Real Estate

Dated house on Mermaid Beach sells under the hammer for premium price

Written by The ReReport
As seen in the Source link, written by on 2019-03-04 03:14:14

The three-bedroom property at 46 Hedges Ave, Mermaid Beach, sold under the hammer for $1,771,500.

A dated brick house on Mermaid Beach’s Millionaires’ Row has changed hands for the first time in more than six decades.

Fierce competition at the Hedges Ave auction pushed the sale price past a staggering $1.7 million.

The property is on Mermaid Beach’s Millionaires’ Row.

It is just metres from the beach.

The auction action immediately kicked off with a $500,000 bid, placed by two different bidders at the same time.

Bids in $200,000 and $100,000 increments quickly raised the price to $1 million.

Five of eight registered bidders vied for the keys in front of the crowd of about 100 people. A collective 28 bids were placed.

The property was announced on the market at $1.75 million and the hammer fell eight bids later at $1,771,500.

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A buyer from Melbourne, who placed bids over the phone, won the keys.

The three-bedroom house at No. 46 sat on a 405sq m block and offered views of the beach. The deceased estate last sold in 1956.

The property last changed hands in 1956.

Professionals John Henderson partner Luke Henderson said the buyer was unsure if it would be a holiday house or permanent residence.

“The buyer has a property locally, but they want to spend more time on the Gold Coast so they bought a block they can build their dream home on,” Mr Henderson said.

“Hedges Ave is Queensland’s premier street, if you live in Mermaid Beach you want to live on Hedges Ave, but properties are hard to find and you need to face competition to buy one.

“There won’t be too many properties like this going forward that will hit the market.

“There are a few older ones but they are generally earmarked by the current owner to be made into a nice home.”

Mr Henderson said the buyer was attracted to the square shaped corner block and ocean views.

A buyer from Melbourne plans to use the block to build their dream home.

Apollo Auctions auctioneer Clint Donovan said the property achieved a premium price thanks to its location on “the best street on the Gold Coast”.

“If you’re on Hedges Ave, you’re a ticket holder on Millionaires’ Row,” Mr Donovan.

“I haven’t see an auction like this all year and most of last year as well.

“It’s definitely one of the best auctions on the Gold Coast so far this year, without a doubt.”

The Hedges Ave record stands at an eye-watering $27 million, paid for an uncompleted beachfront mega mansion in 2008.

The property at 33-39 Hedges Ave was sold by former AFL player and BreakFree founder Tony Smith to later failed internet whiz, Daniel Tzvetkoff.

The hefty sale also stands as the Gold Coast’s highest.

Mermaid Beach’s median house price has skyrocketed 67.1 per cent in the last five years to $1.38 million, according to the latest CoreLogic figures.