.6 million before the hammer came down at $1.8 million

“After a little bit of back and fourth … a successful agreement was reached,” he said.

“The buyers are from Brisbane and there’re looking forward to enjoying some beachfront holidays with friends and family.”

The full-floor Hedges Ave apartment on level four has three bedrooms, an open kitchen, living and dining area and multiple balconies.

Mr Stevens said prospective buyers were drawn to the property’s location in a quiet and boutique building with ocean views.

“There were over 50 inspections throughout the three week marketing and advertising campaign,” Mr Stevens said.

“There’s only six entire floor apartments on the monster site.

“It’s a perfect holiday home and I think that’s why the response was so good.”

Despite being in the middle of winter, which is traditionally a quieter period for the Gold Coast real estate market, Mr Stevens said properties were changing hands at an unusually rapid rate.

“The demand at the moment from astute buyers … is currently outstripping supply,” he said.

“The market is looking very encouraging at the moment, it’s certainly bucking the trend.

“It’s going to be an interesting summer.”

The Mermaid Beach unit at 4/255 Hedges Ave sold under the hammer for $1.8 million.