THE multimillion-dollar sale of a block of three units on a prestigious Gold Coast street has made the owners $300,000 within 12 months.
John Henderson Professionals Mermaid Beach director Luke Henderson said the $2 million sale of the units at 182 Hedges Ave showed how much the Mermaid Beach market had jumped within the space of a year.
182 Hedges Ave, Mermaid Beach.
“The vendors bought the units only 12 months ago for $1.7 million but their circumstances changed so they released the units back onto the market,’’ Mr Henderson said.
“The property was not on the market long before it was snapped up by another investor for $2 million.
“It just shows you how strongly the market is running at the moment.”
The vendors had only given the property minor updates after buying it last year.
182 Hedges Ave, Mermaid Beach.
Mr Henderson said the median prices for houses and apartments in Mermaid Beach had surged during the past five years.
CoreLogic data shows the median price of houses is up 6.4 per cent over 12 months to $1.49 million, while unit values are up 4.3 per cent, to $417,250.
“There has been a number of factors influencing the demand, but I think one of the key reasons why Mermaid Beach is in strong demand is that it is one of the few beachfront suburbs on the Gold Coast where high-rise towers are not allowed,’’ he said.
“That means property buyers can be guaranteed that will still have that quiet neighbourhood feel while still having all the benefits of living close to the beach.”
182 Hedges Ave, Mermaid Beach.
Mr Henderson said the suburb was also undergoing a period of revitalisation with homes either being renovated or replaced and commercial properties along the Gold Coast Highway being overhauled.
Originally Published: realestate.com.au
