Mega deals from the beachfront to the canals
Twin mega deals have ignited the Gold Coast’s prestige market, with local buyers dropping more than $30 million across two landmark sites.
The week’s richest sale was $17m for a mansion on Hedges Ave, Mermaid Beach, which had been held by the same family for 25 years.
Ray White Malan + Co agents Dan Donovan and Conner Malan handled the off-market deal, which set an eye-watering benchmark for the coveted oceanfront stretch known as Billionaire’s Row.
The Hedges Ave home sold for $17m
Meanwhile, a sprawling waterfront estate on Sovereign Islands changed hands for $14.5m.
The seven-bedroom, nine-bathroom house on a 1,458 sqm canalfront lot featured a distinctive medieval-style facade and was known locally as “the castle”.
Coastal agent Edin Kara negotiated the sale.
Back at the beachfront, the sale of 129 Hedges Ave equated to $41,975 per square metre – eclipsing another 405 sqm block snapped up earlier this year for $16.75m.
Records show the property had been owned by Louise Gordon since December 2000, when it was purchased for $1.55m.
The house was designed by Bayden Goddard more than 20 years ago
The owners enlisted architect Bayden Goddard, with the mansion one of the first of many he would design for wealthy clients along the Gold Coast’s most famed stretch of sand.
The agents would not comment beyond a social media announcement, in which the home was described as a “timeless beachfront residence” with 10 metres of waterfrontage.
The buyer was swapping a Main River residence for the prized oceanfront parcel.
“We were working with the buyer for a few months showing him a range of different options in the area,” Mr Donovan said.
“Ultimately, it was too hard to turn down this beautiful beachfront property.”
55 Knightsbridge Parade West, Sovereign Islands
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He said the sale, “solidified the strength of the beachfront market”.
PropTrack data shows house prices in Mermaid Beach were up 9 per cent over the past 12 months to a median of $3.59m.
Sovereign Islands agent Mr Kara described the property at 55 Knightsbridge Parade West as “spectacular”.
Records show it last changed hands in 2012, when it was purchased for $5.325m by John Corbett. The house had been on the market several times since, but no buyer was secured.
“The market has moved, and I’d been talking to a local buyer who had shown some interest,” Mr Kara said.
The property known as The Castle sold for $14.5m
“It was on the market but the price was a little too high, so it was really just a matter of getting the price and the conditions right.
“And really, when you look at construction prices and the land value of such a large block, this was spectacular value for money for such a solidly built five-level sandstone house.”
Mr Kara said despite soaring home prices over the past few years, the Gold Coast’s prestige market still offered great value, particularly for interstate and international buyers.
“I think the Gold Coast is still sort of a sleeping giant. Prices are still too low,” he said.
A typical house in Paradise Point encompasssing the gated estate of Sovereign Islands costs $2.2m, up 20.4 per cent from last year.
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