Mermaid Beach is bucking the Gold Coast property market’s downward trend
THE heat in the Gold Coast property market has sizzled out in recent months, but one of the city’s most popular suburbs is bucking the trend.
Latest CoreLogic data shows the median house price in Mermaid Beach dropped 12.6 per cent to $1.35 million in the year to December – more than any other Coast suburb – but a number of recent sales prove it is not all doom and gloom.
A 1960s built cottage at 60 Seagull Ave sold for $1.3 million last month – $13,500 more than when it last sold in July 2017.
Another property on the same street at No. 37 sold for $200,000 more in January compared to March 2016 when it fetched $1.3 million.
A few streets north, an old house at 38 Surf St was snapped up for $1.75 million last month less than three years after selling for $1.55 million.
REIQ Gold Coast zone chair Andrew Henderson said the suburb’s median house price often fluctuated.
“Fluctuations come down to the amount of sales that occur on Hedges Ave or Albatross Ave,” he said.
“They are such big-ticket items, and if you get three or four sales on the beach in a quarter versus no sales it will have a big impact.”
Mr Henderson said the area had a mixed bag of properties available ranging from shacks to mansions.
“The older shacks at the moment are very strong in the market.
“The last six months especially, buyers are securing land now to build a house on in the future. People build to live in them permanently so there’s not a lot of those that have changed hands which, again, will all impact on the median price.”
Professionals John Henderson Real Estate director Luke Henderson said demand for properties in the suburb had kept prices strong.
He said there were several factors that made it a standout performer in recent years.
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“Firstly, the council protected the three-storey height limits in the residential area, which has helped to keep the strong community feel, enhanced the lifestyle of the area and has encouraged property owners to upgrade their homes without the fear that a high-rise apartment will be built next door,” he said. “At the same time the council has allowed low-rise developments along the Gold Coast Highway, which has revitalised what was becoming a tired strip of shops.
“The suburb has become a dining destination and it is home to some of the city’s best restaurants, cafes and bars.
“Then you have the knowledge that the light rail is coming, which is also adding to the desire to live in the area.”
Ray White Broadbeach agent Daniel Donovan said sales in the suburb had picked up recently following a slow end to last year.
“Towards the back end of last year, the beachside market definitely slowed down,” he said. “There were a few properties that took a hit.
“Coming into January, there’s been a whole new pool of buyers. I reckon Mermaid always seems to dodge the rest of the market place.”
– With Mikaela Day
MERMAID BEACH BY NUMBERS
Median house price: $1.35 million
Change in median price (three months): down 7.5 per cent
Change in median price (12 months): down 12.6 per cent
Change in median price (three years): up 10.2 per cent
Change in median price (five years): up 58.8 per cent