‘Millionaires’ Row’ lives up to name
THERE’S been another eyewatering multi-million-dollar sale for a beachfront house on the Gold Coast’s illustrious ‘Millionaires’ Row’.
The Mermaid Beach property, which was in need of an update, fetched a staggering $4.725 million last week.
The three-level, five bedroom home on Hedges Ave was bought by a Gold Coastbased family seeking a slice of the high life.
Harcourts Coastal Broadbeach agent Tolemy Stevens said the buyers were looking forward to enjoying the relaxed beachfront lifestyle they have always wanted.
“I’m led to believe they will be doing some sort of update and renovation to ensure it suits their family the best it can and to add a little bit of value to the property, which is always nice,” he said.
Mr Stevens said the sale proved the appetite of buyers for prestige real estate had not wavered despite cooling conditions in property felt across the country.
“It’s fantastic to see another robust sale on the beachfront of Hedges Ave, proving it is still one of the most sought-after streets in the country,” he said.
“While the Sydney and Melbourne markets seem to be having their own challenges, we are seeing a lot of those high-net-worth individuals deciding to look at blue chip real estate on the Gold Coast, in particular Mermaid Beach, instead of choosing to reinvest in their own backyard. The demand is still outweighing the supply for luxury beach houses on Hedges and Albatross avenues.”
Mermaid Beach has a $1.385-million median house price making it the Glitter Strip’s priciest suburb, according to CoreLogic data.
It is also one of Queensland’s top 10 most expensive suburbs to buy a house.
“It’s such a testament to Mermaid Beach and the lifestyle it has to offer – board shorts and thongs, the relaxed lifestyle everyone seems to be attracted too,” Mr Stevens said.
“Currently I have two to three high-net-worth individuals on my database who are waiting for me to find another beach house to purchase at Mermaid Beach.”
CoreLogic data shows 19 Hedges Ave hit the market in November with a negotiable $5.595-million price tag.
It last sold in June 2009 for $4.75 million.
The sellers were a Brisbane couple who used it as a holiday home.
Another hefty sale was settled last week for a three-bedroom skyhome in Main Beach’s Sea building. WITH JESSICA BROWN & MIKAELA DAY
The $5.5 million sale of 5/3531-3533 Main Beach Pde follows the record-breaking price which was paid for the building’s penthouse at No.7, which sold for $8.25 million in February.
The three-bedroom apartment at No.5 featured an open-plan design, a home office, gourmet kitchen and a wrap around balcony with water views.