11 Cronulla Ave, Mermaid Beach has sold at auction.
A Queensland beach cottage has fetched nearly 90 times its original purchase price after a fierce bidding battle between buyers.
A Brisbane couple secured the keys to the property, in Mermaid Beach on the Gold Coast, after making a $4.9m knockout bid.
Aerial view of the property at 11 Cronulla Ave, Mermaid Beach.
Inside the cottage.
Marketing agents Tony V and Gypsea Youngsmith, of Kollosche, described the estate as a “once-in-a-generation property opportunity”.
“An extraordinary landholding approximately 50 per cent larger than neighbouring Mermaid Beach allotments, it offers rare scope to build a large and luxurious ocean-view haven with premium outdoor space or to pursue a boutique development,” the listing states.
“Boasting a wide 15m frontage and zoned medium density residential, it permits a building height of up to 15m across three levels.”
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The kitchen.
The backyard.
Ms Youngsmith said the buyers planned to develop the block and bring something beautiful to Mermaid Beach.
Property records reveal the sellers paid just $55,000 for the house in 1979.
“Currently home to a charming two-bedroom, one-bathroom cottage, this deceased estate has been treasured by just one family for 46 years,” the listing states.
“Featuring high ceilings, timber floors, airconditioning, multiple living areas and a functional kitchen, it coexists alongside a northeast facing backyard with a shed, workshop, and off-street parking for 3–4 vehicles.
There is even a Hills hoist clothesline in the backyard.
“In its original yet comfortable condition, it offers flexibility for renting out while preparing plans or pursuing approvals.”
The median house price in Mermaid Beach is $3.385m, up 5.8 per cent — it is the second most expensive suburb for housing on the Gold Coast after Surfers Paradise.
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