Mermaid Waters dominates market
MERMAID Waters continues its dominance as a hotspot with a flurry of sales in the past week.
Over the weekend, a renovator at 386 Rio Vista Blvd sold under the hammer for $692,000.
A crowd of about 60 people including 12 registered bidders attended the auction on Saturday.
“Bidding began at $550,000 and quickly got up to $650,000,” said Mitch Palmer, principal and auctioneer of Ray White Mermaid Waters.
“Then it came down three bidders in the end.
“A young family from Pimpama ended up securing the home.”
Mr Palmer said the appeal of the property was in large part to its position as an entry-level home in Mermaid Waters.
The house is on a 791sqm corner block with two street frontages – and is ripe for renovation.
Another Mermaid Waters property, a modern fivebedroom house at 4 Sequana Ave, was snapped up for $1.15 million days before its scheduled weekend auction.
No expense was spared in the design and build of the home with a clever combination of wood and stone used throughout.
“The buyers were worried about competition on auction day and wanted to secure it beforehand,” Mr Palmer said.
“They put in a knockout price prior to auction.”
He said buyers prepared to to spend more than $1 million in the suburb were looking for quality homes and not just waterfront blocks.
“We’ve sold three homes on dry blocks in the past two months for more than $1.1 million,” Mr Palmer said.
“They’re big prices and we would never have seen those prices two to three years ago.”
Mr Palmer predicted Mermaid Waters, which has a house median value of $867,500, to continue its dominance.
“A few months ago I predicted its popularity would continue as its median sale price is much lower than the surrounding suburbs of Broadbeach Waters and Clear Island Waters,” he said.
“People look at Broadbeach Waters and realise they could be living the same lifestyle 2km down the road at a cheaper price.
“It’s the proximity to amenities, the proximity to cafes and restaurants and proximity to shopping centres. I think we can expect WITH ALEISHA DAWSON & JESSICA BROWN its popularity to remain.”
He said another perk Mermaid Waters was underground power.
“Because the suburb was developed that little bit later, all the power runs underground,” he said.
“People often don’t realise but it’s more modern because of that.” of its